ECO 561 Course Great Wisdom / tutorialrank.com ECO 561 Course Great Wisdom / tutorialrank.com | Page 36

The learning objectives of week 3 were to determine pricing strategy
to meet organizational goals, determine ways to create non price
barriers to entry based on market structure, determine ways to
increase product differentiation based on market structure, and to
determine ways to reduce costs for an organization.
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ECO 561 Week 3 Market Structure And Pricing Power
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ECO 561 WEEK 3 MARKET STRUCTURE AND PRICING
POWER

Select a new, realistic good or service for an existing industry,
preferably an industry you current work in or one in which you are
interested in working.
Develop a 1,400-word evaluation of pricing strategies available
producers of your selected product. This will include statements about
the market structure and the elasticity of demand for the product,
based on text book principles and real world products under
development.
Identify the market structure of the industry (monopoly, oligopoly,
competitive monopoly).
Determine elasticity of demand for various quality ranges of the
product based on textbook theory and judgments about the degree of
luxury vs. necessity represented by various brands (e.g. a luxury car
vs an economy car).