Special Feature— EDUCATION A new concept and a new idea in economic operation at economics Vie Dr. P. L. Maggu Executive Director GSBA, Greater Noida Operational Economics is that branch of economics which is uused/in managerial decision in an organisation. A manager while taking decisions makes use of economical thinkin commercial thinking, ethical and social thinking. Operational economics includes all the above thinkings while making a balanced decision in view of the organisational objective in mind. For example, an economical thinking may conform to several constraints like limited resources, time availability, limited manpower involved in the operational activities or in jobs, machinery and technology in use, availability of raw material availability of alternates for raw material and so on. Commercial thinking relates to financial resources, investments, savings, profits and so on. Economical thinking involves use of minimum resources in the form of manpower, finance, raw material ete. to produce the best quality at the minimum cost, whereas the commercial thinking mainly involves how to and draw profit out of it. snerate maximum revenues Ethical thinking in operational economics involves fixing the right price of product, maintaining the quality and applied features of the product and service meeting the customer's, needs and requirements for product or service or solution at the right price with no side effect. It avoids any kind of cheating process in the advertising process in a sense that it does not say/speak about any feature of the product which is not contained in the product or service and there is a transparency between what is claimed and what is practised and provided to the customer. It does not harm the customer in any manner. Social thinking involves sense of social responsibility in the managerial decision by a manager. This further involves that product or service or solution produced by an organisation should pertain to social objective in a sense that if there is a rare medicine product to be produced it should be produced and in case of there being no competition in the product, the product should be made available at a reasonable price with the highest quality and with no disadvantage to profits or margins, © Operational demand is that demand which is known to the producer/supplier against advance payment (a part or whole) or against a surety provided by a buyer. © Operational supply is that which is provided against the operational demand, © Operational cost is fixed cost per unit produced inclusive of all other logistic cost such as packaging cost, delivery or transportation cost or damage cost associated with the operational demand and supply Operational cost is determined by the intersection of operational demand and supply costs.ON A CONCEPT OR AN IDEA OF OPERATIONAL MARKETING BY- DR. P. L. MAGGU, GSBA, GREATER NOIDA (NCR) INTRODUCTIO! Today's marketing concept is changing. In the changing global business scenario customer's aspirations and expectations are changing. A customer has become a king of the market. A customer is voter for a product or a service or a solution to buy it and he/has multi choice to make the best choice among the different alternates for buying available to him by different companies. Of course, today he (customer) is not only concerned with a product's competitive quality or cost or other features but also expects something more, that is, customer value beyond what he gets in turn to the paid cost to buy the product or service or solution. In this connection, an idea/concept of operational marketing has been reintroduced as follows: Operational Marketing is a marketing process in which operational economics is applied to optimize customer value beyond expectation for satisfying the customer's creative or innovative or routine demand for a product or a service or a solution in the changing dynamic global economic or social or political or business environment under the effects/influence/ impacts of changing global life style and fluctuating inflatory economic environment. REFERENCE: (i) A new concept and a new idea in economic operation at economics, Business Economics, Jan., 2011- by P.L. Maggu Redefining Marketing, Business Research, June, 2005- by P.L. Maggu Marketing, 14% Edition- by Michael J, Etzel, Bruce J. Walker William J Stanton & Ajay Pandit, 2010