Reference no: EM13929609

Report topic. "Pricing decisions"-The role of management and the management accountant. The correct pricing of products is one of the essential management tasks if a business is to be successful. Communication systems such as the widespread use of the mobile communication devices and the internet also allow for much greater responsiveness to customer demand. The text covers numerous pricing practices or methodologies however this assignment requires you to research and identify examples of additional pricing methods including: Price skimming, Penetration pricing, Dynamic pricing. Task: You have to research all of these pricing methods ensuring that you have correctly identified the meaning of these terms. Then, you are to find examples of these methods within the Australian market. You are to show graphic examples of advertising or other material (this may include photographs and ‘screen shots' of websites and/or advertising) to demonstrate each of these pricing mechanisms in practice. Each of the examples given should include a summary of the item, the level of competitiveness of the market for that item and how that pricing method effects a) the consumer and b) the business offering the product. Also analyze how this type of pricing may affect consumers in the short term and the long term. For example, does the pricing of products you identify benefit consumers and market at all times or disadvantage in some instances but offer overall advantages in the long term? In the case of DYNAMIC PRICING you should suggest one NEW opportunity where the group believes using technology and the internet would allow dynamic pricing to bring additional benefits to both consumers and businesses in a way that currently does not exist. (You should at least search the internet to ensure it is an original idea!) Discuss how and why you believe this would give additional utility to consumers and also bring more competition to the market. The role of the management accountant should be briefly discussed. In the summary and conclusion section of your report, discuss how effective you believe each of the pricing methodologies is and your overall findings in relation to both consumer benefit and business profitability. How to layout your report Executive summary- This is a ONE PAGE review of ALL of the report. This should be a stand-alone document which could be read by a CEO (for example) to find out what the report was about AND what was found in conclusion. Introduction-This is an introduction TO THE REPORT NOT an introduction to the specific companies being studied. Pricing method reviews-This includes your findings as to what each pricing method is and how it operates. Examples of each pricing method-Including the individual examples researched and presented as outlined above. The group effort bringing together the findings of each of the group members about each example of each pricing method and the discussion about how effective (or ineffective) the pricing method was in each case. Role of the Management Accountant- Refer to subject material, slides and text to write a BRIEF (half page) review of the role of the management accountant in pricing decisions in organisations. Discuss and analyse what type of information management accountants would provide to management to support their pricing decisions. The future of DYNAMIC PRICING should be discussed along with your proposal or suggestion for a new area in which dynamic pricing may benefit the consumer before your conclusions. Note that both the section of the role of the management accountant and your suggestion for new products or services to be offered using dynamic pricing will be somewhat speculative however your arguments and or the discussion presented should strongly support your suggestions. Conclusion Here NO NEW IDEAS should be introduced. Only a conclusion of your findings and perhaps your group's summary of the strengths and weaknesses of each pricing method. Bibliography -Full Harvard Anglia referencing should be undertaken for this report. DO NOT START BY REQUOTING THE WORDING IN THE TASK SPECIFICATION ABOVE! THIS WORK MUST BE YOUR OWN WORK, IT IS A WORK OF DISCOVERY. Your report must include a summary of the academic journal articles you have found and your subsequent research findings and include a full bibliography in the Harvard Anglia style.