Higher Education Marketing Mix Free Essays

Part 3 MARKETING’S ROLE IN HIGHER EDUCATION 3. 1 INTRODUCTION Chapter 2 presented a portion of the significant changes and patterns that have occurred in the advanced education condition both globally and locally. Albeit advanced education foundations can be named non-benefit associations, the difficulties talked about in Chapter 2 require advanced education establishments to assume the association like conduct of benefit associations and to turn out to be more marketingoriented. We will compose a custom exposition test on Advanced education Marketing Mix or then again any comparable theme just for you Request Now A comprehension of the earth wherein advanced education establishments work, gives a fundamental foundation against which to comprehend and evaluate the advantages of concentrating on understudies as clients. On the off chance that advanced education organizations comprehend the scene where they work, they can start to plan to serve the market successfully and effectively with their promoting system. Being marketingoriented necessitates that associations have information on outside powers (as clarified in Chapter 2), yet additionally information on customers’ needs and needs (to be tended to in Chapter 4). It is against this setting of changes in nature, for example, the decline in government subsidizing and the expansion in rivalry, that the requirement for promoting in advanced education can be seen. So as to endure and to build up a maintainable upper hand in a changing advanced education scene, advanced education foundations ought to fulfill the requirements of their clients by including esteem. Organizations ought to give a greater number of advantages to their clients than rivals in the event that they need to remain serious. In the serious condition wherein advanced education foundations work (allude to Chapter 2), upgraded consumer loyalty might be one of the manners by which establishments can make and support an upper hand. This can be accomplished with the viable utilization of the promoting blend components. Promoting, and progressively explicit a market-direction, can give a point by point comprehension of the requirements of ustomers and guarantee that advanced education foundations address the necessities in as †73 †effective and far reaching way as could be expected under the circumstances. To put it plainly, advanced education foundations need to set promoting goals and define a showcasing procedure. Given the market-arranged concentration and significance of the promoting blend components, the primary focal point of this section will be on advanced education institutions’ detailing and execution of the components of the administrations showcasing blend. This section will investigate the writing accessible on the changing job of showcasing, the advertising idea, market-and promoting direction, shopper conduct and the reconciliation of the considerable number of units of an advanced education organization to define a help item procedure, value system, dissemination methodology, correspondence technique, individuals methodology, physical proof system and procedure so as to address the issues of understudies. 3. 2 THE CHANGING ROLE OF Marketing assumes a significant job in any association and is seen by Lamb et al. 2004:5) as a procedure that begins with recognizing client gatherings, getting some answers concerning their necessities and needs, coordinating what the association can offer with what the client needs and afterward adequately imparting and offering it to the client. In spite of the fact that the essential point of promoting is to fulfill the necessities of clients, it includes a group of exercises, for example, item/adminis tration advancement, structure, improvement, appropriation, publicizing, selling and how the item/administration is obtained and utilized by the client. Machado and Cassim (2002:2) see showcasing as the way toward arranging and executing the origination, estimating, advancement and dissemination of thoughts, products and ventures to make trades that fulfill individual and authoritative goals. Mowen (1995:7) states that the significance of understanding purchaser conduct is found in the meaning of promoting as a human movement coordinated at fulfilling needs and needs through a human trade process. Viable showcasing requires an advanced education organization to recognize their intended interest groups, get them, and speak with them as straightforwardly and intuitively as could be expected under the circumstances (Laurer, 2006). As per Shoemaker (1999), advertising is the proactive administration of the connection between an advanced education establishment and its different †74 †showcases by utilizing the instruments of promoting: administration item, place, value, advancement, procedure, individuals and physical proof. Marketing’s more noteworthy commitment lies in its capacity to encourage the trade procedure that happens between the non-benefit association, for example, the advanced education foundation, and every one of the client bunches it addresses (Sargeant, 2005:295). Promoting can give a point by point comprehension of the necessities of such clients and guarantee that the establishment tends to these requirements in as effective and far reaching way as could be expected under the circumstances. This comprehension of customers’ needs can help associations in making and supporting an upper hand. Lynch and Baines (2004:171) found that advanced education institutions’ economical upper hands are typically founded on predominant information, notoriety, development or engineering related focal points. In any