Business economics is a branch of applied economics which focuses on applying economic tools to the decision-making of business firms. It offers a number of techniques that can guide managers to make sound managerial and business decisions. It also contains a collection of economic insights which helps executives to make good business judgments.
In Day 2 of the MSc in Management program’s course on Business Economics, Visiting Professor Ku used the sale of iPhones in Southeast Asia as an example of how identifying variables that influence demand and supply is the key to gaining the understanding of market equilibrium necessary to analyze a dynamic market.
This course explores a wide variety of issues faced by business managers that can be addressed using the toolkit of business economics: demand analysis and forecasting, competition and market analysis, and pricing strategies and strategic considerations. From the release of books in both hardcover and paperback editions, to the booking of hotel rooms, consumer purchases are influenced by factors about which today’s managers need to have information that they know how to analyze.
Visiting Prof. Fred Kei-tat Ku Biography:
Dr. Fred Ku is the Assistant Dean and Director of the Integrated BBA program of the Chinese University of Hong Kong (CUHK) Business School. He received his BBA and PhD degrees from the Hong Kong University of Science and Technology (HKUST), and joined the Department of Decision Sciences and Managerial Economics, CUHK Business School in 2009.
With expertise in business economics, he teaches courses in microeconomics, macroeconomics, managerial economics, and business statistics for MBA, MAcc, MSc and UG programs in Hong Kong and Japan. Dr. Ku has published a book on economics, and has been an active case contributor to popular economics textbooks. He is also the author of 7 written teaching cases. As a pioneering educator, he supervised the production of more than 10 video and animated teaching cases, and developed a business competition simulation game.
His prominent contribution to teaching and learning has been recognised by the CUHK Vice-Chancellor’s Exemplary Teaching Award and multiple teaching awards in CUHK Business School.Dr. Ku contributes to the professional community by conducting professional seminars and training workshops for Education Bureau, Hong Kong SAR Government. He also provides consultancy service for Trade and Industry Department of Hong Kong Government.
Academic Background: Ph.D. Hong Kong University of Science and Technology
Specialized Field: Industrial Organization, Business Strategy, Technology-Supported Pedagogy