Microeconomics is the study of economic decision-making by individuals and firms within markets. It focuses on demand and supply, consumption and production decisions at the individual level. Microeconomics helps explain resource allocation, pricing of goods and factors of production, and conditions for economic efficiency in consumption, production and distribution. While it provides insights into free market economies, microeconomics has limitations such as assuming full employment and ignoring changes to other variables.
Business economics deals with the application of economic theories and principles to solve business problems and aid management decision making. It involves using economic methodology to analyze issues like demand forecasting, cost analysis, profit analysis, and capital management at the level of individual firms. The study of business economics has both theoretical and practical significance. It helps understand economic behavior, assess economic performance, aid in economic planning and policymaking, and solve problems faced by various groups like businessmen, bankers, and policymakers. Overall, business economics integrates economic theory with business practice to facilitate optimal business decision making and planning.
This document provides an overview of business economics. It defines business economics as the integration of economic theory with business practice to facilitate decision making and planning by management. The document discusses how business economics meets the needs of businesses by applying economic theory and methodology to solve business problems and reach optimal solutions. It also outlines some key characteristics and topics in business economics, such as its microeconomic nature, use of economic theories, and focus on real business conditions. Finally, the document discusses the importance and practical significance of business economics for various roles like finance ministers, planners, bankers, and trade union leaders.
BE Unit-1 Part-1 (Nature, Scope & Objectives).pdfAnjali244579
This document provides an overview of key topics in business economics, including:
1. The meaning and scope of business economics, including microeconomics and macroeconomics applications.
2. The objectives of business firms, moving from the traditional view of profit maximization to modern theories recognizing the separation of ownership and management. Objectives include utility maximization, revenue/sales maximization, and satisficing.
3. The time dimension of objectives, with short-run profit maximization differing from long-run goals of ensuring sustainability.
In under 3 sentences, this document introduces the core areas covered in business economics and discusses the evolution of theories around the objectives of business firms from a traditional profit maximization view
1. What products and styles should I offer to meet customer demand and maximize profits?
2. How should I price my products to be competitive yet profitable?
3. What costs will I incur to operate the business and how can I control costs to ensure profitability?
This document provides an introduction to business economics. It discusses what economics is about, noting that economics concerns the allocation of relatively scarce resources to satisfy unlimited human wants. It also deals with increasing productive capacity and factors leading to fluctuations in resource utilization. Business economics applies economic tools and theories to help businesses make strategic, tactical and operational decisions. It draws on microeconomics, macroeconomics, operations research, statistics and decision theory. The scope of business economics is wide, covering internal issues like demand analysis, production, inventory and pricing, as well as external issues like the economic system, business cycles, and government policies.
This document provides an introduction to business economics. It discusses what economics is about, which is the study of how scarce resources are allocated to satisfy unlimited human wants. It also discusses how economics deals with increasing productive capacity and factors that lead to fluctuations in resource utilization. The document then discusses some key topics in business economics, including decision making, the nature of business economics, its scope, and how microeconomics and macroeconomics are applied to internal/operational issues and external/environmental issues that businesses face.
Business economics is a branch of microeconomics that bridges the gap between pure economic theory and business practices. It uses economic theories, mathematics, and decision-making sciences to help businesses make optimal decisions around areas like demand analysis, cost analysis, profit analysis, capital management, production analysis, price determination, and objectives. While traditional economics covers both micro and macro perspectives, business economics focuses narrowly on analyzing economic activities from the perspective of the firm.
This document outlines the objectives and content of a course on managerial economics. It introduces economic concepts and their importance for managerial decision making. The 5 units of the course cover general foundations, costs and production, market structures, national income and macroeconomics, and the macroeconomic environment. Unit 1 discusses the economic approach, circular flow of activity, objectives of firms, demand analysis, and demand forecasting. It defines managerial economics as the application of micro and macroeconomic principles to optimize business decision making under uncertainty.
Business economics deals with the application of economic theories and principles to solve business problems and aid management decision making. It involves using economic methodology to analyze issues like demand forecasting, cost analysis, profit analysis, and capital management at the level of individual firms. The study of business economics has both theoretical and practical significance. It helps understand economic behavior, assess economic performance, aid in economic planning and policymaking, and solve problems faced by various groups like businessmen, bankers, and policymakers. Overall, business economics integrates economic theory with business practice to facilitate optimal business decision making and planning.
This document provides an overview of business economics. It defines business economics as the integration of economic theory with business practice to facilitate decision making and planning by management. The document discusses how business economics meets the needs of businesses by applying economic theory and methodology to solve business problems and reach optimal solutions. It also outlines some key characteristics and topics in business economics, such as its microeconomic nature, use of economic theories, and focus on real business conditions. Finally, the document discusses the importance and practical significance of business economics for various roles like finance ministers, planners, bankers, and trade union leaders.
