Strategic Marketing and Microeconomics

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Do curso por University of California, Irvine

Strategic Business Management - Microeconomics

23 classificações

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University of California, Irvine

Strategic Business Management - Microeconomics

23 classificações

This course weds business strategy with the principles of microeconomics. It offers valuable a powerful toolbox together with cases and lessons across all major functions of business, management, from finance, operations management, and marketing to human resource management, organizational behavior, statistics, and, of course, business strategy.

Na lição

An Introduction to Consumer Theory

An Introduction to Consumer Theory4:18

Consumer Choice; Cardinal vs. Ordinal Utility; Marginal vs. Total Utility; Downward Sloping Demand9:43

Consumer Optimization; The Equimarginal Principle; Nominal vs. Real Income; Income and Substitution Effects10:50

Demand Price Elasticity; The "Units of Measure" and "Choice of Units" Problems; Price Elasticity Formula7:03

Elastic, Unit Elastic, and Inelastic Demand; Demand Price Elasticity Determinants8:17

Price Elasticity and Total Revenue; Pricing and Marketing Strategies8:46

Strategic Marketing and Microeconomics3:09

Conheça os instrutores

Dr. Peter Navarro
Professor
Paul Merage School of Business

Here's one of my favorite sayings in marketing,

people don't buy quarter inch drills,

they buy quarter inch holes.

And here's another one. In the factory we make cosmetics,

in the drugstore we sell hope.

For both of these quotations the underlying idea is that,

the goal of marketing is to first identify and then satisfy consumer needs and wants.

And that's where the study of consumer behavior in micro-economics can be so valuable.

This chart here provides you with an overview of some of

the big questions and key concepts of strategic marketing management.

To identify consumer needs and wants,

marketers use statistical tools like market research and market intelligence to

identify customer value and

satisfaction and identify the decision making units in a market.

From there, marketing strategy focuses on how to target and segment a market and

then position a product or service to build

a sustainable competitive advantage using tools like perceptual maps.

And from that marketing strategy,

you then move to designing your marketing program.

Here, strategic marketers use statistical tools like conjoint analysis and

strategic concepts like product life cycle analysis

to determine parameters like the promotion mix,

distribution channels and of course, appropriate pricing strategies.

My broader point here is simply that if you want to be successful in business,

either as a marketing executive or strategist or perhaps as the CEO of your own company,

all of the various disciplines in a business education are useful in

some way either directly or indirectly across all areas of the firm.

And micro-economics provides a particularly important set

of tools and insights in the marketing dimension.

In the next lesson we will turn from the mysteries of

demand curves to a similar investigation of the supply curve.

And more broadly what we call in micro-economics, production theory.

In fact, production theory has much to teach us about

another key area of business known as operations and supply chain management.

So take a well deserved break now, you've earned it.

And when you are refreshed and relaxed please move on to lesson four.

From the University of California Irvine, I'm Peter Navarro.

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