Microeconomics for Marketing and Public Relations

Mikroekonomija za marketing in odnose z javnostmi

Course credits:

9.00 ECTS / 60 (30 hours of lectures, 0 hours of exercises, 20 hours of seminars, 10 hours other forms of work)

Course holder:

prof. dr. Borut Marko Lah

Type:

Required

Language:

Slovenian

Semester:

First semester

Study degree

2. level

Course execution:

• Postgraduate Programme of Marketing Communication and Public Relations

Short content

This is a postgraduate course that builds on the economic theories and concepts in the context of marketing. The course begins with the macroeconomic approach/implications of neoclassical/general equilibrium and Keynesian theories for marketing and advertising and the analysis of economic and marketing trends (data) in the EU and Slovenia. We turn to microeconomic theories and its application to marketing decision-making process starting with the essentials of accounting. Firstly, neoclassical microeconomic theory of the firm is discussed: demand analysis, estimation, pricing strategy, cost analysis, market analysis in the context of specific marketing issues and implications. Rational consumer: comparison with marketing theories. Analysis of firm behaviour, optimization problem of advertising and public relations in different market structures: perfect competition, monopolistic competition, oligopoly and monopoly (Dorfman Steiner). Heterodox microeconomic theories: applications and implications for marketing and PR. Critical approaches to marketing and PR. Post Keynesian theories of the firm and competition, consumer theory of choice: implications for specific marketing issues. Game theory: strategic game of advertising and other marketing activities. Transaction cost theory and the marketing of SMEs within networks of firms. Behavioural theory: heuristics and prospect theory, stakeholder theory of the firm. Economic approach to public relations.