1. Knowledge of Economic Frameworks and Concepts
A fundamental understanding of how markets operate, as well as the capacity to understand how the markets in which you operate are constituted and how changes to them affect your firm, are necessary for successful management. With this information, you can more fully comprehend the competitive environment in which your company operates as well as the internal and external factors that affect its performance.
2. Demand Assessment Skills
Applying your understanding of economics to market analysis and competitive advantage is crucial for good management. Example: Survey method, questioner and Feedback method.
You can use your results from using these methods to gauge demand to inform strategic business decisions.
3. The capacity to carry out and decipher economic analysis
One technique is conjoint analysis, which assesses the significance of particular product aspects to customers. This study enables you, as a manager, to identify the aspects that customers value the most.
Managers can use the relative cost analysis method to compare the expenses of their companies’ business model activities to those of their rivals. You can find possibilities to maximise revenue or obtain a competitive edge by using such an analysis.
4. The Capacity to Communicate Results
Setting your team, department, or organisation on the road to success is your role as a manager. Strong written and verbal communication abilities are required to coordinate important actors, enhance decision-making, and enhance final results. When presenting findings to decision-makers, developing excellent data visualisations may also be a valuable communication skill.
5. Strategic Consideration In order to position your offering for success, you must lastly put your knowledge of the market in which you compete to use. When making judgements based on the results of analysis and your comprehension of economic ideas, strategic thinking abilities are crucial.