...from the first edition solely by minor editorial adjustments. Content has not been altered. Microeconomics: Markets, Methods and Models About the Authors Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural change. He is Professor Emeritus of Economics at Trent University in Peterborough, Ontario, and Sessional Adjunct Professor at Queen’s University in Kingston, Ontario Ian Irvine is a specialist in microeconomics, public economics, economic inequality and health economics. He is the author of some thirty research papers in these fields. He completed his PhD at the University of Western Ontario, has been a visitor at the London School of Economics, the University of Sydney, the University of Colorado, University College Dublin and the Economic and Social Research Institute. His current research interests are in tobacco use and taxation, and...
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..._____________________________________________________________________________________ WEEK 1: HOW ECONOMISTS THINK * What are preferences? Preferences refer to all of the objectives an individual wants to achieve that might motivate a choice among a set of alternatives. * What does it mean for an individual’s preferences to be rational? Please explain the concepts of costs and benefits and the reasoning process used by a rational individual. A rational individual will try to make the best possible use of his/her scarce resources, usually choosing an activity that has the highest utility. Rational preferences possess 2 properties, which are completeness and transitivity. Completeness means that choices can be ranked in an order of preference. For instance, an individual will have a preference when faced with two choices. Transitivity means actions can be compared with other actions. As an example, if action a is preferred to b, and action b is preferred to c, then a is preferred to c. A benefit is the maximum unit of currency amount you would be willing to pay to do x, while the cost is the value of all the resources you must give up in order to do x. The cost-benefit approach to decisions states that an individual should do an activity x if the benefit exceeds the cost. Relating to cost, in the process of coming up with a decision, a rational individual will take into account opportunity costs and ignore sunk costs. * New theories argue that people are...
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...This page intentionally left blank Managerial Economics Managerial economics, meaning the application of economic methods in the managerial decision-making process, is a fundamental part of any business or management course. This textbook covers all the main aspects of managerial economics: the theory of the firm; demand theory and estimation; production and cost theory and estimation; market structure and pricing; game theory; investment analysis and government policy. It includes numerous and extensive case studies, as well as review questions and problem-solving sections at the end of each chapter. Nick Wilkinson adopts a user-friendly problem-solving approach which takes the reader in gradual steps from simple problems through increasingly difficult material to complex case studies, providing an understanding of how the relevant principles can be applied to real-life situations involving managerial decision-making. This book will be invaluable to business and economics students at both undergraduate and graduate levels who have a basic training in calculus and quantitative methods. N I C K W I L K I N S O N is Associate Professor in Economics at Richmond, The American International University in London. He has taught business and economics in various international institutions in the UK and USA, as well as working in business management in both countries. Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo Cambridge...
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...PAPER 3.5: MARKETING MANAGEMENT – M.B.A. III Sem UNIT 1 Modern Marketing Concept: Social Marketing concept – Approaches to the study of marketing – Marketing segmentation – Meaning – Bases for segmentation, benefits – Systems approach – Features of industrial, consumer and services marketing. UNIT 2 Marketing Environment: External factor – Demographic factors – Internal factors – Marketing mix – Four P’s marketing. Consumer Behaviour: Meaning and importance – Consumer buying process – Determinants and theories of consumer behaviour – Psychological, sociological determinants – Theories and their relevance to marketing. Marketing Research: Meaning – Objectives – Procedure. UNIT 3 Product Mix Management: Product planning and development – Meaning and process – Test marketing – Product failures – Product life cycles – Meaning and Stages – Strategies – Meaning PLC. Product-Market Integration: Strategies – Product positioning – Diversification – Product line simplification –Planned obsolescence – Branding Policies and Strategies – Packing. UNIT 4 Price Mix Management: Pricing and pricing policies – Objectives – Procedures – Methods of price fixing – Administered and regulated prices – Pricing and product life cycle – Government control of pricing. UNIT 5 Physical Distribution Mix: Distribution channel policy – Choice of channel – Channel management – Conflict and cooperation in channels – Middlemen functions. UNIT...
