Pricing of Short Life-Cycle Products Through Active Learning

Topics:
Inventory Management,
Price Optimization,
Product Life Cycles
Tags:
Finance,
St. Louis,
Sales Strategy,
Sales,
Revenue,
Retail Company,
Retail,
Productivity,
Pricing Strategy,
Pricing,
...
Source:
Washington University in St. Louis

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Overview: Revenue management techniques, practiced for many years in the airline and hotel industries, have gained popularity with retailers. One such technique - dynamic pricing - refers to the intelligent process of controlling prices over a course of a sales season in a way that maximizes expected revenues. In this paper, the authors consider a retailer who sells a fashionable good during a short sales season, but is uncertain about how successful the product will be in the market.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 518KB | Date: Oct 2002 | Pages: 32

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