Specific Functions of Managerial Economist

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The managerial economists can play a further role, which can cover the following specific functions as revealed by a survey pertaining to Britain conducted by K.J.W. Alexander and Alexander G. Kemp:

  • Sales forecasting.
  • Industrial market research.
  • Economic analysis of competing companies.
  • Pricing problems of industry.
  • Capital projects.
  • Production programmes.
  • Security / Investment analysis and forecasts.
  • Advice on trade and public relations.
  • Advice on primary commodities.
  • Advice on foreign exchange.
  • Economic analysis of agriculture.
  • Analysis of underdeveloped economics.
  • Environmental forecasting.

 

The managerial economist has to gather economic data, analyse all relevant information about the business environment and prepare position papers on issues facing the firm and the industry. In the case of industries prone to rapid theological advances, the manager may have to make continuous assessment of tl1e impact of changing technology. The manager’ may need to evaluate the capital budget in the light of short and long-range financial, profit and market potentialities. Very often, he also needs to prepare speeches for the corporate executives. It is thus clear that in practice, managerial economists perform many and various functions. However, of all these, the marketing functions, i.e., sales force listing an industrial market research, are the most important.

For this purpose, the managers may collect statistical records of the sales performance of their own business and those rehiring to their rivals, carry out analysis of these records and report on trends in demand, their market shares, and the relative efficiency of their retail outlets. Thus, while carrying out heir functions, the managers may have to undertake detailed statistical analysis. There are, of course, differences in the relative importance of· the various functions performed from firm to firm and in the degree of sophistication of the methods used in performing these functions. But there is no doubt that the job of a managerial economist requires alertness and the ability to work under pressure.

 

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