Learning Team Week 3
Week 2: Learning Team “A” Deliverable
ECO/561
February 12, 2012
:
This week our objectives include how to determine pricing strategy to meet organizational goals, ways to implement non barriers to entry based on market structure, ways to increase product differentiation based on market structure, and ways to reduce costs for an organization. We will discuss three categories from the objectives, which includes monopoly, games, and strategies. Each topic includes the topic we feel comfortable with, any topic we struggle with, and how this weekly objectives relate to application in our field.
One group member ***** discusses the monopoly part of the objectives and how she thought it was very interesting. Belgee Chandler found the subject of monopolies to be very interesting. According to the text, a pure monopoly is one where one seller dominates a particular field. They are the sole provider of a product and no close substitutes are available. She found the examples the text used such as utilities (power, water, etc) to be very helpful. Since pure monopolies are rare, ***** had a difficult time understanding what would be considered a monopoly at her work. She did, however, remember the instance when she worked for AT&T and they were trying to acquire T-Mobile. It caused a wide spread panic with her customers because they were worried about how that would affect them. Her co-workers feared, too, that it would affect their job security. In the end, the merger was not allowed because it was determined that if the two companies merged, they would dominate 80% of the cellular phone industry. In essence, it would have been a monopoly. This concept of monopolizing an industry was very interesting. It helped ***** to understand the principles of economics better. By everyone having fair share to present a product to a consumer, it gives everyone the opportunity to profit and consumers a wide variety of merchants. Another group member
ECO/561
February 12, 2012
:
This week our objectives include how to determine pricing strategy to meet organizational goals, ways to implement non barriers to entry based on market structure, ways to increase product differentiation based on market structure, and ways to reduce costs for an organization. We will discuss three categories from the objectives, which includes monopoly, games, and strategies. Each topic includes the topic we feel comfortable with, any topic we struggle with, and how this weekly objectives relate to application in our field.
One group member ***** discusses the monopoly part of the objectives and how she thought it was very interesting. Belgee Chandler found the subject of monopolies to be very interesting. According to the text, a pure monopoly is one where one seller dominates a particular field. They are the sole provider of a product and no close substitutes are available. She found the examples the text used such as utilities (power, water, etc) to be very helpful. Since pure monopolies are rare, ***** had a difficult time understanding what would be considered a monopoly at her work. She did, however, remember the instance when she worked for AT&T and they were trying to acquire T-Mobile. It caused a wide spread panic with her customers because they were worried about how that would affect them. Her co-workers feared, too, that it would affect their job security. In the end, the merger was not allowed because it was determined that if the two companies merged, they would dominate 80% of the cellular phone industry. In essence, it would have been a monopoly. This concept of monopolizing an industry was very interesting. It helped ***** to understand the principles of economics better. By everyone having fair share to present a product to a consumer, it gives everyone the opportunity to profit and consumers a wide variety of merchants. Another group member