Apple appears to be on a mission to reduce the build cost of the iMac after completing a similar exercise recently on the notebook product line. The goal is to reduce the build cost of iMac units and pass at least some of the savings on to consumers in an effort to stimulate sales.

The iMac price reductions are expected to translate into about a 7% to 10% savings off the standard iMac sticker price. The cost reductions in the MacBook Pro product line have been paying dividends already, with our sources telling us that orders for Quanta are picking up some steam.

Apple has always had a lot of people complain about the price of their products, but this new focus to bring the prices down to a more affordable level could see many people who have been on the fence on the purchase of a Mac strictly based on price land in the Apple camp with this new pricing strategy.

At a time when PC makers are having problems moving units, Apple’s strategy could be the most effective to continue to capture market share for the company going forward.

Our sources are also now whispering about the possibility of price cuts in the iPod family when the company launches its upcoming iPod refresh prior to the back-to-school selling season.