ECO561 ECO/561 Product Pricing Component Week 2 - 47738

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Select an organization with which you are familiar or in which you are interested that provides a private good or service. You will want to focus on the same firm or organization as you work on each Learning Team Project assignment in this class as you build the final paper due Week 6.Examples of good firms to use as a subject include Southwest Airlines (a very successful airline), Ford (they have not declared bankruptcy), Pulte (a successful homebuilder with a historical track record), Whirlpool (their performance is very dependent on the economy), Caterpillar, Microsoft, Apple Computer, etc.

1.Describe the utility of that good or service to the immediate consumer (which may or may not be another organization) and the consumer needs that the product or service meets.

2.Discuss the number and closeness of substitute and complementary products and their impact on the pricing decision.

3.Explain why the demand for the product or service is relatively price elastic or relatively price inelastic. Address the following;

1)    The effect on revenue when there is a change in price (assuming competitors do not follow);

2)    Determine whether demand for the product or service is relatively price elastic or relatively price inelastic based on conclusions from peer reviewed or other reputable resources. You will want to consider the number and closeness of substitutes (including foreign substitutes). Justify your conclusion.

1.Describe the issues that affect consumer demand and the price. Describe issues related to the cost of doing business which may affect the firm's pricing decisions.

2.Focus on issues related to the cost of doing business that affect the firms average and marginal costs, and the pricing decisions of the firm

3.Suggest strategies to enhance revenue based upon all of the above information.

 

This document should be 1,050-1,400 words in length. APA format is required.

 
Solution Description

Select an organization with which you are familiar or in which you are interested that provides a private good or service. You will want to focus on the same firm or organization as you work on each Learning Team Project assignment in this class as you build the final paper due Week 6.Examples of good firms to use as a subject include Southwest Airlines (a very successful airline), Ford (they have not

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