BE Unit-1 Part-1 (Nature, Scope & Objectives).pdfAnjali244579
This document provides an overview of key topics in business economics, including:
1. The meaning and scope of business economics, including microeconomics and macroeconomics applications.
2. The objectives of business firms, moving from the traditional view of profit maximization to modern theories recognizing the separation of ownership and management. Objectives include utility maximization, revenue/sales maximization, and satisficing.
3. The time dimension of objectives, with short-run profit maximization differing from long-run goals of ensuring sustainability.
In under 3 sentences, this document introduces the core areas covered in business economics and discusses the evolution of theories around the objectives of business firms from a traditional profit maximization view
1. What products and styles should I offer to meet customer demand and maximize profits?
2. How should I price my products to be competitive yet profitable?
3. What costs will I incur to operate the business and how can I control costs to ensure profitability?
This document provides an introduction to business economics. It discusses what economics is about, noting that economics concerns the allocation of relatively scarce resources to satisfy unlimited human wants. It also deals with increasing productive capacity and factors leading to fluctuations in resource utilization. Business economics applies economic tools and theories to help businesses make strategic, tactical and operational decisions. It draws on microeconomics, macroeconomics, operations research, statistics and decision theory. The scope of business economics is wide, covering internal issues like demand analysis, production, inventory and pricing, as well as external issues like the economic system, business cycles, and government policies.
This document provides an introduction to business economics. It discusses what economics is about, which is the study of how scarce resources are allocated to satisfy unlimited human wants. It also discusses how economics deals with increasing productive capacity and factors that lead to fluctuations in resource utilization. The document then discusses some key topics in business economics, including decision making, the nature of business economics, its scope, and how microeconomics and macroeconomics are applied to internal/operational issues and external/environmental issues that businesses face.
Business economics is a branch of microeconomics that bridges the gap between pure economic theory and business practices. It uses economic theories, mathematics, and decision-making sciences to help businesses make optimal decisions around areas like demand analysis, cost analysis, profit analysis, capital management, production analysis, price determination, and objectives. While traditional economics covers both micro and macro perspectives, business economics focuses narrowly on analyzing economic activities from the perspective of the firm.
This document outlines the objectives and content of a course on managerial economics. It introduces economic concepts and their importance for managerial decision making. The 5 units of the course cover general foundations, costs and production, market structures, national income and macroeconomics, and the macroeconomic environment. Unit 1 discusses the economic approach, circular flow of activity, objectives of firms, demand analysis, and demand forecasting. It defines managerial economics as the application of micro and macroeconomic principles to optimize business decision making under uncertainty.
Introduction to Business Economics.docxRAJKAMAL282
This document provides an overview of business economics, including:
1. Definitions of business economics from various scholars that emphasize applying economic analysis to business decision making.
2. The characteristics of business economics, including that it takes a microeconomic approach focused on individual businesses, uses economic theories, and is both a positive and normative science.
3. The scope of business economics, which includes demand analysis and forecasting, cost and production analysis, pricing decisions and policies, profit management, and capital management.
Business economics is the study of applying economic theory and tools of analysis to operational and strategic decision making by managers of private firms. It uses microeconomic and macroeconomic concepts to help managers solve problems related to demand analysis, production costs, pricing, investment decisions, and risk under conditions of uncertainty. The scope of business economics is wide, covering both internal issues related to operations that can be addressed using microeconomics, as well as external environmental factors analyzed using macroeconomic tools.
in this topic we are going to learn managerial economics where we explore how businesses make informed decisions in a constantly changing economic landscape
The document discusses several key concepts from economic theory and how they can be applied in a business context. It explains the opportunity cost principle, incremental principle, time perspective concept, discounting concept, and equi-marginal utility principle. These concepts help business economists make better management decisions regarding resource allocation, economic forecasting, and evaluating alternatives based on costs and benefits over different time periods. Understanding economic theories allows business analysts to apply analytical frameworks to challenges faced by organizations.
Introduction to Managerial Economics, What is Business Economics, Definition,SCOPE OF ECONOMICS, Scope of BE in Managerial Decision Making, Role of business economics,Comparing Business Economics And Economics, Relevance of Business Economics, Factors of Production, CENTRAL PROBLEMS OF AN ECONOMY OR BASIC ECONOMIC PROBLEMS
Managerial economics deals with applying microeconomic principles to managerial decision-making. It helps managers optimize decisions by analyzing costs, profits, demand, and resource allocation. The document discusses how managerial economics uses both positive and normative approaches, drawing on micro and macroeconomics. It also examines how managerial economics relates to other disciplines and helps managers make well-informed choices under uncertainty.
