Dynamic Pricing Concepts And Applications
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Dynamic Pricing Concepts And Applications
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Author : Kerani Suresh
language : en
Publisher:
Release Date : 2006-09-02
Dynamic Pricing Concepts And Applications written by Kerani Suresh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09-02 with Pricing categories.
Pricing is a crucial element of the marketing mix. Three of the 4 Ps in the marketing mix Product, Place and Promotion involve costs. The fourth P Price is related to revenue. When judiciously executed, pricing optimizes the profitability of the firm. Pri
Revenue Management And Pricing Analytics
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Author : Guillermo Gallego
language : en
Publisher: Springer
Release Date : 2019-08-14
Revenue Management And Pricing Analytics written by Guillermo Gallego and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-14 with Business & Economics categories.
“There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.
Pricing Perspectives
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Author : Florian Siems
language : en
Publisher: Springer
Release Date : 2008-11-03
Pricing Perspectives written by Florian Siems and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-03 with Business & Economics categories.
The world of pricing has been changing at a fast pace. There has been a development of new dynamic pricing strategies, an explosion of new pricing tactics, and a focus on smarter buyers. This book focuses on those developments and highlights new perspectives for pricing strategies.
A Dynamic Pricing Service For The Multi Channel Retail Bank With Applications In General E Commerce
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Author : M. Michael Serbinis
language : en
Publisher:
Release Date : 2001
A Dynamic Pricing Service For The Multi Channel Retail Bank With Applications In General E Commerce written by M. Michael Serbinis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
This research is an investigation of new tools for use in the banking industry, specifically for pricing retail products at the E-Commerce point of sale. The dynamic pricing problem is investigated considering the stated goals of a customer-centric bank: to maximize customer profitability across all sales channels. A dynamic pricing model is proposed and compared against traditional pricing models. It was hypothesized that a dynamic pricing model based on channel costs, customer profitability and the value of a new sale opportunity should result in a more profitable customer base. It was found that dynamic prices perform better from a profitability perspective than all other pricing models. It was also found that pricing strategies based on future profitability perform better than those based on past profitability. With further development, the mathematical model developed in this research can be used to determine the effect of dynamic prices on different businesses.
Behavioral Consequences Of Dynamic Pricing
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Author : David Prakash
language : en
Publisher: BoD – Books on Demand
Release Date : 2022-08-19
Behavioral Consequences Of Dynamic Pricing written by David Prakash and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-19 with Business & Economics categories.
Digital technologies are driving the application of dynamic pricing. Today, this pricing strategy is used not only for perishable products such as flights or hotel rooms, but for almost any product or service category. With dynamic pricing, retailers frequently adjust their prices over time to respond to factors such as demand, their supply and that of competitors, or the time of sale. Additionally, dynamic pricing allows retailers to take advantage of a large share of consumers' willingness to pay while avoiding losses from unsold products. Ultimately, this can lead to an increase in revenue and profit. However, the application of dynamic pricing comes with great challenges. In addition to the technological implementation, companies have to take into account that dynamic pricing can cause complex and unintended behavioral consequences on the consumer side. The key objective of this dissertation is to provide a deeper understanding of the impact of dynamic pricing on consumer behavior. To this end, this dissertation presents insights from four perspectives. First, how reference prices as a critical component in purchase decisions are operationalized. Second, how customers search for products priced dynamically, differentiated by business and private customers, as well as by different devices used for the search. Third, whether and how dynamic pricing influences the impact of internal reference prices on purchase decisions. Finally, this dissertation demonstrates that consumers perceive price changes as personalized in different purchase contexts, leading to reduced perceptions of fairness and undesirable behavioral consequences.
Pricing And Revenue Optimization
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Author : Robert Phillips
language : en
Publisher: Stanford University Press
Release Date : 2005-08-05
Pricing And Revenue Optimization written by Robert Phillips and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-08-05 with Business & Economics categories.
This is the first comprehensive introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of "yield management" in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. Solutions to the end-of-chapter exercises are available to instructors who are using this book in their courses. For access to the solutions manual, please contact [email protected].
Application Of Control Theory Approaches For The Implementation Of Dynamic Pricing Strategy For Cellular Networks
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Author : Aloo Pamela Owuor
language : en
Publisher:
Release Date : 2010
Application Of Control Theory Approaches For The Implementation Of Dynamic Pricing Strategy For Cellular Networks written by Aloo Pamela Owuor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Cell phone systems categories.
Demand for cellular communications is increasing, resulting in a need for more network resources. The available resources can no longer meet the increasing demand, resulting in a degradation of the networks' Quality of Service. Dynamic pricing has been suggested as a means to encourage more efficient use of the available resources and to manage congestion control. The objective of this study was to investigate the implementation of a control-based dynamic pricing of a network service as a strategy for improved network Quality of Service.
Dynamic Pricing In Online Business What Pricing Strategy Should Be Used In Digital Business
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Author :
language : en
Publisher: GRIN Verlag
Release Date : 2018-09-06
Dynamic Pricing In Online Business What Pricing Strategy Should Be Used In Digital Business written by and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-06 with Business & Economics categories.
