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