Economics is the study of how individuals and societies choose to use the scarce resources that nature and the previous generation have provided. The world‟s resources are limited and scarce. The resources which are not scarce are called free goods. Resources which are scarce are called economic goods.
This document outlines the objectives and units of an MBA course on Managerial Economics. It covers key economic concepts applied to managerial decision making like demand analysis, costs, market structures, and macroeconomic factors. The 5 units include general foundations, production and costs, market determination under different structures, national income concepts, and the macroeconomic environment. Managerial economics integrates micro and macroeconomic theories to help managers make optimal decisions by analyzing business problems and tradeoffs in an environment of scarce resources.
Premier University
[B.B.A]
Course Teacher: Assistant Professor. Anupam Das
University of Chittagong
Course Title: Managerial Economic
Presentation Subject: Introduction to Managerial Economic
Semester: 7th Section: “A” Batch :22nd
Group Name: D’14
E-mail : mdsaimonchy@yahoo.com
This document provides an overview of a Managerial Economics course syllabus. It includes 5 units that will be covered: general foundations of managerial economics, laws of production and costs, product markets under different structures, national income concepts and business cycles, and the macroeconomic environment. The objectives are to introduce economic concepts, familiarize students with using economics in managerial decision making, and understand applications of theories to business decisions. Key topics covered include demand analysis, production functions, costs, market structures, pricing, national income, technology, business cycles, and fiscal/monetary policies.
This document provides an overview of a Managerial Economics course syllabus. It includes 5 units that will be covered: general foundations of managerial economics, law of variable proportions and cost functions, product markets under different structures, national income concepts and business cycles, and macroeconomic environment. The objectives are to introduce economic concepts, familiarize students with using economics in managerial decision making, and understand applications of theories to business decisions. Key topics covered include demand analysis, elasticity, costs, market structures, fiscal and monetary policies, and India's economic transition. The syllabus aims to equip students with tools and insights for furthering organizational goals through economic analysis and decision making.
Economic and its relevance in organisations by dirgha gupta .pptxDIRGHA1
This document discusses the importance of economics and business economics in organizations. It defines economics as the study of production, distribution, and consumption of goods and services, and how individuals and entities make choices. It describes microeconomics as focusing on individual decision making, and macroeconomics as studying overall national and international economies. Business economics integrates economic theory with business practice to facilitate management decision making and planning. Understanding concepts like demand, costs, and utility helps managers identify and analyze problems and solutions. Business economics also aids in developing policies, predicting the future, and establishing relationships between economic factors to guide effective decision making.
Managerial economics applies economic theories and tools of analysis to help managers make informed business decisions. It involves using concepts like demand analysis, production planning, cost analysis, and pricing to optimize profits. The managerial economist is responsible for forecasting demand, minimizing risks and uncertainties, and advising management on issues like capital investment, pricing, and production planning to maximize business gains. Managerial economics bridges the gap between economic theory and business management practice. It draws from other disciplines like statistics and uses economic models and analysis to solve practical business problems.
This document discusses fundamentals of business economics. It explains that business economics uses economic tools and theories to help businessmen make decisions. It also discusses key principles of business economics like incremental concept, opportunity cost concept, and risk and uncertainty. The document outlines the scope of business economics, including demand analysis, cost and production analysis, and pricing decisions. It explains that business economics is important as it enables managers to select suitable tools from economics to make better business decisions. However, it also notes some limitations of business economics like predictions being unpredictable and non-replicable.
Business Economics concerns the application of economic theory and tools to business decision making. It helps managers address issues like choosing optimal production levels and input mixes, determining appropriate pricing strategies given market conditions, managing inventories, assessing risks and uncertainties, and allocating scarce resources. While based largely in microeconomics, Business Economics also incorporates some macroeconomic analysis to help understand the broader economic environment. Its scope encompasses using economic theories and analysis to address both internal operational issues for businesses, as well as external environmental factors that impact firms.
1) Managerial economics refers to applying economic theory to managerial decision making in businesses. It informs decisions related to production, pricing, investment, and other areas.
2) Managerial economics draws on microeconomics but also considers macroeconomic factors. It makes normative and prescriptive recommendations to help managers optimize outcomes.
3) Key applications of managerial economics include demand analysis, pricing strategies, production and cost analysis, resource allocation, and investment analysis. These areas help managers maximize profits within the economic environment.
This document provides an introduction to managerial economics. It defines managerial economics as applying microeconomic analysis to business decision making. The scope of managerial economics includes demand analysis, cost analysis, pricing decisions, profit management, and capital management. It discusses how managerial economics relates to other disciplines like economics, mathematics, and statistics. It also outlines the differences between traditional economics and managerial economics, and the role of a managerial economist in assisting management with decision making.