case, promoting isn't stale and throughout the years the showcasing exercises of associations have changed. Kolter (2003) and Strydom, Jooste and Cant (2000:10) distinguish four phases that firmly impact the development of organisations’ showcasing exercises. These stages are alluded to as creation, deals, promoting and cultural advertising. The creation direction centers around the inner abilities of the association as opposed to the requirements of the market, while a business direction depends on the reason that individuals will purchase more if forceful deals methods are utilized. Both of these directions do not have a client center. Associations understand the significance of promoting and building long haul associations with their clients; along these lines, a showcasing direction. The cultural advertising direction expands on the promoting direction however includes that client esteem must be conveyed so that it keeps up or improves the society’s prosperity. As per Kotler and Fox (1995:11), there are likewise unmistakable stages in the advancement of promoting in advanced education. The center has moved from â€Å"marketing is unnecessary† to â€Å"marketing is promotion† to â€Å"marketing is positioning† to the phase where at times showcasing is viewed as a major aspect of key getting ready for advanced education establishments. Law (2002:4) is of the sentiment that advanced education establishments in South Africa are moving from â€Å"marketing is promotion† to more accentuation on situating and key arranging. This stage is likewise depicted as the â€Å"marketing company† time. The showcasing †75 †ompany time is portrayed by short-and long haul promoting arranging and the entire organisation’s endeavors are guided by the advertising idea (Perreault McCarthy 2002:34). The promoting idea is an administration theory with the essential premises that an association needs to explore the necessities and needs of clients and afterward produce items or administrations that will fulfill these requirements and needs (Strydom, Jooste Cant, 2000:12; and Kohli Jaworski, 1990:467). The promoting idea will be clarified in the following segment. 3. 3 THE MARKETING CONCEPT Churchill and Peter (1998:12) portray the usage of the showcasing idea as an association that fulfills client needs and needs as a way to accomplish their own targets. In spite of the fact that it appears to be basic, it is mind boggling as in changes inside the financial, social, political and mechanical condition, as talked about in Chapter 2, continually prompts changing client needs and needs. Sheep et al. (2004:17) express that organizations who need to make due later on should be client centered, showcase driven, worldwide in scope and adaptable in its capacity to convey better an incentive than ustomers whose inclinations and desires change consistently. Foxall and Goldsmith (1998:7) feel that customer direction comes from an organisation’s reception and usage of the advertising blend (value, administration item, advancement, place, individuals, process, physical proof), however includes that the selection and execution of the showcasing idea has four significant ramifi cations: †¢ The achievement of any association relies most importantly upon the buyers and what they are happy to acknowledge and pay. †¢ The association must know about what the market needs, ideally a long time before creation starts. Purchaser needs should be ceaselessly observed and estimated so that, through assistance item and market improvement, the association stays in front of contenders. †¢ Top administration must accomplish the coordination of the considerable number of parts of the showcasing technique into a solitary vital arrangement, in light of information on purchaser conduct. †76 †Mowen (1995:4) underlines the significance of the promoting idea by expressing that the showcasing idea epitomizes the view that an industry is a client fulfilling process, not a products creating process. An industry starts with the client and its needs, not a patent, crude material, or selling expertise. The general acknowledgment of the idea that an association capacities to satisfy consumers’ needs and needs, through understanding their trade accomplice (clients), makes the investigation of customer conduct, and therefore this examination, basic. Mowen (1995:5) and Churchill and Peter (1998:13) concur that the fundamental thought of the advertising idea is to give the clients what they need. Be that as it may, buyers are not in every case certain about their needs or what they are being offered, and

Governance and Ethics Assignment Example | Topics and Well Written Essays - 5000 words

Administration and Ethics - Assignment Example shift inside the associations as per their size and industry particulars, wherein the job of worldwide strategy principles like IFRS and FRS assume a significant job. Also, the job of leading group of the chiefs relating to consistence with morals and corporate administration are like that of the capacities identified with company’s chance administration. By and large, a standard moral code involves the company’s crucial vision proclamations alongside the dynamic system among others (Deloitte LLP, n.d.). In the perspectives on IFC (n.d.), there are barely any essential focal points of consistence with administration codes and moral guidelines. The advantages, for example, information dispersal, straightforwardness and adaptability in the midst of the corporate administration code are related with compliances and morals. Concerning the advantages of information scattering, it very well may be seen to help with investigating data about the accepted procedures of corporate