Question

What is YOUR insight about MACROECONOMICS IN MARKETING?

Answer 1

Macroeconomics is a subset of the field of economics that explores how the aggregate economy works. A number of economic phenomena, such as inflation, price increases, growth rate, national wages, gross domestic product and changes in unemployment, are extensively studied in macroeconomics. It reflects on global patterns and the way the economy moves as a whole. Therefore, an understanding of macroeconomics, the economic driver of the big picture, offers an understanding of the factors that would affect our marketing. How much liquidity is in the economy and how that liquidity moves around is all about macroeconomics.

If we are B2C advertisers, our industry is specifically impacted by this. The less unemployed or underemployed persons, the more cash customers have to pay.
Unemployment rates will notify our talent pool if we are B2B advertisers, but would affect our clients (typically B2C businesses). The more the general public does, the more income our clients get, and therefore the more our own commissions and profits can be raised.

We will bring greater insight to our predictions by integrating our knowledge of macroeconomics with data science and predictive analytics. We will more reliably foresee and help plan accordingly.