Question

Topic: Student Questions

Do I Need To Take Economics?

Posted by Carl Crawford on 6/13/2005 at 12:46 PM ET 500 Points
Hi guys,

Its that time again, I am starting to think about what papers I need to take for next semester.

So far what I have decided to do is:

Pricing and Distribution Management

[inactive link removed]

Integrated Marketing Communications

[inactive link removed]

And my third option could be one of these:

Accounting 102

[inactive link removed]

Economics

https://www.business.otago.ac.nz/econ/courses/econ111.htm

Or another subject, any paper I want really but it has to be in the second semester.


Reasons I don't want to do Accounting:

I have already done Accounting 101 [inactive link removed] and found it to be kind of boring and therefore hard. I was planning to have a minor in accounting but I have decided I don't it like much. The reason I decided to try it out was because the day after I changed my major to marketing the university changed the papers that are need to get a marketing degree. ( but since I changed to marketing before the change was made I am exempt). I decided to give it a try anyway.

Reasons I don't want to do Economics

Another paper that was added was Econ 111 (see link above).

I was thinking about doing economics as well since I didn't have any other papers that I wanted to do. So I went and TRIED to have a chat with the lecturer for Econ 111 and find more about the paper.

When I went to his office and tried to talk with him about what the paper could offer to me in terms of marketing he YELLED at me and told me that "It is a prerequisite and there is no way f***ing way to get out of it.You are stuck with it". When I tried to explain to him that I was exempt from it he didn't believe me.

So I pose the question, Do I need this paper, or would I be better off just buying a first year econ text book and reading it then just asking any questions in the forum?

Or should I risk taking the paper and having a horrible time just to get the knowledge?

Would it matter for overseas employers if I didn't have much Economics knowledge?

If I don't need it then can you suggest to me some subjects which I could take?

There are not more 2nd year marketing papers that I can take as I already have "Product and Brand Management" under my belt and the "Sports marketing" paper is not being offered in the second semester.

Thanks for your time

[Moderator: Inactive link removed from post. 2/14/2011]
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RESPONSES

  • Posted by Peter (henna gaijin) on 6/13/2005 at 12:59 PM Accepted
    They may be boring or otherwise, but I recommend you take both the accounting and the economics before you graduate (not necessarily in the quarter, though - that depends on your schedule).

    The ACCT102 should cover more information about how the basic accounting you learned in 101 gets used in reporting. When I was Marketing Manager for Asia for a division of a Fortune 500, I created income statements for each of the major markets to determine the health of the markets. These told me a lot about what needed to be done in each market, allowing me to them implement marketing programs. If I didn't have a solid accounting background, I would not have been able to do this.

    The Economics class will help you deal with international trade (very likely something you will need to do in New Zealand). You'll need to understand exchange rates, government intervention, etc.

    Sorry, but my suggestion is to buckle up...
  • Posted by michael on 6/13/2005 at 1:47 PM Accepted
    Ah....
    The difference between practical knowledge and real book knowledge. AKA...Why some people are still teaching instead of working (I said SOME)

    Pricing and distribution planning changes over the course of an idustry's life. Go with Integrated Marketing Communications. If you have to take Accounting and econ, start asking around for who the better instructors are. They make all the difference OR take them at a local community college....often those profs are practicioners.

    Stay at it!

    Michael
  • Posted by Pepper Blue on 6/13/2005 at 1:49 PM Member
    H
  • Posted by Pepper Blue on 6/13/2005 at 1:59 PM Accepted
    Hi Carl,

    My undergraduate degree is in economics and it has proven very valuable to me in my business career.

    Both micro and macro econ permeate our lives at all levels so a solid understanding of economics combined with the accounting classes will give you a good background to think critically and make effective decisions, as Peter mentioned his background allowed him to do in one of his earlier jobs.

    That aside, I found economics to be very interesting and "fun", (as far as college classes go) especially the discussions on economics, ethics and ecology, so I think there are worst choices you could make.

    I hope that helps!
  • Posted by Mushfique Manzoor on 6/14/2005 at 12:34 PM Accepted
    hi carl

    i agree with all the experts above, suggest you to take both accounting and econmics. i just checked your course profile for Acct 102. compared to Acct 101, this course will teach you how to use all the basic accounting informations that you have learnt in 101 into making various Financial Statement.

    economics will enable you to understand you how the economy of a coutry moves. what are macro-economic stabilty factors, and what kinda govt. measures are taken to steer economy in the right course.

    let me give you an example, my work as Market Develop Manager of International Expansion, makes me prepare entire business feasibilty study for various countries of SE Asia and Middle East and based on the FS, develop entire business plan, and ultimately set that operation in a particular country and run it and monitor its performance.

    for this i need to understand the economy of that country (i.e. Vietnam) as well as the imapct of the economies of that country's trading partners. also when i preparing the FS and the Business Plan i have prepare the Proforma Financial Statements. based on that plan the operations (company) is set up and monitored against those Financial Plans.

    remember the Board of Directors hardly bothers about the day-to-day marketing activities, they are concerned about the BOTTOM LINE and marketing function is, just like any other function, to achieve that BOTTOM LINE.

    based on my solid learning of Accounting and Economics in Undergard (BBA) and grad (MBA) programs i am able to prepare as well as monitor the performance of my country operations. although i admit i am not an expert like a Chartered Accountant or an Economist, the knowledge gives the understanding of the business performance and implement necessary marketing plans.

    hope this clarifies since you are looking for overseas employment.

    so, buckle your seatbelt and take the ride!!
  • Posted by mgoodman on 6/14/2005 at 5:21 PM Accepted
    No question: You need to take both Economics and Accounting. And don't go into them thinking you're being punished. If you really apply yourself and try to enjoy while you learn, those will probably be the courses you treasure most when you think back on your education.

