A deeper look into business and economic analysis

A deeper look into business and economic analysis

Economics and business are inextricably linked. RMIT lecturer Dr Daniel Borer discusses how his classes prepare future leaders to make informed business decisions

Economics is one of the areas of study which affects essentially all other elements of business. As such, RMIT’s Business and Economic Analysis is one of the more popular core courses for the University’s Master of International Business.

With many students coming into class with some working experience, Dr Borer sees that there is a lack of economics training amongst many, and thus, as he states, he “tries to use economic theory to help them with their business decisions.”

Alt Text is not present for this image, Taking dc:title 'news-2-rmit-vietnam-launches-new-bachelor-of-business'Dr Daniel Borer, lecturer at RMIT Vietnam

In class, Dr Borer brings many real-world case studies to examine from an economic viewpoint.  Recently he had his class review the woes that befell IndiGo, an Indian budget airline due to the global pandemic. In these types of case studies, Dr Borer challenges his students to think outside the box and shows them evidence as to why certain situations unfolded as they did.  

Different guest speakers also visit the class to give students a taste of how economics can help inform business outcomes. One visit was from Phillip Jordi, the former owner of a renowned Swiss travel agency and currently advisor for commercial and economic affairs for the Finnish Ministry for Foreign Affairs.

Dr Borer likes to showcase how, amongst many other links, economic theory, specifically microeconomic theory and mechanisms, have ties to marketing principles. Such is the case in terms of the elasticity of demand when applied to Pepsi and Coke, two of “the most switchable goods in the world.” As Dr Borer explains, “what they try to do is make the elastic demand inelastic. In order to corner the market, these two corporations bend the demand curve down through marketing, trying to convince customers that their product is very different from the rest. Coke sells happiness, appealing to family bonds, whereas Pepsi sells youth, is more energetic and sports oriented.” 

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