Friday, May 24, 2019

IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING-

Consumers are the most important factor that will make any business run smoother. The strategy to study the behavior of consumers which are where, when, how and what to buy are the most important. Including a study of the factors that influence both internal and external such as self-concept, culture, age, and family for examples, helps to predict behavior and planning strategies . Those behaviors are influenced by 3 main factors, namely, cultural factor, social factor and personal factor.There are several factors when buying a house. Some literature has indicated that there are eight factors which can be applied when purchasing a home, the amount of rooms, quality of building, health facility, land size, location, finance, advertising and other factors . Some have explored the factors that impact on the decision making can be described in three factors which are; the characteristics of the house, neighborhood and the developer

Behavioral Intention is the readiness of an individual to certain actions. The intention was to affect the expression of behavior continues.

In purchasing situations, consumers may follow a group norm or the celebrities

and influencers who endorse a product . This is because consumers use information

that is derived from a reference group to evaluate their opinions

, and they may duplicate the purchase

behaviour of a group norm. Sometimes consumers believe

that information cues from others are reliable . Consumers

also seek to build a reputable and respectable impression

on their peers. For example, Kurt et al. (2011) found that men

tend to have higher purchase intentions when they go shopping

with a friend than when they go alone. All of these studies try to

explain the impact of reference groups on purchase intention.

However, other marketing stimuli, such as types of shoppers and

product involvement, can also have an impact on purchase intention.

These stimuli will interact during the process of decision

making.

Purchase intention depicts the impression of

customer retention. There are certain functions of the brand, which have a strong

influence on the purchase intention of the customer’s i.e. brand image, product quality,

product knowledge, product involvement, product attributes and brand loyalty. This study

will show the purchase behavior of the customers that how general public attract to

make purchase of the branded product and also reveal the important aspects which are

quite necessary to capture the purchase intention of the customers.

Sunday, September 30, 2018

My experience with economics

My experience with economics

Being having a commerce background i have basic knowledge about the economics n its functions
After coming to Iba i came trough the various accepts of economic not only theoretically but also practically and our professors and their way of explaining the concepts with real life examples helped me to learn some of the difficult concepts easily in less time
The system of weekly blog also helped me to have think subject in a practical way with daily life examples

Saturday, September 29, 2018

A journey of 33 hours...

In my engineering days I met with economics in some semester and it was a very basic level,even I can hardly remember what I had studied.

Entering into the pgdm I was again introduced to Economics, Micro economics.

It was a wonderful journey of 11 classes.

Started with incentive, though very less no of us responded to this,we faced trade off between listening the class carefully while making notes and facing trouble in time of blog writing due to not listening the class with attention. Here opportunity cost was different for different people.

At every Saturday compulsory blog writing suddenly increased demand for knowledge gathering, initially internet gave us supply of some chauffeur knowledge resulting plegarism in our blogs but later we were back to the basics. Elasticity was the most memorable topic as so many people copy pasted some add ons about it in their blog and marked as absent. Same thing happened for not being able to explain properly the concept of surplus and utility.
In those days we were told to write blog on economic concepts relating to real life. This is an extra benefit for clarity of our concept. An increasing returns to scale happened but law of diminishing marginal utility never took place as we became more curious about the subject.
After mid term we came to know about simulation, getting marks has become quite easier due to this economy of scope. Suddenly I discovered the businessman inside me when fighting in oligopolistic market.
Strategies,brain storming,competition... Perfect combination of thriller and fun.

Thank you sir for all these fabulous experience and specially for making me a blog writer from an ordinary writer.

Learning From Economics

In the beginning it was very difficult to understand me the concept of economics because I am from a B-tech background. latter on the example given by Sir in the class, which related to our daily life, it make easy to understand economics concept. It provides us a valuable knownledge for making decision in everyday life. Its was a great experince to kwon how we can economics in our daily life.

MY LEARNING IN ECONOMICS

The word "economics" is very complex in itself. And studying these in only three months is a challenge. Being a graduate in commerce, I have studied this subject for a semester but that was long back. In the first class of economics in IBA, I was equally novice as other people who had never studied it before. I was really scared that how will I be able to understand all the concepts with such a short span of time. But it is only because of our Prof. Prashant Kulkarni sir that I know a bit about economics now. Thank you, sir. Apart from teaching us, he made us to write the blogs and to be honest, I had never written any blog before. So I find it very interesting to write the blogs every week. The best thing that I learned is how to apply the economics concepts in our real life. It is because of writing blogs about this topic again and again, I really had a deeper insight about different economic concepts and its applications in our day to day life.

Basic learning from Economics

Economics was something that I was never being encountered with throughout my career. It was a challenge rather that experience I would tell. Some of the basics like break-even point I studied in my engineering career that few concepts were also not clear but not it is crystal clear. Talking about the simulation part I would rather say it an experience where we can learn how to develop strategy to compete with others in a particular market.

Learning from Economics subject

Economics is a very interesting and quite realistic subject. It is not so difficult but if we study by understanding the concept it may ruin us afterwards. For easy leaning we need 2 things i.e

An excellent teacher who teaches all the concept with real life example.
Focus more on diagram as diagram can be our strength.

First of all make sure that we are done with all our concepts and confident enough to answer any question. As our concept should be sound to make our answer great. Don't mug up the definition or else we will end up with hating the subject.
Like consumer equilibrium allow consumer to obtain more satisfaction possible from their income. Now relate this with example-
Suppose I want to buy a pair of shoes which cost Rs 1500, I loved that shoes but I will not buy it because the price is too high for me. Now it is on 50% discount and will cost Rs 750 and now we are comfortable to buy that. This is our equilibrium state when we are ready to pay the amount Rs 750 and get maximum satisfaction.

Like this we can relate this to example and learn the concept and it becomes easy in understanding.

Economics In My Life

Economics has always been a challenging subject for me.Its been a short journey of a few months, since we had started with or 1st trimester, but I can confidently say the I have been able to learn a lot of concepts effectively and the best part about it is that I have learnt it in a way that will stay with me for a long time to come.

I am talking about the practical approach that has been used in order to teach Economics. The wide range of relevant real life examples that our Sir, Prof Prashant Kulkarni , shared with us , really helps us in understanding the theory part more effectively.

Conclusively I can say that the experience has been really great and I want to learn a lot of other things in the future as well. Really looking forward to it.

Economic change my perception

What I learnt from Economics

From the beginning I learnt many concept and topics, but the most different and unique thing I learnt was to apply economics concept in real life example which i never thought like that before. I went to hotels many times and I was part of one of economic concept, So now I can find that which concept they are using to earn profit.I can relate real life example with economic concept. So this is very useful for me as a MBA student. Second thing I learnt is coordination of mathematics and economics in simulation game. Both are important to win the game. All these concept I have learnt in 12th standard but here learning process was different, so I never felt bored.Thus all topics are now much more clear to me.

