This book bridges the disciplines of economics and marketing and brings them to bear on the analysis of contemporary business problems. The world has changed dramatically over the last four decades. Sociologically, technologically, economically and politically speaking the world is changing at an increasing pace. The spread of ideas and values are reinforcing the impact of globalization on various business operations and activities. As the late Peter Drucker once remarked: 'while you were out the world changed.'
To make sense of to the world we live in, we are compelled to draw from diverse disciplines and subjects.This book focuses on the contributions of economics and marketing. The basic principles, theories and issues of economics are selected and are integrated with key elements and principles of marketing. Marketers, in conventional as well as in digital markets, are encouraged to integrate marketing with economics in order to make successful and effective business decisions.
Marketing and Economics are subjects dealing with business - business of private firms, not-for-profit organisations and that of government. Economics involves allocation of scarce resources. Scarcity in economics is relative scarcity, scarcity in relation to demand. Written in a casual, accessible language and taking very little for granted, this book is for anyone who is curious about economics and marketing. It provides the essential analytical framework necessary for thriving in today's business.
In its diverse chapters it covers topics such as offshoring, the circular economy, benchmarking, mergers and acquisitions, knowledge and innovation, services industries, customer relationships, advertising and communication, among others. It is particularly well suited to undergraduates in business or economics and its fresh perspectives on today's challenges would be of interest to business managers and marketing professionals.
Introduction
Economics and Marketing
Why focus on economics?
The Circular Economy
Chapter One
The Nature of Demand Consumer Behaviour and Preferences
Changes in quantities demanded and changes in demand
Price elasticity of demand and marketing mix strategy
Price elasticity of demand and income elasticity of demand
Price and value
Ethical and environmental consideration
Buying decisions
Big Data - Cloud Computing
Evolution of marketing
Demand, supply and marketing strategies
Use of Digital Marketing
Chapter Two
The Nature of supply Organisational perspective in relation to marketing
Changes in the quantities supplied and changes in supply
Price Elasticity of Supply
Firm and outsourcing decisions
Global sourcing
Offshoring and Reshoring to be near to markets
Quality
Customer care
Flow from supply to demand
Supply chain
E-commerce
E-supply
Chapter Three
Economics of Services From tangible to intangibles
Nature of services
Marketing mix- 7Ps of the mix
Branding services
Product life cycle for services
Physical Evidence
People
Employees as customer (Internal Marketing)
Chapter Four
Pricing An important aspect of marketing mix
Pricing
Interaction of demand and supply
Types of competition
Price discrimination
Marketing Mix
Price Fences
Costs Activity Based Costing
Pricing and marketing
Not-for-profit organisations
Chapter Five
Firms and Benchmarking Providing economic benefits to customers
Types of benchmarking
How to
Sources of information
Advantages of Benchmarking
Continuous improvement
Re-engineering
Change Initiatives
Modern Literature on Benchmarking E-Govt
Chapter Six
Mergers and Acquisitions
Nature of Mergers and Acquisitions
Types of Mergers
Some examples of Mergers and acquisitions
European Law
Mergers and Acquisitions in the service Sector
Acquisitions
Strategic Alliances - marketing Perspective
Chapter Seven
Knowledge as a factor of production
Myths
Data, information and knowledge
Knowledge is power
Knowledge creation
Building marketing knowledge
Chapter Eight
Globalisation
What is globalisation?
IMF, WTO, NAFTA and the European Union
Key drivers
From comparative advantage to competitive advantage
Porters Five Forces
Generic strategies
The Circular Economy
BRICS Economies
Chapter Nine
Economics of advertising and promotion
Globalisation
Communications models
Digital Advertising- The Internet of Things
Cultural sensitivities
Promotion
Product Manuals
Chapter Ten
Economics of Customers
Importance of customers
Customer Relationships / Relationship marketing
Customer retention and loyalty
Economic value of customers
Customers in the Circular Economy
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