Economics

Supply Chain Management – Customer Relationship Management

Customer Relationship Management Marketing The Customer Relationship Management process provides the structure for how the relationships with customers will be developed and maintained. Management identifies key customers and customer groups to be targeted as part of the firm’s business mission. These deductions are made by the leadership team of the...

Performance Management: An Introduction

Cooperation in the supply chain can increase the profitability and also improves the delivery performance and service by reducing the logistics costs. The idea of making profits with the proper implementation of SCM can be traced back to the definition used within logistics. Focus here is on reducing the...

The Concept of Process Orientation

Process Orientation The Supply Chain Management, with its overall perspective on the supply chain, has been difficult for many companies to operationalize. Looking from operational level, the complexity of Supply Chain Management is so vast that it is necessary to break down the supply chain into smaller segments in order...

Keynesian Model In Economics

Keynesian Model In Economics Consumption is the spending on consumer goods over a given period, usually a year. Consumer goods are goods and services that are consumed or used up within the year, such as food or electricity. In practice, however, many goods counted as consumption goods last longer than...

Understanding Monopolistic Competition

Economics Imperfect Competitions - Monopolistic Competition Monopolistic competition has four distinctive characteristics. There is a very large number of firms. Each firm’s product is slightly differentiated from those of its competitors. Firms are free to enter or to exit the industry. Firms engage in non-price competition such as advertising. Monopolistic competition...

Understanding Econometrics in Economics

Econometrics In Economics Econometrics is a method in economics which takes concepts from mathematics, statistics and economics for studying various economic phenomena. An econometrician has to be a competent mathematician and statistician who is an economist by training. Fundamental knowledge of mathematics, statistics and economic theory are a necessary prerequisite...

Understanding Labor Economics

Labor Economics The theory of labor supply is based on the model of a consumer making a choice between consuming more goods and consuming more leisure. With it, we can elucidate the properties of labor supply and begin to understand the conditions of participation in the labor market. The model...