administration in the midst of the associations. Adaptability in the midst of the corporate administration code additionally gives an extension to the associations to embrace the works on as per the need of the partners. Moreover, straightforwardness is imperative for the investors to have a concise comprehension about the company’s position in the market, which evidently shows that specific dangers are related with the money related divulgence rehearses directed by associations (Wong, 2008) Appropriately, this report expects to examine about the consistence and the revelation of the rule of administration identified with a significant open organization, for example Sports Direct Company with center around the arrangements, which the organization adheres to and any resistance standard, if enduring comparable to the revelation rehearses led by the substance through its yearly reports and records. Moreover, this examination will talk about the divulgences concerning the part of corporate administration. Aside from this, the investigation will likewise evaluate the company’s hazard the executives

Cat on a Hot Tin Roof Essay Example for Free

Feline on a Hot Tin Roof Essay The character Margaret is hitched to Brick, the child of Big Daddy. They live respectively in Big Daddys house, alongside his better half, Big Mama. We, as perusers become familiar with a great deal about her character from the manner in which she talks, by what is said about her and by the stage bearings. We additionally increase a decent knowledge into her associations with the individuals around her. Margarets relationship with Brick appears to be very unusual. His absence of enthusiasm for what she needs to state gives the feeling that he doesnt care and furthermore shows a slight absence of regard. For instance, when Brick answers to Maggies first line in the play, he says Whad you state, Maggie? The stage headings preceding his reaction read A tone of amenably pretended enthusiasm, covering lack of concern or more terrible. Other stage bearings depicting his demeanor to Maggies articulations share a similar cynicism, for example, Without intrigue., Wryly, Absent mindedly, Dreamily, trailed by mocking remarks. We additionally get the feeling that Brick doesnt discover his better half as alluring as other men do. On page twenty-one, Maggie says Way he generally lets his eyes fall down my body when Im talkin to him, drops his eyes to my boobs a licks his old hacks! The way that shes disclosing to her better half how other men show enthusiasm for her appears to be an inconspicuous clue to her significant other that maybe he ought to value her more. Practically consoling herself, just as him that shes an appealing lady. Blocks reaction anyway doesnt appear as though the answer she was searching for. He portrays her discussion as appalling. Theres likewise a feeling of uncertainty on Maggies front. At the point when she discovers Brick gazing at her, she asks him ceaselessly what hes thinking when he gazes at her like that. On page twenty-five, Maggie says I wish you would lose your looks This is a specific weird solicitation to make of ones accomplice. It causes perusers to expect she doesnt n eed to be pulled in to Brick any more. This supposition that is before long sponsored up with further lines on page twenty-eight when the couple discussion of the conditions Maggie needs to follow with the end goal for Brick to keep living with her. They additionally allude to their room as a confine, giving the feeling of entanglement. Margarets relationship with Mae appears to be stressed and bogus. Maggies persistent offending of Maes kids gives the feeling that they dont get along especially well. The subject of kids in Maggie and Bricks relationship additionally appears to be cumbersome. Mae appears to take a disparaging tone with Margaret on page twenty-nine when she says Maggie, nectar, in the event that you had offspring of your own youd realize how clever that is It appears that Mae is very much aware of Maggies envy towards her for having kids and likes to carry it up every once in a while. Margaret frequently alludes to Big Daddy when shes endeavoring to make Brick desirous. At the point when she was discussing the man who was turning her upward and down, she was discussing Big Daddy, Bricks father. She utilizes him for instance of a man who concentrates on attempt to get Brick to do likewise. She additionally discusses Big Daddy not coexisting with Gooper, Bricks sibling or Mae. On page twenty, she says Big Daddy cherishes you nectar. Furthermore, he cannot stand Brother Man and Brother Mans spouse Big Daddy is additionally expected to be passing on of malignant growth, in this way theres a great deal of discuss who will get the huge portion of his will. Margaret is clearly mindful of her sexuality. On the main page of the play, a phase heading says She ventures out of her dress, remains in a slip of ivory glossy silk trim. She additionally cares very much about her appearance and what Brick thinks about her. I feel this in light of her soliciting Brick what he thinks from her when he takes a gander at her and as a result of stage headings, for example, She modifies the edge of an amplifying mirror to fix an eyelash Her relationship with her better half appears to be uneven and pitiless. It appears as thought she needs youngsters and a cheerful marriage like her sister in law anyway its made evident that Brick doesnt share a similar enthusiasm. We know from the ceaseless discuss Big Daddys will that she fantasizes being rich. Up until now, Williams has made Maggie appear to be a urgent, hurt character that conceals her torment with her noisy character.