ECONOMICS RE-SOLVED

I had a brief idea about Economics, mostly conceptual knowledge. I started my first Economics class in IBA which was taken by Prof. Prashanth Kulkarni it was a great learning curve for me. I learned many new concepts but most importantly the applications of those concepts into real life.

Then there was a Simulation Game, i was bit nervous about this game as i had very little knowledge about normal distribution. It was a competitive game, due to help of the lecturer and my team mates i gradually started understanding the game.

All in all it was an great learning experience to be part of hope to continue this in coming future.

Journey to Economics.

First of all I would like to thank Prof. Prashant Kulkarni because of him only I am now able to understand what exactly economics is and I can also applied to my real life also.From the beginning of the Economic class I was like I am unable to understand any concept of economics
but later on when I started writing blog on various topics related to my personal life everything topic or concept got very cleared to me. Now coming to my personal part, on the second class he asked me about my blog and I was unable to answer because I was so much scared of him and seriously it was horrible for me on that day.After I met him personally to his cabin related to blog, he was totally change what he was in class was different and what he was in cabin was different. After that I was comfortable to him. Then a new thing came i.e. Simulation a very facinating game I was like very much addicted to it. Usually I used to go and meet with sir and started asking about Simulation, but the thing I like most was he never got irritated provided I irritate him alot.Later on I learned some difficult concepts, which is now very clear to me and now I can relate with my personal life also.Lastly, I will say to that now I know economics and I can relate it anywhere. Thank you Sir for having a such beautiful class.

Study about EcOnomics

Economics

This is first time when I got a subject like economics. I was thinking that it is only a subject and I have to pass in this subject.

It's not just a subject to simply study But on the other hand when I started studying I learnt that my life is surrounded by economics. I am learning the concepts of microeconomics like
1.) Supply and demand
2.) Elasticity
3.) Diminishing utility
4.) Consumer & producer surplus
5.) Various curves etc.

BLOGGING TIME

I have to write every week a blog on concept on economics with real life example its very good things for me because by blog we have to first learn the concept then also we can write any real life example so blogs helps me to understand between my life and economics concept.
Now a days I know economic more than previous month. because now I get to know how to apply economic concept in our life And it gives a new and unique way to study where we can directly relate our real life scenarios.

SIMULATION GAME MARKET

In economics we have a simulation market in which we actually doing a new thing by fixing the price, capacity cost etc. This all can be done by normal distribution because of this i know how price differentiation also affect to the market.

My learning in Economics

Firstly I want to thank Prof. Prashant Kulkarni Sir for making me understand a bit of economics.
At the beginning I was very scared of this subject because I am from a non commerce background, but eventually things became a bit easy for me.
I came to learn about some laws of economics and applied them in various situations.
The example which sir gave us to understand economics laws was too good to understand.
This is just the beginning.Hope to learn more.

ECONOMICS AND LIFE

MY LEARNING IN ECONOMICS

At first we understood the concept of economics like demand and supply, determinants of demand and supply along with price mechanism. Utility & indifference curve that measures the satisfaction level of customers.

Other concepts like price discrimination, economic of scale and we learnt about different markets and how different firms performs if that market.

We also learnt how to relate economic concepts with our real life time situations.

Along with theoretical learnings, we also learnt to play in virtual market and compete with other competitors in the market in simulation

Last Blog for the Trimester!

I really miss those days of unpleasant worries of what to write and what not to. This is the second time I am really into this again after years, in terms of public writings. Economics Blog writings gave me a real insight of what I can analyse. The sunk cost on not giving up on a relationship, making a cost benefit analysis when you buy something. Everything seems so upside down but yet predictable. But the most amazing time are of the games. More than the group discussions we have the night before exams, the Game has taught much more how things work. Incentives really work, however rationally one thinks. We are able to do unlimited things even with limited resources.

Thanks To You Sir.

Journey From Software Industry To The World of Economics

It is often seen that the engineering students possess the common dilemma of whether they should pursue an MBA after graduation or not. Being a Computer Science and Engineering Student I too possessed this dilemma once.

It is a well-known fact that an engineer who has a sound technical background would definitely like to pursue a career in their own technical specialization. Hence a computer engineer like me also started a career in the IT Sector. However, in the mid of my career, I felt the need to increase my learning for career growth where the need for management skills arrived. Now in order to break from the technical mode and seamlessly get blended with the management skill, pursuing PGDM in IBA turned out to be the best choice for me.

At the starting of the academic year and going to through the first economic session, the subject really turned out to be a nightmare for me. In the beginning, each concept was very much confusing but with the passage of time after going into the depth of the subject, I came to the conclusion that concepts of economics are applied in our day to day activities and hence it can put a theory behind our everyday actions.

Gradually when we started relating the concepts of economics with our real-life activities, the real fun started. For instance, resigning my job to pursue MBA in order to get a better future shows the concept of ‘Opportunity Cost’, difficulty while choosing the best dress for fresher’s denotes ‘People Face Tradeoff’, getting bore after eating the mess food daily denotes ‘Diminishing Marginal Utility’, booking home tickets for Diwali Break earlier before the peak time to get at lower price signifies ‘Price Discrimination’.

Therefore gaining the basic knowledge about the economic concepts since the last three months and applying them in our real world scenario made the subject more clear.

Economics Learning in IBA

ECONOMICS LEARNING IN IBA

As we have arrived to the end of this session. I would like to share my views regarding my learnings in Economics. Economics is a very vast subject which student cannot understand easily. Even in my school days and undergraduation I just know the overall concept of economics but doesn't know in deep and how to apply in real life situation which I have learned here.

'How Economics concepts apply on company' is our working of last blog which I did first time and this results in more clarity of concepts. Every blog adds value point to our knowledge in one or the other way. so this journey of writing blog is very amazing and results in enhancement of knowledge at every stage.

Not only this, 'SIMULATION' acts as icing on the cake in my Economics journey of IBA.
It is a hypothetical game which we have to play by investing money in such a way to attract more customer and keeping the price ahead of my competitors. This is a very strategic game which requires to apply Economics concept and logics to understand the economy in much better way.
Classroom learnings and all other way of learning is good in IBA .
So, this is my learnings about Economics.

MY LEARNINGS IN ECONOMICS.

Although I find myself relatively comfortable now with economics, through the assignment prof PRASHANT KULKARNI sir gave and the blogs he has made us to write. Through all this there is something new to learn. With those thing I have learned how to relate all those economic concepts in the real life. I have learned lot of economic concept, which we use in everyday life but not aware of using it.

The most frequent and major problem that I faced while working through those assignment was knowing the concept and using it in the real life scenarios. The next session which consist of simulation which is a game and which gives us some learnings how to connect economics concept in the real market.

