Learning Team Week 3

LEARNING TEAMS
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Learning teams
I was comfortable with pricing strategy and product differentiation topics. This is I could easily relate to the discussions involved in these two topics. For instance, I had a chance of learning the importance of pricing for a company to get significant market share. On product differentiation I was able to understand why organizations use this strategy to differentiate a good or service from similar products on the market. These topics where interesting as I could relate them to what I have seen many businesses do in order to beat their competitors.
However, I struggled with determining ways of reducing cost for an organization. This is because I was not able to understand the purchasing procedures which were a crucial area for reducing costs. I was faced with a challenge of ways of looking, finding, and removing unnecessary cost from organizations without having unconstructive effects on quality of products. Also, the issue of budgeting was also challenging. Generally, the elements involved in cost reduction were a bit too complex for me. I however believe that with more research, I will be able to understand the topic well. I also suppose that originality is necessary for one to fully work around the issu...