This document provides an overview of engineering economics and key economic concepts. It discusses:
1. The unit introduces engineering economics and covers topics like demand analysis, elasticity, and forecasting techniques.
2. It defines economics and explains that economics studies how individuals and nations earn and spend money.
3. The key steps in engineering economic studies are outlined as the creative, definition, conversion, and decision steps.
This document provides an overview of engineering economics and managerial economics. It defines economics as the study of human activity and wealth at both the individual and national levels. It then discusses key concepts in engineering economics like the four steps of planning an economic study. Microeconomics is defined as the study of individual consumers and firms, while macroeconomics is the study of aggregate economic activity at the national level. Finally, it outlines the scope of managerial economics, including demand analysis, pricing strategies, production and cost analysis, and resource allocation.
Marketing management unit-1 for MBA StudRajaS230270
This document provides an introduction and overview of marketing. It defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create exchanges that will satisfy individual and organizational objectives. The document outlines key aspects of marketing including the 4 P's, what marketers do such as identify needs and wants, and the value created through utility. It also discusses the different eras of business from a production to marketing to relationship focus and the concept of marketing myopia.
This document provides an introduction to e-commerce and outlines key concepts. It describes the evolution of e-commerce and different models of e-commerce transactions including B2B, B2C, C2C. The objectives of e-commerce are reducing costs, developing customer loyalty and boosting efficiency. Emerging technologies like AI/ML are used to personalize the customer experience on e-commerce platforms.
Introduction to Business Economics.docxRAJKAMAL282
This document provides an overview of business economics, including:
1. Definitions of business economics from various scholars that emphasize applying economic analysis to business decision making.
2. The characteristics of business economics, including that it takes a microeconomic approach focused on individual businesses, uses economic theories, and is both a positive and normative science.
3. The scope of business economics, which includes demand analysis and forecasting, cost and production analysis, pricing decisions and policies, profit management, and capital management.
Business economics is the study of applying economic theory and tools of analysis to operational and strategic decision making by managers of private firms. It uses microeconomic and macroeconomic concepts to help managers solve problems related to demand analysis, production costs, pricing, investment decisions, and risk under conditions of uncertainty. The scope of business economics is wide, covering both internal issues related to operations that can be addressed using microeconomics, as well as external environmental factors analyzed using macroeconomic tools.
in this topic we are going to learn managerial economics where we explore how businesses make informed decisions in a constantly changing economic landscape
The document discusses several key concepts from economic theory and how they can be applied in a business context. It explains the opportunity cost principle, incremental principle, time perspective concept, discounting concept, and equi-marginal utility principle. These concepts help business economists make better management decisions regarding resource allocation, economic forecasting, and evaluating alternatives based on costs and benefits over different time periods. Understanding economic theories allows business analysts to apply analytical frameworks to challenges faced by organizations.
Introduction to Managerial Economics, What is Business Economics, Definition,SCOPE OF ECONOMICS, Scope of BE in Managerial Decision Making, Role of business economics,Comparing Business Economics And Economics, Relevance of Business Economics, Factors of Production, CENTRAL PROBLEMS OF AN ECONOMY OR BASIC ECONOMIC PROBLEMS
Managerial economics deals with applying microeconomic principles to managerial decision-making. It helps managers optimize decisions by analyzing costs, profits, demand, and resource allocation. The document discusses how managerial economics uses both positive and normative approaches, drawing on micro and macroeconomics. It also examines how managerial economics relates to other disciplines and helps managers make well-informed choices under uncertainty.
Economics is the study of how individuals and societies choose to use the scarce resources that nature and the previous generation have provided. The world‟s resources are limited and scarce. The resources which are not scarce are called free goods. Resources which are scarce are called economic goods.
This document outlines the objectives and units of an MBA course on Managerial Economics. It covers key economic concepts applied to managerial decision making like demand analysis, costs, market structures, and macroeconomic factors. The 5 units include general foundations, production and costs, market determination under different structures, national income concepts, and the macroeconomic environment. Managerial economics integrates micro and macroeconomic theories to help managers make optimal decisions by analyzing business problems and tradeoffs in an environment of scarce resources.
Premier University
[B.B.A]
Course Teacher: Assistant Professor. Anupam Das
University of Chittagong
Course Title: Managerial Economic
Presentation Subject: Introduction to Managerial Economic
Semester: 7th Section: “A” Batch :22nd
Group Name: D’14
E-mail : mdsaimonchy@yahoo.com
This document provides an overview of a Managerial Economics course syllabus. It includes 5 units that will be covered: general foundations of managerial economics, laws of production and costs, product markets under different structures, national income concepts and business cycles, and the macroeconomic environment. The objectives are to introduce economic concepts, familiarize students with using economics in managerial decision making, and understand applications of theories to business decisions. Key topics covered include demand analysis, production functions, costs, market structures, pricing, national income, technology, business cycles, and fiscal/monetary policies.