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...8800 vdgracht@supplyinstitute.org Tobias Gnatzy +49 611 3601 8800 gnatzy@supplyinstitute.org Prof. Dr. Inga-Lena Darkow +49 611 3601 8800 darkow@supplyinstitute.org Klaus-Dieter Ruske +49 211 981 2877 klaus-dieter.ruske@de.pwc.com Dr. Peter Kauschke +49 211 981 2167 peter.kauschke@de.pwc.com Julia Reuter +49 211 981 2095 julia.reuter@de.pwc.com Dr. Elizabeth Montgomery +49 89 5790 5159 elizabeth.montgomery@de.pwc.com We would like to thank the panellists who took part in the Delphi survey that underpins this report. For confidentiality reasons their names will not be mentioned. Special thanks go to Tom Gorman, CEO of CHEP EMEA and Harry Hohmeister, CEO of Swiss International Air Lines, who took the time to share their thoughts and insights with us. Finally, we would like to express our appreciation for the expertise provided by the below listed individuals: Jenny Bailey, Andreas Baur, Nicholas Bell, Thomas Brüderlin, Giorgio Elefante, Richard Gane, Martha Elena Gonzalez, Susanne Klages, Christian Knechtel, Socrates LeptosBourgi, Alexander Müller, Dr. Moritz Nill, Roman Popovic, Robert Prengel, Gerd Tritschler, Joris van Meijel and Rene Willems. 2 Transportation & Logistics 2030 Welcome Capacity management, cost control, cash management: these are the words heard in every boardroom, and represent some of the challenges that transportation and logistics (T&L) operators are facing as they navigate through the current...
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...STRATEGIC MANAGEMENT ACCOUNTING UNIT – I MANAGEMENT ACCOUNTING – SCOPE- STRATEGIC IMPORTANCE – NATURE AND CHARACTERISTICS OF MANAGEMENT CONTROL SYSTEM “The accounting people are expected to do things that are much more strategic and much more forward looking than they have been expected to do in the past”. INTRODUCTION1 Mission of Disney – “To offer quality entertainment that people seek out”. The Walt Disney Company has long been widely admired as visionary and well-managed company. But how does Disney continually make the right calls in terms of investment capital, providing new attractions that appeal to its audience while earning a superior return for its shareholders? The company evaluated its existing business and new initiatives based on their ability to contribute to Disney’s long term cash flow and earnings growth, and to provide returns that exceed Disney’s cost of capital. Through strategic planning, sound decision making, and creative and disciplined management, the Walt Disney Company promises to continue providing quality entertainment to its customers and attractive financial returns to its investors for decades to come. Many different kinds of organisations affect our daily lives. Manufacturers, retailers, service industry firms, agribusiness companies, non-profit organisations and government agencies provide us with a vast array (range/collection) of goods and services. All these organisations have two things in common. First...
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...Techno-Fundamental Approach to build an Equity Portfolio and Study of Price Fluctuations with volume SIP project report submitted in partial fulfilment of the requirements for the PGDM Program By Chetan Arora 2010065 Supervisors Mr. Kartikeye Vatsa Deputy Manager (Financial Analyst) Dr. Gajavelli V S Professor Institute of Management Technology, Nagpur Institute of Management Technology, Nagpur 2010 - 2012 1 ACKNOWLEDGEMENTS I am sincerely grateful to Punjab National Bank for providing an opportunity to do an internship under its umbrella. This Summer Internship is a necessary component towards fulfilment of the requirements of the Post Graduate Diploma in Management (PDGM) program that I am currently undergoing from Institute of Management Technology, Nagpur. Having undergone the Summer Internship from one of India‘s most prestigious and respected institution, and India‘s second largest treasury division, has indeed been a learning, rewarding and pleasurable experience for me. I also want to express my gratitude and sincere thanks to my project guide Mr. Kartikeye Vatsa, Deputy Manager (Financial Analyst), Treasury Division and his senior Mr Rajan Ravat, Chief Manager, Treasury Division for constantly guiding and supervising my project. This project would not have been possible without their support and motivation. I would also like to thank Mr. Rajesh Bhagat, Manager, Treasury Department for their unending help in understanding the work culture at Punjab...
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...PROJECT REPORT ON "RURAL MARKETING" BY AARON FERNANDES T.Y. B.M.S. SEMESTER V SHRI CHINAI COLLEGE OF COMMERCE & ECONOMICS MUMBAI PROJECT GUIDE PROF. VAISHALI CHAUDHARY UNIVERSITY OF MUMBAI 2003-2004 1 ACKNOWLEDGEMENTS Many hands have toiled to ensure that this project finally sees the light of the day. It required continuous guidance, inspiration and support from many people and without their cooperation; this project would not have been complete. I take this opportunity to express my sincerest gratitude to my Project Guide, Ms. Vaishali Chaudhary, who lived up to her Designation and was a constant source of guiding light for me at each and every stage of the execution of this project. I would also like to thank the following people who through their experience have enlightened me on the practical aspects of this subject without whom the study would not have been carried out successfully. i. Prof. (Ms) Dr. Malini Johari – Principal, Shri Chinai College, Andheri ii. Prof. (Ms) S.G. Kelkar – BMS Co-ordinator, Shri Chinai College, Andheri iii. Professors at Shri Chinai College: Prof. Sunil Fussey Prof. Vaishali Chaudhary Prof. Padma Iyer Prof. Gitanjali Thorvat Lastly I would like to thank my well-wishers and my colleagues who were a constant source of inspiration and in some cases also motivation as it ultimately has led to the completion of this project. Finally I...
