Economics Learning Team Reflection

Economics Learning Team Reflection

Gabriela Fraga

Hilda Gonzales

Aracely Hinojo

April 4, 2012

ECO/561 Week 3 Team Assignment

University of Phoenix

Economics Learning Team Reflection

Pricing Strategy to Meet Organizational Goals

Price strategy to meet organizational goal was an interesting and very important topic. A main factor why pricing strategy is important is because of product positioning. Pricing also affects different market elements and it directly affects the amount of profit an organization can make. The price strategy needs to be determined after the market analysis and following the organization can build a price strategy based on its needs. The challenge organizations face is choosing a price strategy that will meet the sales goals and objectives. What strategy will help the organization build a strong reputation and provide the best profit point for the markets demand. Pricing strategy is a formulated task that factors cost, profit objective, and the competitive price.

Ways to Create Nonprice Barriers to Entry Based on Market Structure

This topic was a bit more complicated

Ways to Increase Product Differentiation Based on Market Structure

The market can offer consumer different varieties of the same product, but what will make the consumer believe that the second product is better than the third. That is where product differentiation plays a big role. The challenge now for the organizations is finding ways to differentiation. Differentiation is anything an organization can generate or create to add value that will represent differentiation to a consumer. For example, product features can influence a customer, location/ convenience, product complexity, product sophistication, distribution channels, service and support.

Determine ways to reduce costs for an organization

Reference

McConnell, C. R., Brue, S. L., & Flynn, S. M. (2009). Economics: Principles, problems, and

policies...