Sir has given a lot of real life example in the classes which helps us to know or connect all the theories and concept with real life. Even in the midterm exam the questions were quite practical based and gave us learnings about the implementation of the all the law or concept.

My personal experience with this economic classes are positive. I have no idea before coming here about economics, but how sir give us explanation and relate all the concept in real life which helped me understand those concepts with a lot of ease although I am a still beginner in this subject.

Economics as a part of Life

Coming from the field of commerce background I have a little knowledge about economics and it's concepts honestly I don't like economics much. But after learning 3months I realised that economics is not that much tough as I think, by writing blogs every week on real life, I am able to apply economics concept everywhere in my real life.

I experienced something new in IBA, A game which I never heard about in my life, yes it is Simulation (virtual market) where we know how to sale the units by keeping profit and how to complete in market.
It also apply simple economics concept which is Law of Demand.
Really I had a great experience learning economics and it's related games and hope to continue it further.

Learning in economics

Economics provide us with valuable knowledge for making our decisions in our day-today life. Economics is the study through which we learn how we use scarce resources of societies, government, business, households and individual. Basically, economics helped me in knowing how each and every resources are important in our life. How money makes difference for demand and supply of a commodity.

Through, economics I came to know about simulation game which is related to price of our product in how much valuable price we are selling them. We had our market in which our group made strategy to sell products at right price. It should be convenient for the customers to buy the product, they don't need to think about perceived risk they will face.

Overall it was a good experience in learning economics, I gained lot of knowledge the market and strategies used in the market to sale goods and make profit

Before IBA After IBA

Before Coming to IBA i had bookish knowledge in Economics. But i don't know how to apply those concepts in our day-day life. But , now iam very happy saying that I am applying Economics concepts in my life and matching those concepts with situations.

Eg: When i went to Barbeque Nation i found there is law of diminishing marginal utility in Barbeque nation. It means where ever i go i am able to relate situations with Economics concepts.

Eg: I want to buy Dairy so i decided to go Majestic but I remember one concept that rational people thinks at margin. I f you go there there will be transport charges and time waste. So i purchased here only, you can also relate that situation Opportunity cost.

It's just because of Kulakarni Sir, teaching and asking us to relate in our day-day life. I got 10 marks in Economics but I am very happy because iam trying to relate the concepts. Before when i was pursuing plus 2 I got 90 marks but no use of it in practical.

acquaintance of economics in iba

Before 12th I had a very basic knowledge of economics and its concepts. Later when I went to do my UG course I got to learn new theories of economics its all because economics was a subject in my course. I learnt various concepts like economy of production, market structure, trade cycles etc. During those 3 years I have never learnt it or tried to understand the concepts but when I came to iba my thoughts where same for the subject .Later on when prof. prashant kulkarni sir introduced me to the blog writing .It completely changed my view of economics .I started to understand the concepts and my interest level also increased.
I covered these topics:-
economics of scope, cost analysis,law of demand, law of diminshing marginal utility, supply function,elasticity of demand and many more.

The Process of forgetting unlearning and relearning Economics

I got my first exposure to economics when I was in class 11. In class 11 when I used to study Economics in my school days I just used to mug up all the theories and used to give the exam and pass the exam. The same I used to do in class 12 also but in class 12 the theories family related to micro and macro economics and I feel very much difficulty in understanding them and applying them after lot of effort and courage I gave my 12 board exam and passed in economics. I was never afraid of the subjects I just had very much problem understanding the theories and logics related to the micro and macro economics.

After passing my board exams I again got exposure to economics in my B Com Hons course in that also I just mugged up the book of Economics and gave the exam then also I couldn't understand or relate it to the theories and logics of Economics.

But after coming to IBA and learning economics from Professor Prashant Kulkarni Sir I am somewhat able to understand economics and relate it to the theories of micro and macro economics and see what effect does economics have on an individual and a company or the National and international economy.

By writing blog about what we have learnt every week I was able to grasp the theories and logic related to economics and apply them in real world scenarios and started to apply real example for all economic principles.

By simulation I was able to understand as to how the demand and supply is effected by the price that is being set up in the market. How the price differentiation is affecting the market sales and aslo how to set up the price for a particular product in different kinds of market.

LEARNING ECONOMICS IN IBA

1.Understanding of Economics:-Economics is a wide term which deals with a branch of knowledge related to production, consumption and transfer of wealth.During my graduation days I learned only some basic concepts in economics but I am not able to correlate these concepts in a practical life.And even I don't understand the application part of these concepts.But When I come in IBA for the pgdm course I learned many new concepts in economics and not even learned but I understand these concepts and their application part in day to day life.Now I can say confidently that Economics is everywhere and Economics concepts exist in day to day life.Economics concepts play a very important role in the life of every human being.Business is incomplete without economics.
2.Simulation Game:-
In IBA I get the opportunity to learn Simulation game which is based on economics concepts.Simulation game gives the platform to understand the market conditions and different types of markets.It give me the knowledge how to trade in different different markets according to prices and production capacity.It gives me the knowledge how to enter in a market , and when we enter in any new market it contains some entry cost which is a one time cost.It really gives me the real idea how to do business and how to make strategies according to the competitors who are in the same market in which you are trading.

I give my special gratitude to professor. Prashant Kulkarni sir who gives me the real knowledge of economics and helps me in learning and applying these economics concepts in day to day life.Without the effort of sir , I am not able to learn and understand the practical application of economics in real life.

Understandings on economics in the span of few months

Started studying economics after coming to IBA was quiet interesting. Knowing each concept and relating them to real life was really fun. The real surprise was Midterm question paper. Why circus artists/performers perform in different cities, why hotels provide more items in the menu, why more number of male and female go for fashion as a career. Need to find the economic concept for all this, there I came to know what I was studying was not the real way, economics should be really related to real life whatever we do and see as some kind of economic concept hiding in it.

So, I started comparing my past life and present life with economic concept, I was working in a IT park where almost 50 companies working there, that is economies of agglomeration. After continuously having food from college mess, I personally understood what is diminishing marginal utility. While working in Onam, I had to go out for procurement of various food items, where I bought the items in bulk and came to realize that the cost of items gets reduced if purchased in big quantity, which is economies of scale.

Economics helped in Making decisions in everyday life

MY LEARNING IN ECONOMICS

As a B.com graduate I have studied few of the concept relating to economics but it was completely based on definitions and mugging them up. I didn’t know that economics can also be applied to our day to day life. And while I started writing these blogs every week I learned various concept much more in detailed and with the help of the examples the concepts became much clearer to me. The interesting part of economics which I learnt was relating the concept based on my real life which I didn’t figure out during my graduation.

