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The implementation challenge of pricing decision support systems for retail managers
Author(s) -
Montgomery Alan L.
Publication year - 2005
Publication title -
applied stochastic models in business and industry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.413
H-Index - 40
eISSN - 1526-4025
pISSN - 1524-1904
DOI - 10.1002/asmb.572
Subject(s) - construct (python library) , computer science , demand management , software , decision support system , pricing strategies , marketing , operations research , business , economics , artificial intelligence , engineering , macroeconomics , programming language
There has been an explosion in the availability of data and computing ability in retail management that has led to a new desire on the part of managers to implement demand based management. Demand based management uses statistical models to predict consumer price response using historical information. These models can be used to construct pricing decision support systems for retail managers. Currently, many firms have begun offering software to perform price optimization. This article considers how recent advances in academic research can contribute to the implementation of these systems, and in turn consider the new questions likely to be posed by the developers and users of these new systems. Copyright © 2005 John Wiley & Sons, Ltd.