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Pricing Segmentation and Analytics

Pricing Segmentation and Analytics

by Tudor Bodea, Mark Ferguson

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Overview

Pricing analytics uses historical sales data with mathematical
optimization to set and update prices offered through various
channels in order to maximize profit. With this outstanding contribution
to this subject, you will learn just how to identify and
exploit pricing opportunities in different business contexts.
Each chapter looks at pricing from an economist’s viewpoint
beginning with the basic concept of pricing analytics and
what type of data are needed to use this powerful science; the
common assumptions regarding the customer population’s
willingness-to-pay are discussed along with the price-response
functions that result from these assumptions; examples from
several industries and organizations; dynamic pricing, with a
special emphasis on the most common application—markdown
pricing; the new field of customized pricing analytics, where
a firm responds to a request-for-bids or request-for-proposals
with a customized price response; and the relevant aspects of
behavioral science to pricing. Additional examples include the
asymmetry of joy/pain that customers feel in response to price
decreases/increases.

Product Details

BN ID: 2940013968080
Publisher: Business Expert Press
Publication date: 01/29/2012
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 172
File size: 6 MB

About the Author

Tudor Bodea is an assistant professor in the operations group
at the University of Groningen, Faculty of Economics and Business.
Prior to joining the University of Groningen, he was a
senior scientist at Predictix and an operations research analyst
at InterContinental Hotels Group. He is six sigma certified and a
contributor to R, an open source language and environment for
statistical computing and graphics.
Mark Ferguson is the Wilbur S. Smith Professor in the Moore
School of Business at the University of South Carolina. Prior to
joining the University of South Carolina, he was the Steven A.
Denning Professor of Technology and Management at Georgia
Tech. He serves as the chair for the Pricing and Revenue Management
subdivision of INFORMS, the president of the POMS
College of Supply Chain Management, and he has consulted
with a number of companies on price optimization.

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