Friday, May 8, 2015

Macromarketing Research for Make in India

Marketers have to do macromarketing research. What is that? Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. It is the definition given by the great marketing guru Philip Kotler in his book Marketing Management.  If this is a definition applicable to a company, then how can we extend this idea to macroeconomy? Macromarketing research is the systematic collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the macroeconomy.  Who is going to commission macromarketing research?  All persons and entities who are interested in development of macroeconomy will be interested to commission macromarketing research. What is my purpose in proposing this idea of macromarketing research?
The purpose is to bring out the fact that marketers of various companies will have confidence in the estimates of demand at country level and world level for various products made by marketing experts. Hence the need for macromarketing research, which is data and information relevant to macroeconomy level marketing problem.

Make in India needs macromarketing research.  Newspapers like Economic Times are not able to highlight the role of increased incomes in macroeconomy. They are fixated on reduction interest rates. They keep harping on that point, to increase growth we need to reduce interest rates. But the basic variable in growth model is not interest rate fixed by Reserve Bank of India. In the analysis of supply and demand, income appears as an important variable. If income increases, demand increases. In the year 2014-2015, Indian economy grew by approximately 6%. It means incomes of people have gone up. It means demand is going up. Marketing has to find for what products this demand is going up and the amount of demand for each product. This marketing research information can be given to potential suppliers to create additional capacity and supply the product. As we all know, it supply does not go up, increase in demand will drive up prices and the economy will stagnate. Even though some suppliers make huge profits, as a whole potential suppliers will make less profit. Proper marketing information when used rationally by potential suppliers provides more goods to the society and also it provides more profits to the potential suppliers as a group.

Make in India has immense potential. But it is not visible as there is no macromarketing research output.

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