A guest lecture was held for F.Y.B.COM students on the 21st of August 2018 from 11:00 am to 12:00pm on the topic “Application of Microeconomics in Business”. The resource person for the guest lecture was Mr. Evencio Quadros, Managing Director of M/s Quadros Motors Private Ltd., an automobile for two-wheeler and four-wheeler entity for premier brands. He has completed his B.A. in Economics and MBA in Marketing. He has 19 years of business experience. Asst. Prof. Averyl Pires introduced the resource person.
Mr. Evencio started by asking the students as to what they wish to learn about business and about what business they would like to start. The students raised many queries as to how to start a business, how to prepare a plan for business, how to select a market, which are the profitable areas for business etc. To begin, he explained the importance of Microeconomics in business and its application by briefing the students on demand and supply, market, pricing, cost of production, profit and consumer behaviour with some examples. He stated that economics is the foundation of all commercial activities. Microeconomics plays an important role in business decision making. It helps the business managers in making production plan and trade decisions. It provides an analytical tool to examine market mechanism and helps business firms to take decision about their production and pricing policies
Mr. Evencio highlighted the important functions of business. Firstly, he highlighted the importance of innovations as an important function of business. He requested students to start right now with a business plan and innovate on that plan. He gave his own example how he started with a roadside garage in Savordem, though he was a MBA. From there he innovated and has reached to his present position and there are 400 employees working in his company. Thus, innovation refers to taking those new ideas and implementing them in the market place. Secondly, he highlighted the importance of marketing policy. Business will not run without a proper marketing policy. A marketing strategy needs to be devised which is fundamental to any enterprise. A businessman is confronted with many problems in the form of what, how, when, how much and for whom to produce. In the past problems were less because of local markets. There was a direct link between producer and consumer. In modern times marketing has become a very complex and tedious task. Marketing has emerged as a new specialised activity along with production. As a result, producers are depending largely on the mechanism of marketing, to decide what to produce and sell. With the help of marketing techniques, a producer can regulate his production accordingly. Thirdly, he asked the students to focus right now on starting a business that is to have a business plan right now from F.Y.B.Com. He spoke about migration of Goans to foreign countries in search of jobs. He stated that there is huge opportunity in our country and that is to be self-employed rather than migrating to foreign countries. Lastly, he highlighted the importance of having alternate plan B to survive in business. Suppose the first product fails then you must survive by having another alternative plan. In the case of multiple businesses, the focus on the core business loss is necessary or you will lose both. He concluded by emphasizing hard work, determination and foresight, which will help students to realize their dream goals.
Students raised several queries like what can be done if the business is in continuous loss, which areas of automobiles are more profitable, scope of electrical cars etc. Mr. Evencio Quadros invited the students to his unit where he assured the students that he would guide them in making of a business plan. The vote of thanks was proposed by Mr. Ivin Pereira. This lecture was attended by a total of 78 students. The session was effective, and the students felt motivated to start a business venture.
