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1.
Economics & Business Decision Making M. Roldsgaard February 24, 2016
2.
Economics & Business Decision Making • Economics as the Science of Decision Making • The Economic Problem – Scarce Resources & Unlimited Wants & Needs -Needs are the essenKals of life such as food, water, shelter, & clothing.
3.
Economics & Business Decision Making Cont’d. -Wants are all the things we would like to have which we believe make our lives more comfortable and/or happy. -Scarce Resources are insufficient in quanKty relaKve to their demand.
4.
The Effect of Human Decision Making on Businesses • Going to supermarket, for example, buying on “autopilot” so a consumer’s decision affects businesses in different ways. • Risk, for example, is leaving a book on the shelf at a bookstore in the hopes that the same book would be available in a library, instead, for free. •
hZps://www.youtube.com/watch? v=Rn5a03Xp0Kc
5.
Value for Money • A subjecKve situaKon where the saKsfacKon gained from using a product/service is greater than the amount of money the individual paid for it. J > $ • Market is made up of buyers & sellers agreeing on an exchange.
6.
Business Decision Making • Businesses are interested in how businesses make decisions themselves. For example: -Who to hire -When to hire -What to invest in -What not to invest in -What decisions maximize efficiency -When to pursue an acquisiKon -When to join an adverKsing campaign -How other stakeholders make decisions
7.
Business Decision Making Cont’d. • Investment is about making money available to develop a project which will generate future returns including increasing future producKve capacity. -An example could be the bakery buying a new machine for $20K to increase croissant producKvity 10% versus invesKng in another way, as we discussed in Chapter 1.
8.
Business Decision Making Cont’d. • Growth & Expansion – from a start-up company acquiring partnerships to large mulKnaKonal business to acquire a new business by merger or takeover -Risk is the extent to which a decision leading to a course of acKon will result in some loss, damage, adverse effect or otherwise undesirable outcome to the decision maker.
9.
Business Decision Making Cont’d. -Synergy! 2 + 2 = 5 Refers to a situaKon where the combinaKon of two or more businesses or business operaKons bring total benefits which are greater than those which would arise from the separate business enKKes.
10.
Business Decision Making Cont’d. • Acquiring & Keeping Customers -Businesses need customers to survive; this can be other businesses as customers or final consumers. -Acquiring is a cost; markeKng, adverKsing, promoKon, and punng in place appropriate services/product at right Kme-right place -RetenKon is a cost; with emphasis on retenKon vs. acquisiKon – 80/20, 70/30, 60/40… -When to lose a customer? When the cost of retaining is higher than any benefits the customer brings. Rev < Retn
11.
Business Decision Making Cont’d. -The theory of retenKon vs. new customer is 6:1 (United NaKons Conference on Trade and Development (UNCTAD)
12.
Conclusion • Economics = The Science of Decision Making because all businesses/people are effected in some way by scarce resources, unlimited wants/needs, must allocate to different uses & thus make choices. • Every individual consumer decision is important because it sends messages to businesses. •
Businesses must understand to improve. • 3 main areas; investment decisions, growth & expansion, and acquiring/keeping customers. • Businesses must accurately evaluate all the costs and benefits.
13.
QUESTIONS/DISCUSSION
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