A pricing optimization modelling for assisted decision making in telecommunication product-service bundling
Product service bundle (PSB) is a marketing strategy that offers attractive product-service packages with competitive pricing to ensure sustained profitability. However, designing suitable pricing for PSB is a non-trivial task that involves complex decision-making. This paper explores the significan...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2024-04-01
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| Series: | International Journal of Information Management Data Insights |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2667096824000016 |
| _version_ | 1797350557441064960 |
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| author | Anies Faziehan Zakaria Soon Chong Johnson Lim Muhammad Aamir |
| author_facet | Anies Faziehan Zakaria Soon Chong Johnson Lim Muhammad Aamir |
| author_sort | Anies Faziehan Zakaria |
| collection | DOAJ |
| description | Product service bundle (PSB) is a marketing strategy that offers attractive product-service packages with competitive pricing to ensure sustained profitability. However, designing suitable pricing for PSB is a non-trivial task that involves complex decision-making. This paper explores the significance of pricing optimization in the telecommunication industry, focusing on product-service bundling (PSB). It delves into the challenges associated with pricing PSB and highlights the transformative impact of big data analytics on decision-making for PSB strategies. The study presents a data-driven pricing optimization model tailored for designing appropriate pricing structures for product-service bundles within the telecommunication services domain. This model integrates customer preference knowledge and involves intricate decision-making processes. To demonstrate the feasibility of the proposed approach, the paper conducts a case study encompassing two design scenarios, wherein the results reveal that the model offers competitive pricing compared to existing telecommunication service providers, facilitating PSB design and decision-making. The findings from the case study indicate that the data-driven pricing optimization model can significantly aid PSB design and decision-making, leading to competitive pricing strategies that open avenues for new market exploration and ensure business sustainability. By considering both product and service features concurrently, the proposed model provides a pricing reference for optimal decision-making. The case study validates the feasibility and effectiveness of the approach within the telecommunication industry and highlights its potential for broader applications. The model's capability to generate competitive pricing strategies offers opportunities for new market exploration, ensuring business growth and adaptability. |
| first_indexed | 2024-03-08T12:47:37Z |
| format | Article |
| id | doaj.art-af95be8ac4a442df8b6323f1c2d69417 |
| institution | Directory Open Access Journal |
| issn | 2667-0968 |
| language | English |
| last_indexed | 2024-03-08T12:47:37Z |
| publishDate | 2024-04-01 |
| publisher | Elsevier |
| record_format | Article |
| series | International Journal of Information Management Data Insights |
| spelling | doaj.art-af95be8ac4a442df8b6323f1c2d694172024-01-21T05:11:09ZengElsevierInternational Journal of Information Management Data Insights2667-09682024-04-0141100212A pricing optimization modelling for assisted decision making in telecommunication product-service bundlingAnies Faziehan Zakaria0Soon Chong Johnson Lim1Muhammad Aamir2Faculty of Engineering and Built Environment, Universiti Kebangsaan Malaysia, Malaysia; Corresponding author.School of Mechanical Engineering, College of Engineering, Universiti Teknologi MARA, Shah Alam, MalaysiaCollege of Science and Engineering, University of Derby, UKProduct service bundle (PSB) is a marketing strategy that offers attractive product-service packages with competitive pricing to ensure sustained profitability. However, designing suitable pricing for PSB is a non-trivial task that involves complex decision-making. This paper explores the significance of pricing optimization in the telecommunication industry, focusing on product-service bundling (PSB). It delves into the challenges associated with pricing PSB and highlights the transformative impact of big data analytics on decision-making for PSB strategies. The study presents a data-driven pricing optimization model tailored for designing appropriate pricing structures for product-service bundles within the telecommunication services domain. This model integrates customer preference knowledge and involves intricate decision-making processes. To demonstrate the feasibility of the proposed approach, the paper conducts a case study encompassing two design scenarios, wherein the results reveal that the model offers competitive pricing compared to existing telecommunication service providers, facilitating PSB design and decision-making. The findings from the case study indicate that the data-driven pricing optimization model can significantly aid PSB design and decision-making, leading to competitive pricing strategies that open avenues for new market exploration and ensure business sustainability. By considering both product and service features concurrently, the proposed model provides a pricing reference for optimal decision-making. The case study validates the feasibility and effectiveness of the approach within the telecommunication industry and highlights its potential for broader applications. The model's capability to generate competitive pricing strategies offers opportunities for new market exploration, ensuring business growth and adaptability.http://www.sciencedirect.com/science/article/pii/S2667096824000016PSBProduct service bundleBundle pricingPricing decisionService design |
| spellingShingle | Anies Faziehan Zakaria Soon Chong Johnson Lim Muhammad Aamir A pricing optimization modelling for assisted decision making in telecommunication product-service bundling International Journal of Information Management Data Insights PSB Product service bundle Bundle pricing Pricing decision Service design |
| title | A pricing optimization modelling for assisted decision making in telecommunication product-service bundling |
| title_full | A pricing optimization modelling for assisted decision making in telecommunication product-service bundling |
| title_fullStr | A pricing optimization modelling for assisted decision making in telecommunication product-service bundling |
| title_full_unstemmed | A pricing optimization modelling for assisted decision making in telecommunication product-service bundling |
| title_short | A pricing optimization modelling for assisted decision making in telecommunication product-service bundling |
| title_sort | pricing optimization modelling for assisted decision making in telecommunication product service bundling |
| topic | PSB Product service bundle Bundle pricing Pricing decision Service design |
| url | http://www.sciencedirect.com/science/article/pii/S2667096824000016 |
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