For Animal Rights Essay -- social issues

For Animal Rights Creatures are utilized for a wide range of tests. Human sickness fixes are constantly taken a stab at creatures first, most make up must perform explores different avenues regarding the item on creatures first, and mutts and pigs are utilized to rehearse medical procedure on for specialists. It isn't reasonable and empathetic to direct investigations on creatures to ensure an item or system is ok for us to utilize or persevere. There are no genuine reasons that an animal’s life is worth not exactly our own. I believe that creature's ought to have comparative rights that individuals have in light of the fact that they also feel agony and experience feelings and on the grounds that they appear to be unique doesn’t imply that they are that very different than us. I comprehend that researchers do need to try out items, however wouldn’t they get progressively exact consequences of they tried a human item on a human? For instance, while attempting to discover a solution for a stroke researchers have tried numerous prospects out on rodents. Out of the several tests just thirty have chipped away at the rodents, and out of those thirty just three have had any accomplishment in people (Freeman, speaker). I figure we would discover fixes and meds a lot simpler in the event that we tried these things out on our own species. By testing on people we would get more data on how our bodies respond to various medications contrasted with proceeding with the testing on various species that don’t have a similar body and DNA make-up as us. It makes it most straightforward to test on creatures since they can’t differ or volunteer. That would mak...

The Difference between Microeconomics and Macroeconomics

The Difference between Microeconomics and Macroeconomics The words Microeconomics and Macroeconomics sound almost the same, but if you ever wondered what the difference between these two words is â€" continue reading.This guide will breakdown both micro and macroeconomics and will discuss their interdependency, as well as their effects on decision-making.Microeconomics and macroeconomics are the two branches of the study of Economics.So, let us firstly look at their root â€" Economics.Economics is part of our everyday lives since it influences every aspect of our living including the price of goods and services we utilize regularly.The economic status of a given country directly affects the livelihoods of its citizens starting with their incomes and narrowing down to their business operations.For instance, economic factors like hyperinflation and unemployment directly affect the country’s finances and growth that is evident in the lives of the common citizens.Economics has embedded its roots deeply into our lives, and its core discipline s are Microeconomics and Macroeconomics.These two can be confusing at a first glance.However, you will soon get to know and understand what exactly makes them different.MICROECONOMICS VS. MACROECONOMICSThe remarkable difference between Microeconomics and Macroeconomics is evident in how their prefixes take two different dimensions in regards to their meaning.The word “micro” carries the meaning “small”.Therefore, Microeconomics is defined as the study of individuals, firms or household’s behavior in regards to decision-making and the allocation of resources.It focuses on economic issues at an individual, company or group level.Microeconomics digs deep to find out what factors influence peoples’ choices, and hence the impact of these choices on the general market in terms of price, demand, and supply of goods and services. On the other hand, Macroeconomics just as the name suggests (“macro” which means “big/large”) studies the structure, performance, behavior, and the decision-making process of an economy as a whole.It is majorly concerned with the aggregate economic changes that include factors like the national output, inflation, changes in unemployment, gross domestic product (GDP) and national income. Owing to the complex world we live in, the economic changes in one way or another affects each individual.The economy plays a critical role of providing people with jobs, business opportunities, and many other life demands, so you can use the earnings you get to access goods and services you need to survive and be productive in the modern society.Consequently, the study of macroeconomics is crucial in enabling us better understand the factors that lead to the growth of our economy, and vice versa (the economy’s contraction).Economic growth contributes to improved living standards while its contraction leads to poor living standards.Macroeconomics deals with regional, national, and global economies. It comprehensively analyses all the aggr egate factors including microeconomics, to aid the national decision-making processes.For instance, the Government utilizes macroeconomics in the formulation of economic policies as well as in controlling the economic fluctuations; which if not controlled may lead to capitalism.Macroeconomic policies include Government’s borrowing and spending, taxes, exchange rate determinants, monetary and credit rules. Now that you are familiarized with the two disciplines, let