Comparison of Economics and Marketing Essay Example | Topics and Well Written Essays - 500 words

Comparison of Economics and Marketing - Essay Example Marketing mainly is an art of making a product known to consumers by use of various marketing tools such as pricing and research, product promotions and price setting for a particular product. Economics and marketing are similar and different in several ways (Baker, Graham et al 73). Economics and marketing are similar mainly because of the business context in which they are applied. Goods and services are produced so that they are available for consumers who pay for them. In the economic system of a nation, consumers play a vital part as the target end after production. The key motivation for producers is to sell their products and services to consumers during a low consumer demand. This forms the marketing part of the production. Diverse schools of thought though argue that marketing is borrowed from economics. Trade off involving dissimilar alternatives impacts the behavior of consumers in marketing and economics. The alternatives are necessary for economics in that consumers try to decide on what to buy and not to buy based on unlimited human wants which needs satisfaction with inadequate means. In marketing, it is not just a matter of competing with competitors for buyers, but competition among unrelated different products in the market (Baker, Graham et al 84). This implies that in marketing consumers are convinced in the best brand and in the economic part, the brand has the best bargain for the cash. Consumers are willing to review the price of a commodity before they purchase it. Different consumers have a unique willingness to buying a product. This point explains well price discrimination working. Price discrimination is whereby consumers are buying similar products in the market for different prices based on their ability.