40% of German companies vary their prices dynamically on the internet. This strategic tool helps them to exploit the consumer's maximum willingness to pay. Studies confirm that these companies are able to reach higher profits through dynamic pricing. But the federal ministry of consumer protection sees the price transparency for consumers at risk. This publication shows how new and existing customers react to dynamic pricing techniques. It examines if regular customers have a different price fairness perception than new customers. Customers often react with dissatisfaction and complaining when they notice a disadvantage due to dynamic pricing. Their dissatisfaction can have a long-term impact on the buyer-seller relationship as well as the company's reputation and profits. Therefore, price fairness perception is crucial for dynamic pricing strategies. Keywords: - Dynamic Pricing; - Status-based Dynamic Pricing; - Consumer Dissatisfaction; - Price Transparency; - New Customers; - Regular Customers
Pricing And Revenue Optimization
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Author : Robert L. Phillips
language : en
Publisher: Stanford University Press
Release Date : 2021-05-18
Pricing And Revenue Optimization written by Robert L. Phillips and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-18 with Business & Economics categories.
This book offers the first introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of "yield management" in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. With updates to every chapter, this second edition covers topics such as estimation of price-response functions and machine-learning-based price optimization. New discussions of applications of dynamic pricing and revenue management by companies such as Amazon, Uber, and Disney, and in industries such as sports, theater, and electric power, are also included. In addition, the book provides current coverage of important applications such as revenue management, markdown management, customized pricing, and the behavioral economics of pricing.
Dynamic Pricing And Inventory Management
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Author : Renyu Philip Zhang
language : en
Publisher:
Release Date : 2016
Dynamic Pricing And Inventory Management written by Renyu Philip Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic dissertations categories.
We develop the models and methods to study the impact of some emerging trends in technology, marketplace, and society upon the pricing and inventory policy of a firm. We focus on the situation where the firm is in a dynamic, uncertain, and (possibly) competitive market environment. The market trends of particular interest to us are: (a) social networks, (b) sustainability concerns, and (c) customer behaviors. The two main running questions this dissertation aims to address are: (a) How these emerging market trends would influence the operations decisions and profitability of a firm; and (b) What pricing and inventory strategies a firm could use to leverage these trends. We also develop an effective comparative statics analysis method to address these two questions under different market trends. Overall, our results suggest that the current market trends of social networks, sustainability concerns, and customer behaviors have significant and interesting impact upon the operations policy of a firm, and that the firm could adopt some innovative pricing and inventory strategies to exploit these trends and substantially improve its profit. Our main findings are: (a) Network externalities (the monopoly setting). We find that network externalities prompt a firm to face the tradeoff between generating current profits and inducing future demands when making the price and inventory decisions, so that it should increase the base-stock level, and to decrease [increase] the sales price when the network size is small [large]. Our extensive numerical experiments also demonstrate the effectiveness of the heuristic policies that leverage network externalities by balancing generating current profits and inducing demands in the near future. (Chapter 2.) (b) Network externalities (the dynamic competition setting). In a competitive market with network externalities, the competing firms face the tradeoff between generating current profits and winning future market shares (i.e., the exploitation-induction tradeoff). We characterize the pure strategy Markov perfect equilibrium in both the simultaneous competition and the promotion-first competition. We show that, to balance the exploitation-induction tradeoff, the competing firms should increase promotional efforts, offer price discounts, and improve service levels. The exploitation-induction tradeoff could be a new driving force for the fat-cat effect (i.e., the equilibrium promotional efforts are higher under the promotion-first competition than those under the simultaneous competition). (Chapter 3.) (d) Trade-in remanufacturing. We show that, with the adoption of the very commonly used trade-in remanufacturing program, the firm may enjoy a higher profit with strategic customers than with myopic customers. Moreover, trade-in remanufacturing creates a tension between firm profitability and environmental sustainability with strategic customers, but benefits both the firm and the environment with myopic customers. We also find that, with either strategic or myopic customers, the socially optimal outcome can be achieved by using a simple linear subsidy and tax scheme. The commonly used government policy to subsidize for remanufacturing alone, however, does not induce the social optimum in general. (Chapter 4.) (d) Scarcity effect of inventory. We show that the scarcity effect drives both optimal prices and order-up-to levels down, whereas increased operational flexibilities (e.g., the inventory disposal and inventory withholding opportunities) mitigate the demand loss caused by high excess inventory and increase the optimal order-up-to levels and sales prices. Our extensive numerical studies also demonstrate that dynamic pricing leads to a much more significant profit improvement with the scarcity effect of inventory than without. (Chapter 5.) (e) Comparative statics analysis method. We develop a comparative statics method to study a general joint pricing and inventory management model with multiple demand segments, multiple suppliers, and stochastically evolving market conditions. Our new method makes componentwise comparisons between the focal decision variables under different parameter values, so it is capable of performing comparative statics analysis in a model where part of the decision variables are non-monotone, and it is well scalable. Hence, our new method is promising for comparative statics analysis in other operations management models. (Chapter 6.)