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

Godwin Orakpowenri Orovwiroro and Barisua Fortune Nwinee

International Journal of Science and Business, 2019, vol. 3, issue 3, 199-209

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.

Keywords: Managerial Economics; Business Strategies Formulation; Implications; Decision-making; Uncertainties (search for similar items in EconPapers)
Date: 2019
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