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Compare and Contrast for Economics and Marketing - Essay Example

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Economics is a study which analyses the manufacturing, distribution and utilization of goods and services. Economics seeks to study the part of human life which is connected to realization of basic needs…
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Compare and Contrast for Economics and Marketing

Download file to see previous pages... Marketing mainly is an art of making a product known to consumers by use of various marketing tools such as pricing and research, product promotions and price setting for a particular product. Economics and marketing are similar and different in several ways (Baker, Graham et al 73).
Economics and marketing are similar mainly because of the business context in which they are applied. Goods and services are produced so that they are available for consumers who pay for them. In the economic system of a nation, consumers play a vital part as the target end after production. The key motivation for producers is to sell their products and services to consumers during a low consumer demand. This forms the marketing part of production. Diverse schools of thought though argue that marketing is borrowed from economics. Trade off involving dissimilar alternatives impacts the behavior of consumers in marketing and economics. The alternatives are necessary in economics in that consumers try to decide on what to buy and not to buy based on unlimited human wants which needs satisfaction with inadequate means. In marketing, it is not just a matter of competing with competitors for buyers, but competition among unrelated different products in the market (Baker, Graham et al 84). This implies that in marketing consumers are convinced in the best brand and in economic part, the brand has the best bargain for the cash.
Consumers are willing to review the price of a commodity before they purchase it. Different consumers have unique willingness of buying a product. This point explains well price discrimination working. Price discrimination is where by consumers are buy similar products in the market for different prices based on their ability. This implies that the role of marketing is to sell the new product in the market in ...Download file to see next pagesRead More
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