Marketing & Economics
An integrative approach to making effective business decisions in the global marketing world.
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.
Economics and Marketing
Why focus on economics?
The Circular Economy
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
Big Data – Cloud Computing
Evolution of marketing
Demand, supply and marketing strategies
Use of Digital Marketing
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
Offshoring and Reshoring to be near to markets
Flow from supply to demand
Economics of Services From tangible to intangibles
Nature of services
Marketing mix- 7Ps of the mix
Product life cycle for services
Employees as customer (Internal Marketing)
Pricing An important aspect of marketing mix
Interaction of demand and supply
Types of competition
Costs Activity Based Costing
Pricing and marketing
Firms and Benchmarking Providing economic benefits to customers
Types of benchmarking
Sources of information
Advantages of Benchmarking
Modern Literature on Benchmarking E-Govt
Mergers and Acquisitions
Nature of Mergers and Acquisitions
Types of Mergers
Some examples of Mergers and acquisitions
Mergers and Acquisitions in the service Sector
Strategic Alliances – marketing Perspective
Knowledge as a factor of production
Data, information and knowledge
Knowledge is power
Building marketing knowledge
What is globalisation?
IMF, WTO, NAFTA and the European Union
From comparative advantage to competitive advantage
Porter’s Five Forces
The Circular Economy
Economics of advertising and promotion
Digital Advertising- The Internet of Things
Economics of Customers
Importance of customers
Customer Relationships / Relationship marketing
Customer retention and loyalty
Economic value of customers
Customers in the Circular Economy
Sultan Kermally is an Economist and Chartered Marketer. He holds degrees in Geography, Economics, Sociology and Law, Diploma in Finance & Accounting, Diploma in Marketing, Certificate in Further Education, Certificate in on-line teaching and Certificate in Mentoring. He is a Fellow of the Chartered Institute of Marketing. He has conducted management training for well-known organisations in the UK, the Netherlands, Belgium, France, Italy, Greece, Austria, the Middle East, Hong Kong, Kyrgyzstan and Tajikistan. He has been teaching at undergraduate and MBA level for the Open University Business School, Durham University Business School, Chartered Management Institute, Oxford Brookes University and Laureate/University of Liverpool. For several years he held senior academic positions in Scotland and thereafter senior directorship positions at Management Centre Europe (Brussels), London Business School and the Economist Conferences (The Economist Group) based in London. At Management Centre Europe and again at the Economist, he spent some time working with well-known management gurus including the late Peter Drucker, Michael Porter, Tom Peters, Richard Pascale, Philip Kotler, Don Schultz, Rosabeth Moss Kanter, Tony Buzan and Benjamin Zander to name but a few.
Integration of Marketing and Economics.