MY LEARNING IN ECONOMICS

So here comes the last blog of trimester-1. I would like to share my experience with economics. I used to consider economics as a rocket science subject. Even during my 12th boards, I used to run away from economics as I never considered to take a close look at it. After coming to IBA, I had the same feeling as I had decided that I won't try much on economics and concentrate on other subjects and I'll score only minimum required marks in order to pass. Classes had begun and we had this class viva scenario which was a horror to me. However, as soon as the classes went on, I started developing some sort of interest in economics. The classes for me was not about scoring marks anymore but it was more about getting new insights on economics which I never thought could exist. As rightly said,"the influence of a good teacher can never be erased", Prof. Prashant Kulkarni never gave up on us students. If not classroom learning, he knows tactics and applied it by making us to write blogs every weekend and through strategic game called simulation. I learnt that economics is not only limited to books and various theories, but it exists in our every day life. I never thought the statement,"artists working in several parts of the countries" could be related to mobility of inputs that is again an economic concept. Therefore, the time you wake up till you go to bed, you are surrounded by economics. It's just that you need a vision to see it, analyse it and then you will start enjoying economics as a whole.

Economics in life

We have seen that science is unavoidable but while learning economics I have learnt that in each daily life situations various economic concepts can be applied.

economics learning

Economics as a subject is interesting and after coming to iba started learning about the basics and concepts and how these concepts can be applied in day to day life.
Being it related to some shop to monopoly or discovering the perfect competition market for stalls and restaurants outside the campus. I find how the diminishing marginal utility works while eating a momos never thought that economics concepts works this way. And when it comes to simulation it is a great experience for the first time when i heard of simulation i was confused but it was really fun and got to learn a lot about how a real time market scenario works.

Economics- from' being scared' to 'to be shared'

ECONOMICS- such a heavy duty word which used to scare me. Especially more when I would see serious discussions going on. That fear again haunted me when I saw economics as a subject in PGDM. THE first class was definiitely a bit wacky, with no previous interaction with the subject, but as days went by, it started to get clear in my mind. The examples given along with the concepts really helped. And then came the blogging. The first one was a disaster, but then slowly I could manage to grasp the subject. Then we started applying the concepts to daily life, in chitchat with our friends. If not all, I can claim that I have learnt a fair bit in economics in the first trimester.
Now that exams are near, I just hope I sail safely through it and get me good grades. Touch wood!

ECONOMICS IN IBA

EXPERIENCE

I have studied Economics as a subject in my previous college. I was thinking that time , that it is only a subject and I have to pass on that subject.

But in IBA I learnt that economics is everywhere in my life I am learning more application in economics rather than theory in IBA .

BLOG

In IBA every week we write a blog on concept on economics with real life example its very good things for me because for blog we have to first learn any concept then also we can write any real life example so blogs helps me to understand between my life and economics concept.
Now a days I know economic more than previous month. because now I know how to apply economic concept in our life and it is helping me to remember any concept
And blog is very important for us because in the time of exam we can directly read from blog.

SIMULATION

Here we are doing a new thing that is simulation. because of this i know how price differentiation also affect to the market. Through this we are getting to know how the concepts apply in real market.

Examples played well..!!!

BACKGROUND:

After completing my engineering, I tried to get placed in Karnataka government sector. Macroeconomics was also included in the syllabus but did not have any traces of microeconomics.

In IBA, the first impression about economics was very scary. This impression was created because seniors told the highest marks scored in economics never crossed 30 out of 100.

FIRST CLASS OF ECONOMICS:

Prashant sir explained the difference between microeconomics and macroeconomics and also the 4 foundational principles. Being an engineering student, I clearly understood the concepts the very first class. According to me, economics concepts are understandable only with the related examples. I literally loved the subject, which made last bencher like me to sit in the first row. Sometimes I faced difficulties in understanding few concepts of economics, but due to the examples I could understand.

EXAMPLES PLAYS A MAJOR ROLE:

I was so much impressed with the examples given by sir, so I started to create my own examples after every class of economics. I even started to apply economic concepts in my day-to-day life. From my point of view learning should always be fun, so learning economics along with examples was always fun for me.

JOURNEY OF BLOGS:

I have improved my writing skills and creative skills by posting blogs. I have applied almost all economic concepts to my life to create new examples.

Finally I would like to say, economics is not a subject- it is an EXPERIENCE.

Takeaways From Economics!!

I had a different experience with Economics this time than what I had in my school days, where I used to mug up all the laws and principles of economics.

This time connecting those real life incident to economics helped me in critically thinking about how every act involves economics. Preparing for a corporate world I found it fruitful to know how business uses different concept of economics. From Diminishing marginal utility to Economies of Scale , companies take help of such concept to play in the market with its competitors and potential customers.

At first i struggled writing blog regarding economics but now i have started analysing
(i) what are economic concept.
(ii) and how it is used.

No doubt this blog writing is definitely a new and indeed an interesting way of decoding the difficult concept into a great takeaway for future. Looking forward for more interesting insights in next trimester!

Learning from Economics

We all learn economics in our under graduation or in our 12th standard also . But my journey of learning economics in IBA was totally different because of Prof Prashant Kulkarni . Sir actually told us that how this economics concepts were actually related to our day to day life also.
Economics is everywhere , each and every terms of economics can actually related to our life even I am also not believe in this but after learned all the concepts from Prof Kulkarni I know that how all concepts were used in our life . After connecting all the concepts from real life examples know their implications in our day to day life it will help me more to understand economics in much better way by this technique of learning one can easily remember all the concepts of economics.

Thank you to Prof Prashant Kulkarni for teaching economics in such a amazing way .

ECONOMICS before 11 classes and after 11 classes.

As a B com student I thought that i know the Economics before starting of syllabus
by Prof. Kulkarni sir, But after 11 classes of Economics classes, I came to know that i know only theory that which i mug up in my class X1, X12. Where i didn't learn how it is been applied in our daily life and outside market, which is very much important to know the market structure and study about people and about companies/competitors before you enter into a market with a product then you end up with LOSSES.
Before coming to IBA I thought the economics subject has been over till class 12 only but learning in IBA i came to know it is equally very important as a core subject and will be there within our corporate life concepts like law of demand,supply,taste and preferences of consumer,people face trade offs,utility,DMU etc.

Now, I can easily relate Eco-concepts with the company and their products.

Thanks to Prof.Kulkarni sir.

Learnings in Economics.

Overview of the basic topics.

trade offs.
cost in economics.
human behavior.
non price determinants of supply.
demand estimating and forecasting.
elasticity.
understanding consumer behavior.
the product function.
utility.
indifference curve.
income and substitution effect.
cost analysis
economics of scope.
price determination.

It was quite difficult for me to come back to the basics again after having experience . The style of learning is quite different for me now. At first the topics were going like a projectile but now its quite easy to relate with practical aspects of life. Thanks to Sir for making it easy for me. Hope i will be able to use these ideas for the end term.