This document provides an overview of a Managerial Economics course syllabus. It includes 5 units that will be covered: general foundations of managerial economics, law of variable proportions and cost functions, product markets under different structures, national income concepts and business cycles, and macroeconomic environment. The objectives are to introduce economic concepts, familiarize students with using economics in managerial decision making, and understand applications of theories to business decisions. Key topics covered include demand analysis, elasticity, costs, market structures, fiscal and monetary policies, and India's economic transition. The syllabus aims to equip students with tools and insights for furthering organizational goals through economic analysis and decision making.
Economic and its relevance in organisations by dirgha gupta .pptxDIRGHA1
This document discusses the importance of economics and business economics in organizations. It defines economics as the study of production, distribution, and consumption of goods and services, and how individuals and entities make choices. It describes microeconomics as focusing on individual decision making, and macroeconomics as studying overall national and international economies. Business economics integrates economic theory with business practice to facilitate management decision making and planning. Understanding concepts like demand, costs, and utility helps managers identify and analyze problems and solutions. Business economics also aids in developing policies, predicting the future, and establishing relationships between economic factors to guide effective decision making.
Managerial economics applies economic theories and tools of analysis to help managers make informed business decisions. It involves using concepts like demand analysis, production planning, cost analysis, and pricing to optimize profits. The managerial economist is responsible for forecasting demand, minimizing risks and uncertainties, and advising management on issues like capital investment, pricing, and production planning to maximize business gains. Managerial economics bridges the gap between economic theory and business management practice. It draws from other disciplines like statistics and uses economic models and analysis to solve practical business problems.
This document discusses fundamentals of business economics. It explains that business economics uses economic tools and theories to help businessmen make decisions. It also discusses key principles of business economics like incremental concept, opportunity cost concept, and risk and uncertainty. The document outlines the scope of business economics, including demand analysis, cost and production analysis, and pricing decisions. It explains that business economics is important as it enables managers to select suitable tools from economics to make better business decisions. However, it also notes some limitations of business economics like predictions being unpredictable and non-replicable.
Business Economics concerns the application of economic theory and tools to business decision making. It helps managers address issues like choosing optimal production levels and input mixes, determining appropriate pricing strategies given market conditions, managing inventories, assessing risks and uncertainties, and allocating scarce resources. While based largely in microeconomics, Business Economics also incorporates some macroeconomic analysis to help understand the broader economic environment. Its scope encompasses using economic theories and analysis to address both internal operational issues for businesses, as well as external environmental factors that impact firms.
1) Managerial economics refers to applying economic theory to managerial decision making in businesses. It informs decisions related to production, pricing, investment, and other areas.
2) Managerial economics draws on microeconomics but also considers macroeconomic factors. It makes normative and prescriptive recommendations to help managers optimize outcomes.
3) Key applications of managerial economics include demand analysis, pricing strategies, production and cost analysis, resource allocation, and investment analysis. These areas help managers maximize profits within the economic environment.
This document provides an introduction to managerial economics. It defines managerial economics as applying microeconomic analysis to business decision making. The scope of managerial economics includes demand analysis, cost analysis, pricing decisions, profit management, and capital management. It discusses how managerial economics relates to other disciplines like economics, mathematics, and statistics. It also outlines the differences between traditional economics and managerial economics, and the role of a managerial economist in assisting management with decision making.
This document provides an overview of engineering economics and key economic concepts. It discusses:
1. The unit introduces engineering economics and covers topics like demand analysis, elasticity, and forecasting techniques.
2. It defines economics and explains that economics studies how individuals and nations earn and spend money.
3. The key steps in engineering economic studies are outlined as the creative, definition, conversion, and decision steps.
This document provides an overview of engineering economics and managerial economics. It defines economics as the study of human activity and wealth at both the individual and national levels. It then discusses key concepts in engineering economics like the four steps of planning an economic study. Microeconomics is defined as the study of individual consumers and firms, while macroeconomics is the study of aggregate economic activity at the national level. Finally, it outlines the scope of managerial economics, including demand analysis, pricing strategies, production and cost analysis, and resource allocation.
Marketing management unit-1 for MBA StudRajaS230270
This document provides an introduction and overview of marketing. It defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create exchanges that will satisfy individual and organizational objectives. The document outlines key aspects of marketing including the 4 P's, what marketers do such as identify needs and wants, and the value created through utility. It also discusses the different eras of business from a production to marketing to relationship focus and the concept of marketing myopia.
