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Tim J. Smith
Cengage, London, International edition, 2011, 344 pp., £50.99,
ISBN-13: 978-1111571290 (paperback)
An understanding of marketing is vital for anyone planning a career in management, and a grounding in economics provides insights into the way business world operates, but these two subjects would not appear to share much common ground, at least at first glance. As an economist, it was only when sharing an office with a marketing expert that I realised exactly how much these subjects actually have in common. At its core, economics is a science of decision making and thinking of it this way, it's natural that marketing, in essence of the art of helping consumers make up their minds, would draw on insights from economic theory.
Pricing is one of the main areas where marketing and economic theory collide. Understanding pricing is at the heart of microeconomic theory but is an eminently practical subject; profits depend upon setting the right price. This book by Tim Smith spans the disciplines of marketing, economics, strategy and decision making, to provide a practical guide...