Description

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Managerial economics refers to a subfield of economics that deals with the use of economic methods in managerial decision-making process. It examines the internal and external factors that influence an organization. Managerial economics seeks to solve issues by using micro and macroeconomic tools. It plays an important role in assisting the businesses in identifying their strengths and weaknesses. Managerial economics assists businesses in determining where they excel and where they fall short. A business strategy is a plan that assists a business in achieving its objectives. It comprises strategies for various functions such as operations, marketing, and finance. Some of the key elements for building an effective business strategy include business objective, core values, SWOT analysis, operational strategies, and measurement. Managerial economics provides the baseline macroeconomic forecasts that drive sales and earnings projections, which are critical for making strategic business plans. This book explores all the important aspects of managerial economics and business strategy in the present day scenario. A number of latest researches have been included to keep the readers up-to-date with the global concepts in this area of study.