This document provides an introduction to e-commerce and outlines key concepts. It describes the evolution of e-commerce and different models of e-commerce transactions including B2B, B2C, C2C. The objectives of e-commerce are reducing costs, developing customer loyalty and boosting efficiency. Emerging technologies like AI/ML are used to personalize the customer experience on e-commerce platforms.
This document discusses leadership attitudes and psychological safety. It defines attitude as a predisposition to evaluate things in a favorable or unfavorable way. The ABC model of attitude is explained as having three components - affective, behavioral, and cognitive. Psychological safety has four levels - inclusion safety, learner safety, contributor safety, and challenger safety, with challenger safety being the highest level as it provides permission to dissent and challenge the status quo. The session aims to help learners understand leadership attitudes.
This document defines key concepts related to brand management. It begins by defining what a brand is - a name, symbol, or design that identifies a seller's products and differentiates them from competitors. Brands have elements like names, logos, and colors. They also have functions like identification and continuity. The document outlines the difference between brand marks, which provide visual recognition, and trademarks, which receive legal protection. It discusses types of brands like personal, individual, and family brands. Other topics covered include brand personality, extension, positioning, image, equity, and the role of brand managers.
This document provides an introduction to e-commerce, including definitions, types of e-commerce models, and the evolution of e-commerce. It outlines the course objectives, which are to understand the foundations of e-commerce and how to develop e-business plans and digital marketing strategies. The key types of e-commerce discussed are B2B, B2C, C2C, and emerging models like D2C. Overall the document serves as an overview of the basic concepts and objectives to be covered in the course on e-commerce and digital markets.
The document discusses strategies for sales force adoption. It covers several topics:
1. The role of a sales force is to inform, engage, and build strong customer relationships throughout the buying process while also providing feedback to improve company operations.
2. Sales force organization and size determines the degree of control and impacts profits, requiring decisions around specialization and coordination for large sales forces.
3. Sales management involves developing strategies, implementing plans by selecting and supporting salespeople, and evaluating performance through monitoring and analysis.
4. Sales force objectives include prospecting, targeting, communicating, selling, servicing, market research, and allocating products to customers.
The document discusses best practices for adoption of a new technology or system. It presents a 7-domain framework for customer success and an adoption lifecycle model. The key aspects of driving adoption are executive sponsorship, ensuring value for managers and end users, effective training and communication, and support during change management. Case studies demonstrate how organizations improved adoption by focusing on these areas, through establishing roles like champions and centers of excellence, and by quantifying and tracking metrics over time. Next steps recommended reviewing the adoption framework against an organization's specific needs to prioritize improvements.
This document discusses the key activities involved in managing a sales force, including job analysis, job descriptions, recruitment, selection, training, motivation, compensation, and performance evaluation. It provides details on each process and notes that sales force management involves determining optimal sales force size and selling styles. Additionally, it states that sales force management activities are interconnected and decisions in one area can impact other areas.
The document discusses marketing strategy formulation and its key elements. It defines marketing strategy as the process of defining goals and objectives to guide organizations in determining the best approaches to reach customers. The key drivers that influence marketing strategies are then outlined as competition, economic conditions, political trends, technology, and sociocultural changes. The document also differentiates between industrial/business-to-business marketing strategies and consumer marketing strategies.
This document provides an overview of key marketing concepts including the marketing process, defining marketing and selling, the marketing mix, and the internal and external factors that make up the marketing environment. It also discusses global marketing, different levels of global marketing involvement, and common methods used in global marketing such as exporting, contracting, and joint ventures. Challenges of global marketing are also addressed.
The document discusses best practices for adoption of a new technology or system. It presents a 7-domain framework for customer success and an adoption lifecycle model. The key aspects of driving adoption are executive sponsorship, ensuring value for managers and end users, effective training and communication, and support during change management. Case studies demonstrate how organizations improved adoption by focusing on these areas, through establishing roles like champions and centers of excellence, and by quantifying and tracking metrics over time. Next steps recommended reviewing the adoption framework against an organization's specific needs to prioritize improvements.
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce and who receives goods and services. Opportunity cost is defined as the next best alternative sacrificed in a decision. Production possibility frontiers graphically show the combinations of goods an economy can produce and demonstrate that increasing one good requires decreasing another due to scarce resources.
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
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2. Meaning of business economics
• Managerial economics is a science that deals with the
application of various economic theories, principles,
concepts and techniques to business management in
order to solve business and management problems. It
deals with the practical application of economic theory
and methodology to decision making problems faced by
private, public and nonprofit making organizations
• According to Lord Robins, ”Economics is the science
which studies human behavior as a relationship between
ends and scarce means which have alternative uses”.