KNOWLEDGE OF ECONOMICS IN IBA

when I see the time courses of the first trimester I was shocked there is economics subject, in BBA itself I chase the paper and I passed. and I was so depressed in the class, then the first day of economics class full depressed and I had a great sleep in the class. after some days goes my interest was started to study economics with the real-life examples, and viva gives me a curiosity to study or interest in economics. then I started lesioning the class very interesting but also I cannot able to apply all the concepts in real-life examples I suffered a lot, later simulation game teach me all the concepts in economics, the simulation game is wonderful games to play in a virtual market, its develope over creative thinking and improve our strategy thinking like real life market situation. in this game only I learned lots of concepts and new ideas about economics. this is the easiest way and knowledgeable way to understand the economics in the particle. whenever am going to purchase a product my mind goes which concept will suit for the situation at the time being addicted to the economics and mainly simulation game. therefore this is my dept/life change economics.

Types of Market

In this blog i will discuss various types of markets .
Market: Market is a place where buyers and sellers meet for the purpose of exchange of goods. It refers to a wide range of area or a platform where the buyers and sellers come into close contact with one another for the settlement of their transactions.
Broadly there are 5 types of market structure:
1.) Perfect competition
2.) Monopolistic competition
3.) Oligopoly
4.) Duopoly
5.) Monopoly

1.) Perfect competition:
A perfectly competitive market is one in which the number of buyers and sellers are very large, all engaged in buying and selling a homogenous product.
Features of a perfectly competitive market:
Large number of buyers and sellers
Homogenous products
Free entry and exit of firms
Firms are price-takers
Sellers and buyers have perfect knowledge of the firms.

For e.g.,stock markets, currency markets are the appropriate example of perfectly competitive market.

2.) Monopolistic competition:
It is a market structure in which a large numberof small sellers sell differentiated products which are close, but not perfect substitutes for one another. Most of the industries fall under this market structure.

E.g., close-up and colgates both are close but not perfect substitute for each other. Both are similar products i.e., toothpaste but not identical. At least the brands through intensive advertisement makes us feel that it is different from other brand.

Builders, restaurants fall under this type of market structure.

3.) Oligopoly:
Under oligopoly, there are few sellers selling identical or differentiated products.
These firms are large in size, are capital intensive, have huge economies of scale.
This type of market structre has high entry barriers.
The decision of a firm is influenced by the rival's decision.
E.g., cement, automobile, electrical appliances, banking, telecom, B2B market falls under oligopoly.

4.) Duopoly:
Duopoly is a market with two sellers exercising control over the supply of commodities. It is a two firm industry.
It is a special case of oligopoly.
There is a cut-throat competition between two rivals to eliminate the other from the market and setting himself as a monopolist.

E.g., Intel and AMD

5.) Monopoly:
Monopoly is a market form in which a single producer controls the whole supply of a single commodity which has no close substitutes.
There is only one seller selling a unique product. The entry is strictly restricted or completely blocked.

E.g., Indian railways is a perfect example of monoply. Even in atomic energy the government has complete monopoly.

Other examples of monopoly are local water company, train operators over particular routes etc.

Economics Usefulness in Real Life

I am studying economics from a very long time but there I can only learnt what is the principles and concepts by which we can pass the exams, but here I can say I’m not getting a good mark in the exams but I have learnt a lot of things about economics and how it is useful in our real life.

My Walk Through Economics

Everybody has heard the term economics.We always here it coming up in our day to day life. However, passing a comment on the economic policies our country is very different from the actual and in depth study of it. I become familiar with the concept after coming to IBA .It was for the first time I was made to sit through economics class.
At first to be honest everything that was taught seemed like a riddle to me but with the guidance of our professor Mr Prashant Kulkarni, I can say within this 3 months I have learnt the economics that existed around me but was invisible to my eyes. What I most loved about the classes would be how simple is his examples yet powerful enough to imprint the value in my mind and his idea of a simulation has been very helpful . The things that was taught in the economics classes has also helped me to have a better understanding of subjects like marketing, organisational behaviour or business law .I know that I still have a very small amount of knowledge in the subject but whatever I have is very practical in nature and increasing day by day.

LEARNT A LOT WITH ECONOMICS

"Economics" is very deep and vast as a theory but very interesting when applied practically to real life situations. In our first trimester, we have studied microeconomics which involves study about how consumer behaves in taking buying decisions and about resources and households. Microeconomics includes various concepts, principles and laws which we can easily relate to our daily life situations. Learing with examples is the best way to get proper knowledge of a subject.

When we talk about our eating patterns or our buying decisions, all these things shows one or the other concept or principle of economics. Before choosing this college, we did trade off between other colleges and IBA. When in first week of our college, we enjoyed our mess food. But now after 3 months,with the repeatation of the food, our marginal utility has diminished and we don't like to eat the mess food. How we eat outside in restaurants more often instead of mess food when we are given more pocket money shows income effect. So, in this way, there are many examples that we can see in our own life which involves an economic concept.

Earlier I had just studied the economics concepts and could have only imagined that how these concepts works. But studying economics with real life examples, made me understand this subject very well. I won't say that I have understood everything about the subject but can definitely say that I have gained good amount of knowledge of economics now.

The idea of writing blogs every week made all of us apply our brains to find out real life examples or examples from our own life. This has improved our thinking and understanding of a topic. With this kind of learning through examples and cases, our minds gets open up and ability to understand a concept develps.

Learning Of Economics In IBA

Economics

In economics class I have learn about application of economics in daily life.
How to describe our life in terms of demand and supply.
Why people buy a product and why don't.
I realized how unknowingly I had used in my life in past.
I have also get idea about how to write blog.
From simulation game I get idea about how to enter in market, how much product have to produce.

Types of Price Discrimination in Respect of Economics

Demand Characteristics to allow the same product to be sold on various prices unrelated to the cost of supply is called as Price Discrimination.

There are three types in price Discrimination:

1. Perfect price Discrimination - auctions
2. Market/segment based price Discrimination - age based discounts, social and economic reservations
3. Price Discrimination by self selecting - Coupons, cash back etc.

Learning Economics in IBA

In IBA relating to economics, I firstly remind about simulation game. It is a game where a group of people where I was one of the member of the group we established a company and trade goods which we manufactured with cost of the product given and entering into markets by paying entry cost for the particular market. Here I feel like I am trading in real market. And also we are supposed to think beyond what our competitors think. We calculate the price by calculating standard deviation and fix price in such a way that we beat our competitors with our price and sell all the goods which we manufactured.

Next class participation is one more main thing where we will take part class lectures by asking questions and saying our views related to the topic. In graduation days I studied economics but I don’t know that I can relate economic concepts to real life. And now I can also observe economics in every part of the day to day life.