us carry on.The formulation of economic policies is made easier by the macroeconomic principle of economics.Nevertheless, it does not apply smoothly without any hitches.WHAT ARE THE CHALLENGES IN THE FORMULATION OF MACROECONOMIC POLICIES?Every policy-maker/Government would wish to be able to control all the factors that influence the process of formulating good macroeconomic policies.There are certain economic factors that should be aligned in order for the country and its citizens to secure benefits such as striking the balance of payments equilibrium, economic growth in terms of real income levels, high and stable employment levels, stable price levels (hence curbing inflation), and the aggregate increase in national output.However, this is not always possible due to numerous reasons like:Political instability â€" it is impossible to provide a single factor in the evaluation of policies since numerous issues like political instability may lead to reverse of the already planned and declared Government’s economic agendas.Incomplete policies â€" there are no completely formulated policies to help propel the macroeconomic objectives (like stable income rates, and stable employment) considering that economists are still in the process of analyzing and establishing all of these policies.Unsuccessful policy implementation â€" economists only offer advice on the viability of given policies but the implementation process is solely undertaken by the policy-makers.Limitations in policy implementation â€" in some countries like the United Kingdom, the macroeconomic policies are not solely controlled by the Government but are also determined by the private sector. A good example being the employment sector (which may include international organizations), hence the restricted freedom in the implementation of the Government’s policies. This is so considering that the international policies have to be adhered to as well without any form of compromise.Setbacks in policy implementation â€" some macroeconomic policies implemented by the policy-makers may sometimes face a setback especially when it comes to monetary and fiscal policies implementation. For instance, the policy methods employed to solve issues like liquidity trap may prove to be ineffective hence requiring repeated attempts, which may lead to fast deterioration of the economy.THE INTERDEPENDENCY OF MICRO AND MACROECONOMICSAlthough the two disciplines of economics differ in their focus just as you have seen above, they remain related and dependent on one another.Let us kick off by looking at their roles in decision-making so that you may get to understand why these two principles go hand in hand. THE EFFECTS OF MICRO AND MACROECONOMICS IN DECISION-MAKING It is obvious that when you make decisions concerning your business, you have to consider several factors that include the environment you operate/intend to operate in, the economic status of your country, and even the one of the world at large.This clearly shows the interdependency of these two disciplines.For better understanding, let us break this further to a simple life scenario of decision-making.So, how do Microeconomics and Macroeconomics affect your decision-making process?Have in mind that Microeconomics entails all the local factors while Macroeconomics deals with national and international economic factors.a) Macroeconomics and decision makingAnalysis of your economic environment is crucial when it comes to starting a business and ensuring t he smooth operation of your business.Nevertheless, it is important to note that factors like high rates of unemployment, bankruptcies, and many others, also play a key role in the determination of your customers’ purchase patterns â€" since these may make them become more cautious with their spending.Therefore, in order to make sound decisions in your business, you need to consider things like reducing your inventory budget or pursuing other more profitable ventures.b) Microeconomics and decision makingThe most difficult task in the world of business is the prediction of consumer tastes and preferences (even attempted to do so through interaction with the consumers and getting their feedback).A change in the consumer tastes and preferences may knock at your door when you least expect.This implies that as an entrepreneur, you need to get yourself equipped with the trending products and services and always monitor the latest market trends.Keeping yourself at per with the current mar ket trends enables you to tap into the incoming business due to satisfied customers.To achieve this, you not only need to analyze your economic business environment; but, also critically analyze your customers â€" as an environment that your business operates in.This is so considering that your customers’ needs are what propels your business forward.Always make your business decisions based on the changes in your customers’ expectations and needs.In most cases, customizing your services in line with customers’ lowered expectations may save you a great deal by cutting down your expenses.Note: It is important to note that exaggerated information about the economic environment that in most cases may be carried by the media sources may be misleading