Economic and Ethical Issues of Pricing Essay Example | Topics and Well Written Essays - 1000 words

Economic and Ethical Issues of Pricing - Essay Example Using prices may be because every company wants to gain and retain competitive edge at a price level. Pricing cannot be done in isolation considering that there are number of economic issues in the business environment that firms must take into consideration before setting up prices in order to remain relevant (Devan, 2011). Key economic issues that may affect a business’s pricing strategy include but not limited to level of competition, recession, demand, cost of services, elasticity and government policy. The level of competition will definitely affect the organization’s preferred pricing strategy (Martins, 2010). The tax advisory firm is already facing competition from non-CPA market competitors and do-it-yourself tax-preparation software packages. Provided you are not a market a leader in the industry, competitive pricing will always have a great impact on your service prices. This is because market leaders are renowned for establishing standard prices against which comparisons will be made on other services price offering. It is the wish of every company to sell its services with a high margin but unfortunately, this is not possible in a highly competitive market as existing competitors are likely to offer identical services at considerably lower price. When trying to set prices as in our case where the tax advisory firm is already facing competition, it is not worthwhile to avoid competitors. Devan (2011) asserts that this is because an intense competition will always increase flexibility of company price offering. It is advisable, that the decision to compete with lower price offering should cautious, because competitors often respond with lower prices if they perceive negative impact of your low prices on market share. The level of market demand is another important issue that can affect pricing strategy of products/service (Devan, 2011). Demand in this case refers to the quantity of product that the client is willing and ready to pay for. In case demand exceeds available supply, in our case being service offering then there tend to be an increased rush for the few available service providers and this is likely to inflate product prices. According to Martins (2010), business enjoys when demand is very high in the industry, as this will not significantly influence service prices unlike in situation where demand is low with a high number of suppliers in the market. Recession will often have an impact on the pricing strategy of an organization. During recession, companies tend to set their prices low owing to the consumers low spending power. Clients often demand for lower prices during recession than in normal economic and this force business to cut down their prices to be attractive to clients and avoid closing down owing to lack of business. Elasticity is a vital consideration when designing an organizations pricing. A firm must consider the reaction of clients to its products in case of changes in prices. A high ela stic product/service is that which a slight increase in price will discourage consumers and thus low demand (Devan, 2011). Inelastic products are those, whose demand is not affected by the changes in prices whether upwards or downward. A company needs to consider the type of service offering t

History - Museum Objects Essay Example | Topics and Well Written Essays - 3000 words

History - Museum Objects - Essay Example al languages have essentially three component parts, one of which is the direct use of signs and symbols in the form of objects and space while the other two, non-verbal communication such as gestures and body language and verbal communication such as speech and writing, can also be preserved somewhat in the objects that are left behind and can help in determining the culture from which the object originated. Because objects share a role in the interrelated social communication modes of a particular society, the interpretation of these objects may differ from one society to the next or even one time period to the next. The way in which it is interpreted can not only provide significant contextual clues to the society from which it was produced, but can also reflect the understanding of the society attempting to place the object within its correct contextual space. In addition, that exact same object, for example a specific vase, may take on different contextual meanings as it passes through time, originally used as a container for liquid, later taking on the ashes of a dearly departed relative and finally symbolizing perhaps a golden age in the progression of a nation. â€Å"[An object] can never convey one single message, uncorrected, unambiguous and unqualified. Different social perceptions, needs and changing attitudes will see to that.†2 In order to better understand how different objects can reveal different stories, this paper will take a look at three specific objects – a decanter made by William Burges and a MacIntosh chair both on display at the Victoria and Albert Museum and the Grande Ludovisi Sarcophagus in the National Museum of Rome – examining the provenance, contexts and different stories or ‘readings’ offered of each. In terms of its socio-historical context, this decanter captures the opulence and elaborate detail of the later Victorian period in which a great deal of the artwork designed represented a return to some of the more