Many business decisions involve an assessment of the market landscape to understand how to evaluate the decision. The tools of microeconomics lend a rigorous approach to understanding the nature of the market, and the competition therein. This involves, inter alia, an understanding of the demand conditions the firm faces, the competition on the supply side, and the policy framework. Moreover, MBA accreditation bodies require that a significant Microeconomics component is included in the course. The class takes a microeconomics approach to assessing opportunities in new and existing markets. This will equip students with analytical skills to rigorously evaluate potential business activity in the context of regulatory and competition frameworks. The class will be a core component of the MBA programme and will therefore be taken by every MBA student.

Learning outcomes

a. subject specific knowledge and skills

• Understand the key influencers of profit in a business: production conditions on the supply side; and the nature of demand.
• Learn about a range of decisions businesses face in a market environment.
• Understand the impact of market structure and competition on profitability.
• Gain command of the issues associated with entering foreign markets.
• Appreciate the impact of competition policy on business activity.
• Develop an ability to apply this thinking to contemporary business issues.

b. cognitive abilities and non-subject specific skills

• Abstract thinking – learn to think about complex realities in simple ways using models, and address the challenges associated with this.
• Problem solving skills.
• Ability to work with others in a group.
• Develop the ability to undertake a lucid and emotionless assessment of business opportunities.
• Take a more strategic approach to decision making that incorporates an assessment of competitor reactions (using game theory)
• Develop the ability to characterise markets to assess their potential