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Relationships Among Key Business Concepts
Economy and marketing interact with supply, demand, and creation of utility. Business undertakes marketing to increase demand and supply of goods. It also aims at obtaining economic value in terms of sales, revenue, and profits in an enterprise. The economy looks at the impacts of demand and supply to the business in terms of profits and to the consumer in terms of price and utility. The supply of goods and services requires a well-defined network and healthy relations among different business entities.
Economics and marketing interact when determining consumer behavior which has implications for sales as well as elements like competition and substitution which affect price, demand, and supply. A market analysis helps in determining the desirable way of providing goods to the customers, an aspect known as logistics. Goods need to be availed to the customer at the right time in a desirable form. Marketing precedes logistics by determining where products are in high demand. This information is used to move and deliver goods where products are needed. This flow of goods and services needs to be well managed. The inherent activities include maintaining inventory, storage, and movement from point of production to point of consumption while considering market situations which dictate demand and supply.
A supply chain involves multiple entities which require a well-defined network. The expansion of an …