Pricing and data science: The tale of two accidentally parallel transitions
Accidentally parallel at the beginning, the transition to value-based pricing and transition to pricing data science have blended harmoniously, changing the pricing landscape. Using the marketing capability approach, I show that the introduction of pricing data science is costly and requires higher...
| প্রধান লেখক: | |
|---|---|
| বিন্যাস: | প্রবন্ধ |
| ভাষা: | English |
| প্রকাশিত: |
Sciendo
2023-04-01
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| মালা: | Economics and Business Review |
| বিষয়গুলি: | |
| অনলাইন ব্যবহার করুন: | https://doi.org/10.18559/ebr.2023.2.739 |
| _version_ | 1827889010621546496 |
|---|---|
| author | Wallusch Jacek |
| author_facet | Wallusch Jacek |
| author_sort | Wallusch Jacek |
| collection | DOAJ |
| description | Accidentally parallel at the beginning, the transition to value-based pricing and transition to pricing data science have blended harmoniously, changing the pricing landscape. Using the marketing capability approach, I show that the introduction of pricing data science is costly and requires higher management support. Despite its cost, algorithmic price optimisation allows one to react swiftly to changes in demand. The optimisation process is applied to inherently non-linear, multimodal, and right-skewed pricing data. Presenting the interactions between new computational techniques and value-data pricing, I concentrate on altered perceptions of price elasticity, value-driver estimations, and contract opportunity analysis. |
| first_indexed | 2024-03-12T20:50:00Z |
| format | Article |
| id | doaj.art-4aadcf1949774f1fa9bd6d007505a2b6 |
| institution | Directory Open Access Journal |
| issn | 2450-0097 |
| language | English |
| last_indexed | 2024-03-12T20:50:00Z |
| publishDate | 2023-04-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Economics and Business Review |
| spelling | doaj.art-4aadcf1949774f1fa9bd6d007505a2b62023-08-01T05:16:09ZengSciendoEconomics and Business Review2450-00972023-04-019211513210.18559/ebr.2023.2.739Pricing and data science: The tale of two accidentally parallel transitionsWallusch Jacek01Instytut Kliometrii i Badań nad Transformacją, ul. Nałęczowska 85, 60-472Poznań, PolandAccidentally parallel at the beginning, the transition to value-based pricing and transition to pricing data science have blended harmoniously, changing the pricing landscape. Using the marketing capability approach, I show that the introduction of pricing data science is costly and requires higher management support. Despite its cost, algorithmic price optimisation allows one to react swiftly to changes in demand. The optimisation process is applied to inherently non-linear, multimodal, and right-skewed pricing data. Presenting the interactions between new computational techniques and value-data pricing, I concentrate on altered perceptions of price elasticity, value-driver estimations, and contract opportunity analysis.https://doi.org/10.18559/ebr.2023.2.739pricingvalue-based pricingmachine learningdata sciencel11c81m31 |
| spellingShingle | Wallusch Jacek Pricing and data science: The tale of two accidentally parallel transitions Economics and Business Review pricing value-based pricing machine learning data science l11 c81 m31 |
| title | Pricing and data science: The tale of two accidentally parallel transitions |
| title_full | Pricing and data science: The tale of two accidentally parallel transitions |
| title_fullStr | Pricing and data science: The tale of two accidentally parallel transitions |
| title_full_unstemmed | Pricing and data science: The tale of two accidentally parallel transitions |
| title_short | Pricing and data science: The tale of two accidentally parallel transitions |
| title_sort | pricing and data science the tale of two accidentally parallel transitions |
| topic | pricing value-based pricing machine learning data science l11 c81 m31 |
| url | https://doi.org/10.18559/ebr.2023.2.739 |
| work_keys_str_mv | AT walluschjacek pricinganddatasciencethetaleoftwoaccidentallyparalleltransitions |