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...applied extensively to theoretical models and empirical studies of financial securities prices, generating considerable controversy as well as fundamental insights into the price-discovery process. The most enduring critique comes from psychologists and behavioural economists who argue that the EMH is based on counterfactual assumptions regarding human behaviour, that is, rationality. Recent advances in evolutionary psychology and the cognitive neurosciences may be able to reconcile the EMH with behavioural anomalies. There is an old joke, widely told among economists, about an economist strolling down the street with a companion. They come upon a $100 bill lying on the ground, and as the companion reaches down to pick it up, the economist says, ‘Don’t bother – if it were a genuine $100 bill, someone would have already picked it up’. This humorous example of economic logic gone awry is a fairly accurate rendition of the efficient markets hypothesis (EMH), one of the most hotly contested propositions in all the social sciences. It is disarmingly simple to state, has far-reaching consequences for academic theories and business practice, and yet is surprisingly resilient to empirical proof or refutation. Even after several decades of research and literally thousands of published studies, economists have not yet reached a consensus about whether markets – particularly financial markets – are, in fact, efficient. The origins of the EMH can be traced back to the work of two...
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...NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY FACULTY OF COMMERCE GRADUATE SCHOOL OF BUSINESS EMBA MARKETING MANAGEMENT Prepared by Mrs O Gwate-Hall 2012 EMBA MARKETING MANAGEMENT MODULE 1. THE MARKETING CONCEPT Business philosophy has experienced three major shifts during the history of commerce in the United States. It has moved from a production orientation to a sales orientation to the current consumer orientation. Each of these philosophies has reflected the economic environment of its time. From the early years of the country into the late 1920s, businesses had limited production capacity and continuous demand for their products. Under those circumstances, it was inevitable that the prevailing philosophy would be "produce as much as you can and it will sell." Business goals based on that belief naturally focused on production. Marketing concerns were limited to order taking and product distribution. With the introduction of mass production in the late 1800s, the gap between production and the demand for goods and services began to narrow. By the 1930s, production capacity had caught up with and, in many areas, exceeded demand. In order to maintain or regain production and sales levels, businesses adopted a sales oriented philosophy. This philosophy held that "if...
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...KEY TERMS CHAPTER 1 Customer Equity-is the combined discounted customer lifetime values of all the company’s current and potential customers. Customer Lifetime Value-companies are realizing that losing a customer means losing more than a single sale. It means losing the entire stream of purchases that the customer would make over a lifetime of patronage. Customer Perceived Value-the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. Customer Relationship Management-is the overall process of building and maintain profitable customer relationships by delivering superior customer value and satisfaction. Customer Satisfaction-depends on the product’s perceived performance relative to a buyer’s expectations. Demands-human wants that are backed by buying power Exchange-is the act of obtaining a desired object from someone by offering something in return Internet-a vast public web of computer networks that connect users of all types all around the world to each other and to an amazingly large “information repository’ Market-is the set of actual and potential buyers of a product Marketing-the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Marketing Concept-holds that achieving organizational goals depends on knowing the needs and wants of target markets and building profitable relationships...
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...Marketing Strategies Compiled by By Prof. Kalim Khan Prof. Kalim Khan Table of Content Table of Content 1. CUSTOMER RELATIONSHIP MANAGEMENT...................................................................3 2. SEGMENTATION, TARGETING, POSITIONING & PRODUCT DIFFERENTIATION...............4 3. PRICING STRATEGIES.................................................................................................10 4. ADVERTISING STRATEGIES........................................................................................17 5. DISTRIBUTION STRATEGIES.......................................................................................21 6. NEW PRODUCT DEVELOPMENT..................................................................................31 7. MARKETING STRATEGIES FOR MARKET LEADERS AND CHALLENGERS .....................39 8. GENERIC STRATEGIES................................................................................................43 9. PRODUCT LIFE CYCLE................................................................................................47 10. PORTFOLIO BUSINESS PROFILE AND BUSINESS ASSESSMENT MATRICES................49 LIFE CYCLE STAGE........................................................................50 Figure 1 Portfolio Business Profile Matrix..........................................................................51 MARKET ATTRACTIVENESS.......................................................................51 Figure 3 Growth-Share Matrix...
