Under intense pressure from rivals Google, Apple, and Amazon, Barnes & Noble has decided to reduce the prices of its Nook Color and Tablet devices. The reductions range from $20 to $50.

Barnes & Noble hardware takes two forms: the Nook Color and the Nook Tablet. The 7-inch Color is primarily an e-reader device that allows users to peruse electronic versions of books and share their collections with friends.

The Nook Color features a 8GB hard drive. Until recently, it sold for $169 USD. However, that price has now been dropped to $149.

Price of 16GB Nook Tablet Cut By $50

Barnes & Noble improved on the Nook Color with the Nook Tablet, which was first released in 2011. The Tablet also has a 7-inch display, but boasts a faster processor than the Nook Color. The Tablet comes in versions with either 8GB or 16GB of storage.

The prices of those devices have now been cut, respectively, from $199 to $179 (8GB) and from $249 to $199 (16GB). (Source: engadget.com)

Observers believe that these price reductions are a direct response to the release by Google of its Nexus 7 tablet.

Priced at $199, the Nexus 7 has received stellar reviews from many different sources. Hardware expert Jeffrey Van Camp, for example, noted that "The Nexus 7 delivers more than what you'd expect for its $200 price," and that it "has some great new features," including a display capable of 1280 x 800 resolution.

Inferior Nook Display Hurts Sales

By comparison, the Barnes & Noble Nook Tablet is equipped with a 1024 x 600 resolution display. (Source: digitaltrends.com)

Barnes & Noble faces similarly intense competition from Amazon's Kindle Fire tablet. Although it's priced much higher than the Nook, Apple's iPad also tends to attract many consumers.

Now, there are even rumors that Microsoft is planning to sell a version of its upcoming Surface tablet for less than $200.

Given that news, Barnes & Noble's task of wooing consumers is likely to become more difficult.

Observers suggest, however, that these price reductions may not be enough to save Barnes & Noble's Nook. Even after noting the price cuts, tech blog Digital Trends insisted that "we still have to give the Google Nexus 7 our recommendation in lieu of the Nook." (Source: digitaltrends.com)