at times.As an entrepreneur, your small business is your micro-economy, so analyze it by looking at your profits, expenses, and sales turnover the same way you would do in a larger economy.Increased profits mean your business is better positioned to face the stiff competition or the tough economic conditions as may be propagated.All you need to do is to focus and not let any form of information influence your existing plans; that is in case your business has a consistent income. All the same, you may decide to add a new strategy to your existing ones by providing more economical goods and services to your customers.Economic recession contributes to the low expenditures by consumers given that this is the period when most of them prefer to cut down on their expenses or otherwise resort to more economical products.The good news is that they do not stop buying, so strategize well in your business decisions and tap in these calculated purchases.You must have balanced decisionsYou can never go up against the force of gravity unless you put other mechanisms in place; like utilizing advanced technological equipment that gives you balance in the space.The same way, smart business decisions call for a balance between your understanding of the local and international economic trends and your customers’ interests.Striking this balance helps you maintain a profitable business.HOW MACROECONOMICS AND MICROECONOMICS APPLY TO OUR EVERYDAY LIVESAs you have seen above, these two disciplines â€"directly and indirectly â€" affect our daily lives in innumerable ways.Let us break down this matter further by first focusing on the principles or the basis on which these two disciplines work.The principles of microeconomicsIndividual consumer spending accounts for a greater part of the national economy.Before you make a decision to buy a given product, in most cases you will tend to consider a product that offers you maximum satisfaction even before you think about the price.Price comes as a second thought, but once you find out the price, you may now want to settle for an alternative product because the choice you prefer is out of your reach â€" due to limited resources.Your choice to have what offers you maximum satisfaction is known as utility, which is one of the basic principles of microeconomics.Considering the scarcity of resources, most people in most cases have limited resources with an unlimited list of wants, and so because you cannot get everything you need/want with the limited resources at hand, it now becomes essential that you choose a product/service that seems to be of the bigger importance than the other products/services.The same applies to businesses, as businesses have limited time, finances and other resources, and hence have to make decisions that minimize their expenditure and maximize their profit.The act of settling on a given choice and foregoing the other is called an opportunity cost since an individual or business has to calculate first, the cost of foregoing the next best alternative.For instance, if you choose to use a bicycle to get to your office because you cannot afford the bus fare, you can no longer be able to redeem the lost time for cash.The wasted/lo st time is an opportunity cost. See more real-life examples of opportunity costs. Another principle of Microeconomics is the diminishing marginal utility. Going from an individual perspective, what offers you satisfaction today, may not offer the same level of satisfaction tomorrow.This implies that the more you utilize a product, the lesser satisfaction you get.For instance, if you take a bottle of chilled water because you want to quench your thirst, the level of satisfaction it will offer you when you drink in the first place will not be the same with the satisfaction level you get in the second time you take the water.In other words, your thirst for water would have decreased with the intake of the first bottle of water, and hence the reduced level of satisfaction when you take the second bottle.Individual decisions on given product choices also affect the market demand and supply of goods and services in the market. Market demand entails the aggregate demand for goods and servi ces while market supply refers to the aggregate supply of goods and services.The interrelation of demand and supply forces can be used to determine the prices of goods and services in a market.For instance, if the demand for certain commodities is higher than the supply of that particular commodity, then it becomes automatic that the commodity’s price will increase, and vice versa for a low demand scenario.You may want to know more about what demand and supply entail â€" check out this video: Renting an apartment vs. buying a homeTo help you understand better how microeconomics plays a key role in our everyday lives, we will review the logic behind renting an apartment or buying a home.Homes offer a perfect serene environment for one to unwind after all the day’s work, and it is everyone’s desire to own a home.However, several factors like cost may hinder one from realizing this dream and hence opt to rent an apartment.In most of the developed states, there is a limited supply of apartments that have been met by a high demand, and