According to SPENCER AND SIEGELMAN
“Business Economics is the integration of economic
theory with business practice for the purpose of
facilitating decision making and forward planning by
management”.
3. • Business economic meets these needs of the
business firm. This is illustrated in the following
presentation.
Economic
Theory and
Methodology
Business
Management
Decision Problems
Business Economics
Application of Economics
to solve business problems
Optimal solutions to
business problems
4. CHARACTERISTICS OF BUSINESS ECONOMICS
1. Micro Economic Nature: Business Economics is micro economic in
its nature because it deals with matters of a particular business
firm only.
2. Use of Economic Theories: Business Economics uses all economic
theories relating to the profits, distribution of income etc.
3. Realistic One: Business Economics is a realistic science. It studies
all matters concerning business organization by considering the
real conditions existing in the business field.
4. Normative Science: Business Economics is a normative science. It
studies the matters concerning the aims and objectives of a
business firm. It determines the methods to be adopted for
achieving such objectives. It also makes enquiry into the good and
bad in decision making. Hence it is a normative science.
5. Macro-Economic Uses: Even though Business Economics has the
nature of Micro-Economics, it also uses Macro-Economic
approaches frequently. Certain matters in Macro-Economics like
Business Cycles, National Income, Public Finance, Foreign trade
etc. are essential for Business Economics. So, Business Economics
uses the macro-economic phenomenon for taking business
decisions.
5. 6. Economics is a science or an art.
• It is considered as science if it is a systemized
body of knowledge which studies the
relationship between cause and effect.
• Art is nothing but practice of knowledge.
• Where as science teaches us to know and art
teaches us to do.
• It is science in which methodology and art in
its application.6
6. NATURE AND SCOPE OF BUSINESS ECONOMICS
The scope of Business Economics consists of the
following:
• 1. Demand Forecasting: Demand forecasting is an
important topic studied in Business Economics.
Every business firm initiates and continues its
production process on the basis of the anticipation
of more demand for its goods in the future. It makes
research and conducts market survey with a view to
know the tastes and fashions of the consumers. It
pools up the resources and starts production for
meeting the future demand. Business Economics
analyses the demand behavior and forecasts the
quantity demanded by the consumers.
7. 2. Cost Analysis: Business Economics deals with the analysis of
different costs incurred by the business firms. Every firm
desires to minimize its costs and increase its output by
securing several economies of scale. But it does not know in
advance about the exact costs involved in production
process. Business Economics deals with the cost estimates
and acquaints the entrepreneurs with the cost analysis of
their firm.
3. Profit Analysis: Every business firm aims to secure
maximum profits. But at the same time it faces uncertainty
and risk in getting profits. It has to make innovations in
production and marketing of its goods. Business Economics
deals with the matters relating to profit analysis like profit
techniques, policies and break-even analysis.
4. Capital Management : Capital management is another
topic dealt in Business Economics. It denotes planning and
control of capital expenditure in business organisation. It
studies matters like cost of capital, rate of return, selection
of best project etc.
8. IMPORTANCE OF BUSINESS ECONOMICS
Business Economics is a useful subject. In fact it is the most significant of all
social sciences, Its study is highly useful for analysing and understanding the
various economic problems. Its study brings utility to all sections of the
people. Business Economics became the intellectual religion of the day.
Business Economics is described as both light giving and fruit bearing science.
It enriches our knowledge (light) and brings results (fruits).
• The theoretical and practical utility or significance of Business Economics is
explained from the following points:
THEORETICAL SIGNIFICANCE
1. Understanding Economic Behavior
The study of Business Economics helps us to understand the economic
behavior of human beings.
2. Working of the Economic System
Business Economics explains the conditions which influence the progress of
the economy. It makes suggestions for overcoming the complicated problems
faced by the people and the government in various economic systems. Hence
it has great significance for understanding the working of the economic
system.
9. •
3. Intellectual Value
The study of Business Economics sharpens the intellectual calibers of
individuals. It imparts certain qualities like rational behavior, proper
allocation of resources etc.
4. Economic Tools
Mrs. Joan Robinson described Economics as a box of economic tools. It
provides a good knowledge regarding the nature, causes and effects of
various economic phenomena.
5. Economic Growth
Business Economics suggests various ways and means for maintaining the
growth rates in the developed economies. It also analyses the factors
obstructing the economic growth of these countries.
6. Economic Development
Developing countries aim at achieving economic development within a
short span of time. Business Economics enables us to understand the nature
and conditions necessary for the successful organisation of business firm.
7. Performance of the Economy
Business Economics helps us to assess the performance of the economy.
We can judge the position, progress and future of an economy through
several theories and models of Business Economics.
