Understanding the Link Between Managerial Economics, Business Strategies Formulation and Implications Godwin Orakpowenri Orovwiroro & Barisua Fortune Nwinee

Understanding the Link Between Managerial Economics, Business Strategies Formulation and Implications

Author (s): 

Godwin Orakpowenri Orovwiroro & Barisua Fortune Nwinee

Abstract

Managerial economics as a field of study has become popular in recent times as a result of the increasing variability of business environments. Business organizations’ demand for tools that will aid them in making informed decisions in an environment characterized by change and competition has become increasingly prevalent. This study theoretically examines the relationship between managerial economics and business strategies formulation and identified eight different strategy methods that form the basis for smart decision-making processes for managers who aim to increase their profitability, market share and competitiveness. In establishing the link between these two concepts – both which are essential for a company to grow, thrive and compete in an environment of uncertainties in the business world, the study identified the critical elements managers need for achieving its goals and optimizing its financial success. Practically, this study would expose top managers on how to strategically plan organizational programs no matter how small because no organizational program is insignificant.

Key words: Managerial Economics, Business Strategies Formulation, Implications, Decision-making, Uncertainties.

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Title:

Understanding the Link Between Managerial Economics, Business Strategies Formulation and Implications

Author:

Godwin Orakpowenri Orovwiroro & Barisua Fortune Nwinee

Journal Name: International Journal of Science and Business
Website: ijsab.com
ISSN: ISSN 2520-4750 (Online), ISSN 2521-3040 (Print)
DOI: https://doi.org/10.5281/zenodo.2690639
Media: Online
Volume: 3
Issue: 3
Acceptance Date: 08/05/2019
Date of Publication: 10/05/2019
PDF URL: http://ijsab.com/wp-content/uploads/360.pdf
Free download: Available
Page: 199-209
First Page: 199
Last Page: 209
Paper Type: Research Paper
Current Status: Published

Cite This Article:

Godwin Orakpowenri Orovwiroro & Barisua Fortune Nwinee (2019). Understanding the Link Between Managerial Economics, Business Strategies Formulation and Implications. International Journal of Science and Business, 3(3), 199-209. doi: https://doi.org/10.5281/zenodo.2690639

Retrieved from http://ijsab.com/wp-content/uploads/360.pdf

 

About Author (s)

Godwin Orakpowenri Orovwiroro (Corresponding Author), Department of Marketing, Faculty of Management Sciences, University of Port Harcourt, Rivers State, Nigeria.

Prof. Barisua Fortune Nwinee, Dean, Faculty of Management Sciences, University of Port Harcourt, Rivers State, Nigeria.

 

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DOI: https://doi.org/10.5281/zenodo.2690639

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