LIFE IN IBA

It is almost three months in IBA and economies concepts and principles applies in small small things which happens in IBA. The concept which I want to talk about is Economies of scope, law of demand, substitute goods, taste and preference, utility etc applies in each day of IBA. Earlier I use to study economics as a subject but now I talk with my friends in terms of economics. In beginning I was familiar with some terms of economics before joining IBA but now I can say that I am able to apply economics principles and concept in companies which are existing in market as well as in daily activities, I am applying learning from economies in other subjects also which means I have learnt micro economies in much broader way after coming to IBA and also to apply it in real corporate life as well as in daily life. This is my last but not the least blog on economics so I want to thanks Prof. P. Kulkarni for being such a wonderful mentor and guide who always encourage me to study well and given me very new ways for learning economies which is through simulations and blogs.Thank You Sir for giving me the opportunity to explore economics in this unique way.

Economics is not only a subject, its an real life experiance!!

ECONOMICS BEFORE PGDM

As I am from a engineering background I had a very littile knowledge about economics. But when I used to read news paper I used to come across many terms and topics such as inflation, GDP, indian economy changing. But I never understood those deeply.

ECONOMICS IN PGDM

But in my PGDM when I started studing ecomomics I dealt with all those which I used to read in newspapers. This gave me a deep insight about the reasons behind all the economic changes that happens around you.
I learnt to observe that how we encounter with economics in every now and then in our daily lives. Starting from people face tradeoffs to economy of scale , there was ample amount of knowledge which I gained from the subject.

Economics in Daily life

I had studied economics since my plus 2 days, but it always seemed so disconnected with life. But now due your efforts sir we are at least try to think from practical point of view. Still we are far from interpreting economic concept through our daily life. Only reading is not enough therefore writing blog gave us an opportunity to express different economic concept in our own language. Thank you sir for the opportunity .

My Story about Economics!!!

When I first heard about Economics after coming to IBA is like "Oh!! the one I studied in my school in Social Studies". I don't know much about Economics as I came from Science background and even in science economics is there but then, I didn't give much thought about it. But after coming here, at first it is difficult to follow, but slowly I started to come to know what Economics really is and how it is present even in small aspects of our life. And writing blog helped us a lot in understanding the concepts and expressing it in our own words. This way we started to learn and understand the concepts instead of just reading them and applying the concepts with some real life examples. Indeed it is a great experience!!!

LEARNING IN ECONOMICS

It's been around 3months in IBa .and after coming to IBA i got the reviews about teachers and campus from the seniors some reviews were good and some scared me.
At the time of classes,when our economics class was going to start ,I saw prof.prashant
Sir.he is very simple and to a high extend because of sir my economic concepts have been cleared and now I can relate these concepts to real world with the help of blog.

LEARNINGS IN ECONOMICS.

Learnings From Economics.

I have been studing economics right from class 9th. I had interest in this subject too. But after attending classes here there was a reform in learning. I learned to relate economics to our real life. Earlier it was a head banging job but with the passage of time i have started using economics concept in everyday life. Every possible change in human behaviour is because of economics touch in it. The next part was the simulation game which i did not liked it for the very first time but now i am enjoying it a lot.

Economics THEN and NOW

As I am a B.com student I am very much familiar with economics. I have been in touch with Economics since I was in class XI, but was not at all the fan of this subject. I was afraid to even think about it. I used to just mug up the chapters rather than learning the concept.

I had same thing in school and college but the syllabus in first trimester of Economics was totally different and interesting. Previously just used to mug up the theory but here I learned how to apply those concepts in real life, now I look at situations and try to relate the concepts of Economics in it such as ‘People respond to Incentives’,’People face Trade off’,’Demand and supply’ and many more.

Here we are also learning with the help of simulation that how demand affect price, how price differentiation also affect the same. It is most interesting way of learning the subject. Through this we are getting to know how the concepts apply in real market.

Overall now my perspective towards Economics has changed due to the interesting classes that we are have here including simulation.

Conceptual Learning from Economics & Applying them in Real Life

Economics in general a very vast concept through which we can apply it in every aspect of our life. Before knowing the subject nobody can see that how it is related to every incident/aspect of our life and when in general applies those concepts in our day to day life. In the real life scenario when we merge our life scenario with the concepts of economics & then come to know about economics that it applies in our daily life.

Basically, Micro Economics which gives us every concept that we prevail in our life, like people respond to incentives is the concept which everyone in the world somehow prevail. For example, if we see the offer of buy 1 get 1 free in anywhere we usually tend towards the offer. Then the concept of Diminishing Marginal Utility we apply but we don’t know that we apply before knowing about the subject, suppose for food its best suits, the food we like the most we usually consume it more, then a stage come from where we cannot consume it more so from where the concept of economics come into force, I came to know after knowing Economics.

And we can take one more example of budget line concept, see we as a student is very familiar with this concept although we don’t know before that we apply this concept. Usually, what happens we have limited income which is in the form of pocket money which we get from our parents, so we have to plan our expenditure accordingly so since the income is limited we have to spend limited amount in the goods or services we use to meet our requirement. If we consume more of a product we have to sacrifice other product & here one more concept applies i.e. Opportunity Cost.

Lastly, I would say that economics gives concept which we apply in our day to day life and prevail those maximum number of time. So after learning some concepts of economics I still say some because as a student, I have to know more about it & I can say that economics applies in every aspect of our life.

My journey of Economics

This is not the first time I am studying economics, but I never learnt how to link economics with the real world. I only studied the theory part of it but in trimester 1 I learnt how we can relate those concepts with the real world. Firstly, It was a challenge for all of us to come up with economics concepts every week and to see how those concepts are being used in real life. We actually had to scratch our heads to figure out what to write in our blogs. But gradually it became a fun subject. I started enjoying and learning things with time and the concepts became even more clear once i started relating it with real life . Also games like simulation which is still going on, has given a totally new dimension of economics. It was truly a great experience. Looking forward to learn more new things in second trimester.

ECONOMICS as ECO-MIX in IBA .

As a B.COM student economics was always one of my major subject since I took commerce. It was a subject I took for granted because I was afraid of it or may be I was just told to read the old bookish language as all did. But after I attend the 1st class of economics in IBA I was pretty sure that it was not the old style of boring economics as in U.G. It was more a Eco -mix then economics. The way I was taught in IBA was a bit different. It was more application based. I understood how to apply the concept of economics in real life. Thanks to the faculty of IBA who changed the meaning of economics. Eco-mix means economics with the mix of real life application.