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...CURRICULUM OF BUSINESS ADMINISTRATION FOR BBA, BBS, MBA & MS HIG HER EDUC ATIO N CO MM ISSION (2012) HIGHER EDUCATION COMMISSION ISLAMABAD 1 CURRICULUM DIVISION, HEC Prof. Dr. Syed Sohail H. Naqvi Mr. Muhammad Javed Khan Malik Arshad Mahmood Dr. M. Tahir Ali Shah Mr. Farrukh Raza Mr. Abdul Fatah Bhatti Executive Director Adviser (Academics) Director (Curri) Deputy Director (Curri) Asstt. Director (Curri) Asstt. Director (Curri) Composed by: Mr. Zulfiqar Ali, HEC, Islamabad 2 CONTENTS 1. Introduction……………………………………...........6 2. BBA Programme....................................................11 a. Structure of BBA Programme..……………....12 b. Layout for BBA Programme..........................13 c. Semester-wise Breakup for BBA…...............14 3. Bachelor of Business Studies (BBS)......................15 4. MBA Programme....................................................16 a. Structure of MBA Programme........................17 b. Semester-wise Breakup for MBA...................19 5. MS in Management Sciences................................20 a. Structure of MS Programme...........................20 b. Eligibility for Non-business Degree Holders...21 6. Roadmap for Business Education…………............24 7. BBA Course outlines...............................................25 a. Compulsory Courses for BBA...…….…..........25 b. Foundation Core Courses...........…....…....... 41 c. Major Core Courses........................................59 d. Major...
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...Report by the Commission on the Measurement of Economic Performance and Social Progress Professor Joseph E. STIGLITZ, Chair, Columbia University Professor Amartya SEN, Chair Adviser, Harvard University Professor Jean-Paul FITOUSSI, Coordinator of the Commission, IEP www.stiglitz-sen-fitoussi.fr Other Members Bina AGARWAL Kenneth J. ARROW Anthony B. ATKINSON François BOURGUIGNON Jean-Philippe COTIS Angus S. DEATON Kemal DERVIS Marc FLEURBAEY Nancy FOLBRE Jean GADREY Enrico GIOVANNINI Roger GUESNERIE James J. HECKMAN Geoffrey HEAL Claude HENRY Daniel KAHNEMAN Alan B. KRUEGER Andrew J. OSWALD Robert D. PUTNAM Nick STERN Cass SUNSTEIN Philippe WEIL University of Delhi StanfordUniversity Warden of Nuffield College School of Economics, Insee, Princeton University UNPD Université Paris 5 University of Massachussets Université Lille OECD Collège de France Chicago University Columbia University Sciences-Po/Columbia University Princeton University Princeton University University of Warwick Harvard University London School of Economics University of Chicago Sciences Po Rapporteurs Jean-Etienne CHAPRON General Rapporteur Didier BLANCHET Jacques LE CACHEUX Marco MIRA D’ERCOLE Pierre-Alain PIONNIER Laurence RIOUX Paul SCHREYER Xavier TIMBEAU Vincent MARCUS INSEE INSEE OFCE OCDE INSEE INSEE/CREST OCDE OFCE INSEE Table of contents EXECUTIVE SUMMARY I. SHORT NARRATIVE ON THE CONTENT OF THE REPORT Chapter 1: Classical GDP Issues . . . . . . . . . . . . . . . . . ....
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...DEVELOPMENT OF CONCEPTS OF CAPITAL AND INCOME IN FINANCIAL REPORTING IN THE NINETEENTH CENTURY Calculation, Context and Consequence THOMAS REGINALD (Tom) ROWLES B.Ec (Hons), Dip.Ed (Monash) A THESIS SUBMITED FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN THE SCHOOL OF ACCOUNTING AND LAW OF RMIT UNIVERSITY, MELBOURNE, VICTORIA, AUSTRALIA ii DECLARATION I certify that: Except where due acknowledgement has been made, this thesis is mine alone; and The work has not been submitted previously, in whole or part, to qualify for any other academic award; and The content of the thesis is the result of work that has been carried out since the official commencement date of the approved research programme. THOMAS R. ROWLES iii TABLE OF CONTENTS Chapter Introduction 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Introduction Purpose of the Study Sombart’s Hypothesis An Alternative Model; Entrepreneurial Decision-making Context: The Industrial Revolution and ‘Profit’ The Changing Nature of ‘Investment’ The Great Depression of 1873-96 Intellectual Introspection Irving Fisher and the Conception of Capital and Income 17 17 17 23 25 26 30 32 34 34 35 36 38 38 38 39 43 46 49 50 51 54 55 1.10 Research Issues Identified 1.11 Summary Derivation of Research Issues 2.1 2.2 Introduction Evidence from Extant Accounts 2.2.1 Fixed Assets in Mercantile Accounting 2.2.2 The East India Company 2.2.3 Fixed Assets and Early Industrial Accounting 2.2.4 Capital Asset Accounting After 1870...
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