Research Project 1
Introduction
In todays’ market there are a variety of consumers that offer similar products. Organizations must think of ways to be more innovative in order to make their product stand out from other organizations that cell similar products. One of the best ways organizations of been able achieve the ability of standing out from its competitors is through pricing. Pricing strategies allow organizations to look at variety of factors, including the type of consumers that may be purchasing their products. If a business were to set up in in a more rural area and decided to charge high prices it may not be successful due to that fact that consumers are more conscience about spending money. Other business may not run into these issues because they may sell products that consumers cannot get anywhere else. A case like this would place an …show more content…
In order to ensure growth a company must insure that it is operating within the right market structure. The oligopoly market structure is one that has a high barrier of entry. Therefore, it is conducive for a firm to enter in to an oligopoly early. Otherwise, an organization may not be able to acquire revenue. There are a number of things to consider when determining pricing. Often companies need to be aware of what their competitor’s behaviors, the demographical area they are selling in and the needs of consumers. References
Bangle, C. (2001). The ultimate creativity machine: how BMW turns art into profit. Harvard Business Review, 79(1), 47-55.
Pearce, II, J. A., & Robinson, Jr., R. B. (2015). Strategic Management: Planning for Domestic & Global Competition (14th ed.). New York, NY: McGraw Hill Education.
Samuelson, W. F., & Marks, S. J. (2015). Managerial Economics (8th ed.). [Vital Bookshelf ]. Retrieved from
Introduction
In todays’ market there are a variety of consumers that offer similar products. Organizations must think of ways to be more innovative in order to make their product stand out from other organizations that cell similar products. One of the best ways organizations of been able achieve the ability of standing out from its competitors is through pricing. Pricing strategies allow organizations to look at variety of factors, including the type of consumers that may be purchasing their products. If a business were to set up in in a more rural area and decided to charge high prices it may not be successful due to that fact that consumers are more conscience about spending money. Other business may not run into these issues because they may sell products that consumers cannot get anywhere else. A case like this would place an …show more content…
In order to ensure growth a company must insure that it is operating within the right market structure. The oligopoly market structure is one that has a high barrier of entry. Therefore, it is conducive for a firm to enter in to an oligopoly early. Otherwise, an organization may not be able to acquire revenue. There are a number of things to consider when determining pricing. Often companies need to be aware of what their competitor’s behaviors, the demographical area they are selling in and the needs of consumers. References
Bangle, C. (2001). The ultimate creativity machine: how BMW turns art into profit. Harvard Business Review, 79(1), 47-55.
Pearce, II, J. A., & Robinson, Jr., R. B. (2015). Strategic Management: Planning for Domestic & Global Competition (14th ed.). New York, NY: McGraw Hill Education.
Samuelson, W. F., & Marks, S. J. (2015). Managerial Economics (8th ed.). [Vital Bookshelf ]. Retrieved from