Pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as far as the customer can bear. The pricing strategies for a producer operating in a perfect competition structure are also fairly intuitive. They are price takers, and hence the price is set at the marginal cost of the product. This is due to the fact that there are many firms offering nearly identical products. However, there is optimal pricing for the market structures offering differentiated products with many competitors (oligopoly) or a few producers (monopolistic competition). These are much more complex and involved. It has been stated that differentiation in products that creates differences in customer valuation is the most prevalent type of competition. In such markets pricing strategies may include the three C’s of cost, competition, and customer.

Develop a paper detailing an analysis of market structures and relating pricing strategies that are suitable for each of these structures. Furthermore, include a real-world example of pricing strategy for a specific company by identifying its market structure.

Your paper should be around 10 double spaced pages, in APA Format and structured as follows:

Cover page with a running head
Abstract
1. Perfect Competition
1.1. Description
1.2. Pricing Strategies
2. Monopolistic competition
2.1. Description
2.2. Pricing Strategies
3. Oligopoly
3.1. Description
3.2. Pricing Strategies
4. Monopoly
4.1. Description
4.2. Pricing Strategies
5. Case Study
6. Conclusion
References

Your paper needs to include at least three scholarly sources, i.e. peer-reviewed articles.

Why is knowing (or estimating) the product demand so crucial for a firm?

In your response, include an example of a business that has suffered from poorly estimating the demand of its products. Evaluate how or why the business made such a mistake.

Assignment #1

The purpose of this assignment is to give you a brief introduction to the job analysis process. You will derive your job analytic information from one employee in a job of your choice using the interview method. The main purpose of your interview will be to get information about what KSAs are needed for a person to be a successful performer on the job. 

After interviewing (and observing, if possible) the job, you will create a job analysis report on that job.

Your job analysis report should include the following FIVE sections.  Label sections 2, 3, 4, and 5 with a section heading.  For example, you should have a section heading for the second part, labeled “Interviewee/Organization Information.”

1.    Cover sheet:  Include a title (e.g., Job Analysis), your name, the date, and the course number.

2.    Interviewee/Organization information:  Include your subject’s name (can make up or use real name), level of education, tenure, and rating of job satisfaction (1 = I hate my job to 7 = I love my job).  Also include the individual’s job title and what the organization does that the individual works for.  Include information about how big or small the organization is, and how the individual’s job fits in with other jobs in the organization. 

3.    O*NET Job Description:  Go to the O*NET web site (http://online.onetcenter.org) and look up the person’s job title, and job description.  You may have to experiment with different job titles to find a close match. Please attach your findings to the report.

4.    Knowledge, skill, and ability statements:  Develop a list of knowledge, skills, and abilities (KSAs) needed to perform on the job (include 15-20 KSA statements).  Do not just copy the information from the O*NET. Select the ones you believe are most relevant for the job. Write your KSAs clearly, be to the point, and do not be redundant.  Sample KSA statements for the job of “medical technologist” have been included at the end of this assignment.  After you have written your KSAs, you will need to meet with your subject one more time.  First, have your subject review your KSA list for accuracy (have you stated anything that is not correct?) and comprehensiveness (are all KSAs represented?).  Then have your subject rate each KSA on “How often is this KSA used on the job?” (1 = rarely used, 2 = sometimes used, 3 = often used, 4 = very frequently used).  This section of your report, when finished, should include your final list of KSAs and the rating your subject gave each KSA.

5.    What I learned from this project:  Write at least three paragraphs about what you learned from this project.  Include information about what you learned from meeting with your subject a second time (e.g., were some of your KSAs stated incorrectly?).  Include overall information about whether you found this project to be useful or difficult.  Then include at least one paragraph explaining why job analysis is important to Industrial Psychology and how the information you collected could be used. 

Example KSA Statements for the Job of Medical Technologist 

Following is a partial list of the KSAs used in the job of medical technologist to give you an idea of how KSAs are written.  Note that each KSA statement starts with the word “Knowledge,” “Skill,” or “Ability.”  To the left of each of your KSA statements you can include your subject’s rating (1 = rarely used, 2 = sometimes used, 3 = often used, 4 = very frequently used) of how often the KSA is used on the job.  Be sure to provide the rating scale in your report to tell the reader what the ratings are referring to.

1.    Knowledge of immunohematology, transfusion therapy, and phlebotomy.
2.    Ability to conduct blood supply inventory and make judgments of present and predicted blood supply demands.
3.    Ability to evaluate donor acceptability through an assessment of current health status and an interview concerning disease history.
4.    Skill in blood collection process, including arm preparation, phlebotomy, and preparation of collection bags. 
5.    Skill to use standard laboratory instruments (microscope, centrifuge, platelet machine, and cell washer).