    When I was getting my MBA, I had to take an econ course taught by Dr. Don Paarlberg, who had been assistant secretary of agriculture in the US (under President Eisenhower, I think). I dreaded listenening to his droning voice with stories about what he'd done and how he approached certain issues (like farm subsidies, for example). I couldn't figure out how that course could possibly help me.

    Years later I found myself quoting Paarlberg and becoming the "expert" on agricultural economics for a client in the ag chemicals business. I was amazed myself how much of what he said sunk in, and how I was able to apply various concepts from economics to solving a particularly tough marketing problem. (I grew up in the city, too, and never lived within 25 miles of a farm!)

    I don't think Paarlberg was a particularly talented lecturer or economist. Thank goodness we had a decent text book to go along with his ramblings, and that wasn't the only course in economics I took (the others were intro, macro, and micro; this was called strategic applications of economics). Nonetheless, I learned a lot from him and the course.

    Similar experience in accounting, but not nearly as important as the econ story.

    Sorry for the digression. The direct answer to your question is, "Take both if you can. First choice econ if you only have room for one."

    Hope this helps. Good luck.
  • Posted by Chris Blackman on 6/15/2005 at 8:22 PM Accepted
    Let me add my voice to the chorus, Carl... You NEED both Economics and Accounting knowledge to be a great marketer.

    You need Economics because that provides the Internal and External rule-set by which all marketing succeeds or fails.

    You need Accounting to be able to hold an intelligent discourse with other managers, and because Marketing ALWAYS has to keep proving its worth. It's the first place the axe falls in a financial crunch, and the first place people look for benefits when they need a revenue lift.

    There are NO aspects of marketing which do not ultimately resolve to a discussion about a dollar. Ever.

    So find a way to cover both subjects off, if not now, then eventually. You don't need either as majors, necessarily, but you do need them as competencies.

    Good luck mate!
  • Posted by Deremiah *CPE on 6/16/2005 at 7:50 PM Accepted
    Carl,

    with my degrees in Accounting & Art you know what I'm going to say...

    YOU NEED BALANCE...

    That's right carl you need balance and what better way to challenge the very endorphins of your cerebral right and left brain hemispheres than to take a class that will make you work.

    KILL THE ATTITUDE THAT MAKES PEOPLE BORED
    There are no boring subjects just boring people who forget how to take the mundane, the simple and the lessons of life and make them amazingly interesting to observe and apply.

    YOU ALWAYS NEED MORE ORDER SO TAKE...
    that class, you know which class I'm talking about...the one that's going to make you work hard, focus more diligently and concentrate with intensity.

    That's right Carl, you always need more order so take the class that pulls and draws order out of you. It’s the fundamentals of order and organization that we "Love to HATE" and accounting exercises the micro and macro muscles of the mind.

    THAT'S RIGHT TAKE ACCOUNTING...
    because accounting is a discipline that will reinforce the discipline & challenge the part of us that tends to lean toward lazy and away from...

    THE OTHER FOUR LETTER BAD WORD...
    ...W-O-R-K.

    ---NO PAIN NO GAIN---
    It's the lack of discipline that brings about failure and accounting will give you a more disciplined attitude and STRUCTURED thought life.

    Now for a great teacher of economics I challenge you to learn from one of the best teachers in America, the man who wrote "God Wants You to Be Rich", by Paul Zane Pilzer.

    Well Carl do what you want to do (because you're going to do that anyway) but don't blame me if you fail to take my advice. Also when you get finish taking accounting take a few Art classes too! lol

    Is there anything else I can do for you?

    Your Servant, Deremiah, *CPE (Customer Passion Evangelist)

    or dig my new acronym for CPE below

    C-arl's P-ersonal E-xhorter
  • Posted by Carl Crawford on 6/18/2005 at 7:34 AM Author
    Ok, thanks to everyone how answered my question.

    What i plan to do is, take the secound accuting paper this semester. I will try to wait until either the lecturer is fired or promoted or take econ111 in summer school.
  • Posted on 6/23/2006 at 11:12 AM Member
    Well i have chosen branding for my dissertation topic.My full title is The effectiveness of Nestle branding in Malaysia.I cant find information about Nestle branding in Malaysia or Nestle branding.May be the way i find information is wrong.I seriously dont know.May be the key words i typed in when i used ebsco.I typed in Nestle branding but the result was zero.I really need help.sSome suggetions and useful suggestions will be much appreciated.I really want to star doing my dissertation.Please help me.Thanks.
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