hence the price hikes.This literally depicts the effects of demand and supply mentioned earlier. Therefore, for you to decide on renting an apartment, you must have a budget that acts as the reference point concerning the type and standard of the apartment you would wish to stay in.At this point, your income becomes the determinant factor considering that you have to decide on how much to spend on the apartment, how much to spend on other basic needs, as well as how much to save.Thus, you’ll have to settle for what best suits your house rent allocation with consideration to factors like a good neighborhood, easy accessibility to social amenities, and many other factors that would make your life comfortable.In order to achieve most (if not all) of the above factors, you must have a set budget that offers you the best deal at an affordable price.But how can you land the best deal when the same apartments are in high demand and can be easily afforded by other people in need?Here, is where you have to forego or cut down on your expenditures on certain things like vacations or even entertainment in order for you to secure an apartment with the current market prices.The act of foregoing these events is known as the opportunity cost.In the same manner, landlords/landladies will always go for the best prices in order to realize great returns.However, in doing that, first, they will have to consider the current market prices as well as the demand for the apartments (and this is key when it comes to considering the location of the apartment).If the demand is higher than the supply, then this automatically implies that he/she will consider renting out the apartment at a very high cost.But, this only becomes possible after considering the market prices since setting higher prices than what her competitors offer may render her out of business.This is because consumers will go for similar houses but those that charge below the hiked prices.It is evident here that the landlords will also have to make pricing decisions based on the market prices, which in most cases is influenced by the demand and supply forces.Consider a different scenario whereby the property owner decides to lower the price below the set market prices. Potential house seekers will gladly occupy this apartment, but the property owner, on the other hand, will be missing out on a significant amount of income, and hence not maximizing utility.The owner will have to set prices in accordance with the current market rates in order to realize maximum income. This implies that both the apartment owner and the apartment seeker will have to make sound decisions in order to achieve maximum satisfaction considering the numerous challenges they may face.The illustration above implies that thousands of consumers and suppliers make regular decisions (both small and big) based on the principles of microeconomics.Consumers apply these principle s in all their purchase decisions while suppliers utilize the same principles in setting their price. Both decisions aim at achieving maximum satisfaction.2. Principals of MacroeconomicsAs you already know, macroeconomics is majorly concerned with the bigger picture of economic issues that defines our economic well-being.Given that macroeconomics deals with the general performance of a given nation’s economy, there are several major principles that take the center stage in determining a nation’s economic performance.They include productivity growth, inflation, and unemployment rates.People utilize macroeconomics in analyzing the behavior and the trends exhibited by these factors and hence are able to make sound economic decisions.The Government also utilizes macroeconomics to formulate policies. We will begin by looking at how these macroeconomic principles affect our daily lives.a. Productivity growth Productivity greatly defines the output of a nation in terms of goods and ser vices. High productivity rates are always associated with high living standards.This is so considering that the faster the rate of production, the faster the rate of development of a nation in the form of infrastructures like roads, real estates, availability of good health care, schools, and many others.High development rates also mean improved living standards given that people can comfortably own homes, cars, and many other luxurious things.An economy with zero growth rates will always call for the foregoing of other important economic issues in order to realize another beneficial factor.For instance, a slow productivity rate would mean that a Government postpones the execution of some of its crucial mandates like building and upgrading of health facilities instead of constructing roads.If you look at the two mandates of the Government, you realize that both of them are important in realizing the nation’s goal of growth and development.Therefore, the Government, for example â€" has to sacrifice the construction of roads for the development of the healthcare sector.b. The inflation rateHigh inflation rate means increased prices.When the rate of inflation goes up, it implies that you will have to spend more to buy the same product that you used to access at a lower price.This leads to a negative impact on your savings