Optimal Pricing And Inventory Polices With Dynamic Demand

Topics:
Price Optimization
Tags:
Marketing,
Marketing Research,
Pricing,
Pricing Strategy,
University Of Western Ontario
Source:
University of Western Ontario

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Overview: We develop a dynamic demand rate model for the optimization of retail sales of perishable assets, solving the joint inventory and pricing problem. The inclusion of a demand rate that is dependent upon past pricing decisions is a departure from the typical approaches to the joint pricing and inventory decision. We present the characteristics of the optimal price and inventory levels and an algorithm for determining the optimal price path. We illustrate when firms should choose a penetration versus skimming pricing policy and under what conditions they would transition from one to the other.

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Format: PDF | Size: 322KB | Date: Jul 2006 | Pages: 28

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