Types of Imperfect Competition

Imperfect Competition:
Market with limited numbers of buyers and sellers comes under the imperfect competition. Imperfect competition are of 3 types as follows
1) Monopoly
2) Oligopoly
3) Monopolistic

1) Monopoly Competition:
Monopoly is a form of market in which single seller has the complete control over the price and the output of product. The product supplied will have no close substitute
Eg: Indian Railways

2) Oligopoly Competition:
Oligopoly is a from of market in which there are few producers. The product produced by them will have identifiable features where the decision of one firm effects the other firms.
Eg: Automoblie Industry

3) Monopolistic Competition;
Monopolistic is a from of market in which there are many sellers will sell the products which are highly differentiated.
Eg: Fmgc Industry

Learning In Economics At IBA

From the starting of the trimester 1 the journey of economics was interesting. Though I had gone through some of the concepts earlier in my school as well as graduation level that time I did not like Economics that much but here in IBA the economics session from the starting of 1^st trimester was interesting.

I had learnt many concepts in economics starting from the basics.

Demand & Supply, Price Mechanism, The production Function, Law of Diminishing Marginal Utility, Equi Marginal Principle, Market Structure, and many more.

Also we were required to write blog every week on any economics concepts which were taught in every class. This blog helped us more in preparing each and every week. Another the most interesting activity is Simulation which added more interest in the journey of Economics in IBA.

MY LEARNINGS IN ECONOMICS AT IBA

MY LEARNINGS IN ECONOMICS

As I am a commerce student Economics as a subject is not new to me, I had studied in school and in graduation economics a lot. Even though I am familiar with the subject, there are something different that I study again in first trimester. And that difference is because this is very first time I study that how to use economics practically and use in real life.

I remember the time when Economics is just a subject for me nothing else, and I know that micro economics had some laws, graph and theories that had to be presented in correct manner, but the way I studied the economics in this trimester is really far better than all earlier because earlies there are no practical approach available for me. Previously I used to mug up the subject, but I don’t know the relevance of the concept, but now with the help of this practical I am able to relate the concept in my day to day life.

I really know that earlier I didn’t perform well in exams but I know that I have some knowledge about economics. Now I can say that I am slowly growing from amateur level. I also know that concept was all same what I learn in my graduation level but this time I don’t study only for marks but also for gaining knowledge.

One thing I also mention that my simulation experience was nice and I learn new and creative things which help me in my other subjects also.

Economics along with me in IBA

It’s been 3 months since I joined IBA. The first day I heard a lot of things about many professors here in IBA from many seniors, some were good to hear but some were scary also. The first week went along with orientation and day by day I came to know a little bit about some faculty and the campus, but didn’t get a chance to interact with the famous (in a good way) Prashanth kulkarni sir. Then the schedule was released about the classes and the first period was economics. I studied economics during my intermediate but the concepts are long forgotten, putting this aside I am eagerly waiting to meet this man, later when he entered “oh, so he is the one I saw him a couple of times but never thought he is the one looks so simple”. Now I realised why he Is one of the best faculty he thought the whole micro economics in 3 months which took my intermediate college 1 year to teach (just memorised by the way) but here we were asked to use those concepts and write blogs on them (what the hell! seriously). My first blog was the most valuable because it took me 2 hours to write it. Now I got habituated to it as now I am thinking faster in terms of economics I can relate many of my day to day incidents just like that. My main learning was economics is not that hard one you start loving it and you will find economics every were.

Economics as a subject in IBA

Economics as a subject was very interesting to me right from the time I was introduced to it. The concepts and the laws that I had learned were really interesting and I was very fond of the subject as a whole. Now when I again started with this subject in IBA, this trimester, the theories and the laws that I came across were very similar to what I had known, but still, initially, I did face some problem. Most probably it was due to the way the subject was thought was. In the beginning, getting accustomed to the new practical process of teaching was a bit of a challenge to me, but as time went by I got used to the process. Now it thinks that this example and practical based approach is the best of them all. Secondly, I also got to learn about simulation. It is a very interesting way to test out our thinking process and also a way of integrating everyone in the game. It was a very involving activity as it and brings in all our efforts and it feels quite real.

Learnings in Economics

Earlier i used to think that economics is a theoritical subject. But after coming to IBA, i learned that it’s not a theoritical subject. All the economics we can apply in our day-to-day life. In the 1st trimester, i learned how to write a blog. Before coming to IBA, i didn’t even know that what is that blog excepts it’s name. But here i learn what is blog all about. Because of blog, many of my economics concepts are clear. Now i can easily apply all the ecomonics concepts in my real life.

Learnings from Economics

Economics is somewhat a new subject to me but while writing those blogs helped me a lot to improve the concepts and also it helps to improve the knowledge and where we are gaining some interest to write all these blogs with real life time examples.Initially when we are writing the blogs I can't even understand why we are writing.Whenever I used to listen to Prof. Prashanth Kulkarni sir's class and the examples where he was giving are everything related to real life situations where we can observe it.We never thought that these many examples are related to real life in Economics.Such a great and different experience I have learnt during these 3 months.I would like to Thank You Sir for making the subject simple and understandable with his examples.

Economics

Hello everyone, today I will not explain any concepts of economics. But yeah, I will be telling you my learning from economics concepts which I learnt from my class.

So from the first class to till now, I learnt various economics concepts and it’s application.

Let me confess, most of the economics which I have learnt from my class was already known to me, ‘but only names’.

How it applies in real life and its extension, all these I learnt from my economics class.

These were great learning for me……..

Ok let me share you my learning which I enjoyed lot along with learning,

1^st Finding of economics concepts in any products or company, in this activities I came to know about reality of companies i.e how they function and how they take use of these concepts. I had identified economics concepts in Apple company but since this activity was open room activity I came to know about others company too with my classmates.

2^nd Simulation, this activity is still in progress but it is giving another experience to us.

In starting I found simulation as a tuff activity but as I undergone with it in one or two session, I found this interesting.

Competing with other competitor and feeling while watching own group on top in market……..great!

My Learning's In Economics

Economic's as a subject was not new to me, as we had met quite a few times before during my schooling as well as my graduation days. Even though we were familiar with each other, there was something different that I felt when we met again this trimester. And that difference was because of the way I was introduced to it this time.

I remember the days when Economics used to be a subject that had certain laws and theories that had to be byhearted, but the way I experienced economic's here, in the last trimester was somewhat different, it was specifically based on real-life examples. Previously I used to learn the subject, but its real-world usage or relevance was hard to understand, but now with the help of these, the way of perceiving those theories and making meaning out of it has drastically changed.

I am not saying that I have become a pro at it. On a given scale I can rate myself as an amateur at best, and so I believe that there is a lot of learning that is yet to be done. There were many interesting concepts that were thought, but most of it was known (thanks to my graduation in B.com that had Economic's as a subject both in the 1st as well as in the 3rd year ), so I am not mentioning about them. According to me, the main take away from this trimester was the learning through the integration of real-life scenarios.