since you will have increased expenditures.But with this huge disadvantage, inflation also plays a fair game in rewarding borrowers â€" borrowers benefit a lot in times of inflation considering that it (inflation) redistributes income.The most devastating fact about inflation is that it increases uncertainty about the future, and hence it becomes difficult to make sound economic decisions.c. The unemployment rateMost economists consider unemployment as the most critical macroeconomic issue owing to its magnitude on the economic wellness of a given nation.High unemployment rates imply that most people will be living in poor conditions with no i ncome to cater for their bills (including hospital bills), and as a result, many would resort to criminal activities like robberies in order to satisfy their daily needs.Unemployment may also lead to depression because of psychological distress.Given that we utilize macroeconomics in every aspect of our lives as an individual, as a nation, and as the world, we will summarize its impacts on our daily lives as below:Macroeconomics aids the study of the economy as a whole. You get to understand the behaviors of the major economic factors using macroeconomics since its analysis helps you to understand better, how the economy functions.It is used to formulate the Government’s economic policy. Governments deal with millions and millions of people who have entrusted this same Government for all their economic needs. The Government acts on behalf of its citizens by shouldering all their economic concerns and hence providing effective solutions to these concerns. However, to address these issues (inflation, unemployment, highinterest rates); the Government has to employ the use of macroeconomics to achieve the desired results. For instance, considering that it deals with multitudes of people, the only way to establish their concerns is through macroeconomics that studies the economy as a whole, and hence helpful in addressing the economic concerns of multitudes.Macroeconomics is used to understand microeconomics. The two principles can be compared to a forest of trees, in that, Microeconomics represents a single tree in the forest while Macroeconomics represents the whole forest. This implies that by studying macroeconomics, you will get a deeper understanding of microeconomics as well. For instance, business theories are developed out of the analysis of numerous individual firms and hence coming up with a common factor/ behavior that cuts across all the firms, which now becomes the trend in the analysis of such similar scenarios.Macroeconomics is used in controlling economic fluctuations. The study, analysis, and understanding of the economic fluctuations can only be possible by the help of macroeconomics, owing to the fact that the aggregate consumption, investment, and savings in the economy must be taken into consideration, thus, making it possible to analyze the causes of these fluctuations. For instance, income fluctuations, general output fluctuations, as well as employment fluctuations hence able to come up with effective control measures.Macroeconomics is used in the study of National Income. Macroeconomics is crucial when it comes to ascertaining the growth level of a given nation that is mainly determined through the study and analysis of the nation’s national income. The study of a nation’s national income is made possible by macroeconomics. It is only through macroeconomics that we can gauge the peoples’ living standards in developing countries, hence able to discover the reasons for increased poverty and how these conditions can be improved.The performance of an economy. This economic discipline helps us utilize the Gross National Product/Income in the analysis of an economy’s performance over time through the comparison of production output of any given years, that is, the present year and the preceding year.Inflation. Macroeconomics helps us understand the effects of inflation and hence come up with effective measures to control it. Not only does macroeconomics aid our inflation analysis, but also aids the analysis and understanding of deflation. Owing to the magnitude of inflation and deflation factors on our economy, macroeconomics stands out as the only way to explore various mitigation measures in a bid to realize a stable economy.IN CONCLUSIONAs a consumer, Microeconomics principles become useful in ensuring that you make the right purchase decisions that will deliver maximum satisfaction to your needs.This also applies to companies considering that they have to make the right decisions when i t comes to the pricing of their supplies â€" as good pricing ensures maximum return on investment.As an entrepreneur/aspiring entrepreneur, you need to take all Macroeconomic factors into consideration in order to realize maximum profits.Your business is directly affected by the general economic status,Government policies and regulations, demand and supply factors, inflation, as well as the unemployment rate.Your customers’ expectations and changes in tastes and preferences greatly affect your business growth, so you have to strike a balance in your decisions and your customers’ expectations in order to maximize your profits.