10. 8. Economic Planning
Economic planning is an important branch of economics.
Economics provides a good knowledge and information
regarding the techniques of Economic Planning. It sharpens
our mental abilities by clearly explaining the types, aims
and objective of economic plans.
9. Prediction
Business Economics serves as the best means for predicting
the economic events. It helps us to predict the
consequence of various economic phenomena.
10. Ethical Value
Business Economics inculcate certain ethical norms like
honesty, responsibility and adjustability etc. It upholds the
moral and cultural values of individuals. It makes them
honest and dignified citizens.
11. PRACTICAL SIGNIFICANCE
1. Useful to the Finance Minister
The study of Business Economics is highly useful to the Finance Minister and the
personnel working in the finance department. It provides a good knowledge
about public revenue, public debt and public expenditure. It helps them in
forming a sound financial policy and result oriented budget.
2. Useful to the Minister for Planning
The study of Business Economics is also useful to the Minister for planning
and his personnel. It furnishes a good knowledge about the various types of
plans, mobilisation, plan implementation, capital output ratio, investment
strategy etc.
3. Useful to the Bankers
Business Economics is also useful to the bankers. It enables them to
understand the nature, purpose and implications of different economic
policies implemented by the business firms.
4. Trade Union Leaders
Knowledge of Business Economics is also significant for the trade union
leaders. The study of Business Economics helps the trade union leaders to
understand the nature and causes of industrial disputes, wage problem etc.
12. 5. Businessmen
Business Economics is also useful to the businessmen. Businessmen,
with the help of Business Economics, can study the fluctuations in
business, prices, production and employment. They can adopt a proper
strategy for producing goods and services according to the changes in
demand.
6. Statesmen
Statesmen will also get benefit by studying Business Economics. It
enables them to understand the nature and causes of economic
problems. It helps them to solve the economic problems like
unemployment, inflation, scarcity of goods etc.
7. International Economic Problems
International Economics is an important branch of Economics. It deals
with matters like terms of trade, balance of payments, export and
import regulations etc. Its knowledge enables the international
agencies to determine the foreign exchange value of various national
currencies. Thus, Business Economics has both theoretical and practical
significance. Its study is useful to all sections of the people.
13. • Microeconomics:
• Microeconomics is the study of the economic
system from the perspective of households and
business firms, it focuses on the nature of
individual consumption and production units
within a particular market or economic system
• It is the study of decisions that people and
organizations make with regard to the allocation
of resources and prices of goods and services.
• Microeconomics also takes into account various
policies like tax policies and government
regulations at the individual level and the firm
level. Thus it encompass demand and supply.
14. • Explanation of Microeconomics:
• Microeconomics and allocation of resources. The
microeconomic theory takes the total quantity of resources
as given. It seeks to explain how they are allocated to the
production of goods. The allocation of resources to the
production of goods depends upon the price of various
goods and the prices of factors of production.
Microeconomics analyses how the relative prices of goods
and factors are determined. Thus the theory of product
pricing and the theory of factor pricing (rent wages, interest
and profit) fall within the domain of micro economics.
• Microeconomics and economic efficiency. The
microeconomic theory seeks to explain whether the
problems of scarcity and allocation of resources so
determined are efficient. Economic efficiency involves (1)
efficiency in consumption (2) efficiency in production and
distribution and (3) over all economic efficiency. The price
theory shows under that conditions these efficiencies are
achieved.
15. Importance of Microeconomics:
Before Keynesian revolution, the body of economics mainly
consisted of micro economics. The classical economics as well as
the neo-classical economics belonged to the domain of micro
economics. The importance and uses of micro economics in brief
are as under.
Helpful in understanding the working of private enterprise
economy. The micro economics helps us to understand the
working of free market economy. It tells us as to how the prices of
the products and the factors of production are determined.
Helps in knowing the conditions of efficiency. Micro economics
help in explaining the conditions of efficiency in consumption,
production and in distribution of the rewards of factors of
production.
Working economy without central control. The micro economics
reveals how a free enterprise economy functions without any
central control.
Study of welfare economy. Micro economic involves the study of
welfare economics.
16. Limitations of Microeconomics:
Microeconomics despite its many advantages is not
free from limitations. They in brief are,
Microeconomics deals with the individual
perspective, not the aggregate economy. Therefore,
what is applicable to an individual may not true for
economy.
Microeconomics uses assumptions such as,
Assumption of full employment in the economy
which is unrealistic and that other things will remain
unchanged when one particular variable is changed.
Assumption of liaises fair policy which is no longer in
practice in any country of the world.
It does not analyze the economy as a whole. It deals
with specific parts of the economy and tries to
provide solution to specific problems.