Journey of Economics

Economics has been one of my favourite subject as it is practical oriented subject and real life scenarios. Economics is very interesting to study as it shows us the way consumer,demand,supply work all together. Economics is the backbone of any country. We should know about it or study . Also it is very much necessary for a manager to study the economic conditions of a market to minimize cost and maximise profits.
In our economics class,we got to learn many news things like writing blogs on economic terms or concepts relating to day to day life scenario,we made us understand the concepts very easily. Also we played Simulation games, where we had to sell our goods ,also see the market competition and to fix the price accordingly which was very interesting and fun .
At end I would say that I learnt many things from economic classes.

3 months experience in Economics

Realizing about the economic theories in our day to day life was a new experience altogether. Right from the start of the day, we get surrounded by economic theories. Waking up early in the morning and going to the bathroom to brush our teeth, we realize that we have already started hating the toothpaste after 2 weeks, unknowingly being unaware of the diminishing marginal utility. Similarly when we walk out of our hostel to have dinner outside the campus, looking for a delightful and satisfying eating experience, we are unaware of the principle of economics, that is, opportunity cost, where we’re looking up to sacrifice the next best alternative to attain the best out of the choices. We don’t have to go too far to find such examples, our life is completely surrounded with economic concepts, theories and principles. Inculcating the basic knowledge of economics and applying it into real life examples made it a lot more clear on how economics affects and relates to each and every step of our lives and how it binds its concept with our surroundings.

Greatest Learning from Economics

Economics has always been one of my favourite subject. It was very exciting to learn new concepts about economics and applying them in real life. The practical view of economics helped me learn new things about a particular topic. Earlier I used to know the names of concepts and bit information but now I try to apply many economic concepts in real life. Every situation now and then feels like economics all around me.

I would like to thank Kulkarni Sir for making this subject interesting and making us learn concepts by various practical examples.

Eagerly waiting for Business Economics 2!

Learnings from Economics

The learnings from my economics class is :
I was studying economics in my graduation and mugging up the things.
But after these sessions I have now learnt how to apply economics concept in my day life.
Earlier I was just studying economics, now I have learnt how to explain the economics concept with examples.
I have learnt how to write blog with mentioning the examples.
I would like to thank Sir for explaining the economics in an easy way so that it looks like easy going.

Economics learning

Economics came up with different challenge every week. But thanks to the blogs, we would go through the notes at least once a week which made us know, not all but majority of the topics. The economics sessions brought about different parameters like utility, elasticity, supply, demand, price discrimination, different type of markets and much more which were all accompanied with different formulas and graphs.

We never thought that there are so many economic concepts relating our daily life, from buying a chocolate to big life decisions. While writing the blogs we came up with different examples. This built a new type of thinking process. We can’t master economics for now, but yes we know a bit of it.

Greatest Learning from Economics

“Economics is just a subject, maximum concepts of it is hypothetical, there is no connection with real world and maximum decisions are taken on the basis of assumption.” – this was my concept on economics before joining IBA. But it didn’t take much time to change this concept. In the first day of Business Economics class, when sir described how the concepts of economics worked even in my college selection, I became astonished. That was the starting and after that I never feel that it’s a worthless subject. I started applying various types of economics concept in different situation. From a junk subject, it turned into a fun subject. Now when I read newspaper, I find how concepts of economics are applied in industries, companies and corporate, how those concepts help marketers to take decisions in marketing field and how we apply economics in our daily life.

I learned so many concepts of micro economics. Among them, “Diminishing Marginal Utility” and “Economies of Scale & Diseconomies of Scale” are two concepts which I like most.

It is very interesting when you learned that you can’t eat your favourite food for a long time because of diminishing marginal utility! You also become amazed when you learned that companies marge for getting the advantage of economies of scale but when they become too large they suffer from diseconomies of scale!

So economics is totally fun and interesting. Now I’m eager to learn ‘Business Economics 2’ which is Macro Economics.

Monday, September 24, 2018

Swiggie: first love of foodies

If we carefully notice we can find some economic concepts (apart from food) thinking about swiggie.
I'm focusing on following five concepts-

Economy of scope: in swiggie one can find a large number of resultants available. From five star to street dhaba,eeverything is your fingertips. For your budget you will get various restaurants. This thing has made swiggie much popular giving him a scope of vast selling.

Trade off: when we get numerous no of options in our specific budget,we get very confused about which restaurant to choose or what cuisine to eat. Whether it's pizza,biriyani or something other. Here we face tradeoff situation. When we choose one item finally, others become opportunity cost for us.

Concept of Demand: In some festival season,due to inagurration of some restaurants ,at weekend or any specific reason some restaurants give offer sometimes. Price of food becomes half or maybe less than the printed/original price. When we go to place the order it shows "all the delivery executives are busy due to high demand" or "it will take time to deliver your order" here decreasing price is the reason for increasing demand.

Incentive: when we register at swiggie for the first time,we get 100 rupees discount on the bill or when we share someone the link of swiggie and when someone register for the first time using that link,both get 100 rupees. People register from different mail address and share link to more people or install the app to get the offer.
From here we understand people respond to incentive.

Cardinal measurement of utility: after the product delivery an option comes- "rate the delivery". Then we give rating on five point or ten point scale. This shows the utility measurement.

ECONOMIC CONCEPT IN DOMINOS.

Dominos is a industry mainly in service based industry. Here on operation of this industry we can find a lot of economic concept to be used. Some of the economic concept which comes to play are

· People face trade off – Dominos have a wide range of option available in their menu. Starting from their non veg to veg items with loads of toppings and different crust option. Therefor customer who went to buy from dominos became confused enough and the always felt a dilemma of choices and which often create a tradeoff situation in them choosing a particular product.

· People response to incentive – Dominos are quite often advertise lots of promotional offer and free offering in their outlet they are not being in a specific outlet. They often have the offer buy one get one free or 50% off on medium size pizza. This is because of they incentivize people at a great extent to increase the influx of a customer. With this offer customer get attracted towards dominos which often boost up their sales.

· Law of demand – Compared to other pizza outlet in market like pizza hut and other local or sub regional pizza outlet dominos has priced there product in a very aggressive and efficient way. Therefor the market demand get increases and which boost up the sales of dominos compared to other competitor in market.

· Diminishing marginal utility – Dominos offered some meal option in recent days where made various promotion through various third party marketing channel. Where the often give some coupon of around 1000 rs or 500 rs which contain a voucher by using which a people can order at around double or 2.5 times of the coupon amount. Here the concept of diminishing of marginal utility comes in to play. The utility derived for the particular product diminishes as the people took an extra amount of product. As the utility derived diminishes so people end up consuming less amount.

· Utility measurement – After consumer consumes pizza from dominos outlet after consuming product people give rating on the basis their satisfaction. They put the feedback or rating in the cardinal measurement that is done in a 10 point scale. This is how utility measurement is done in dominos.