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| Author: | Sung, N.H. Lee, J.K. |
| Title: | Knowledge assisted dynamic pricing for large-scale retailers |
| Journal: | Decision Support Systems
2000 : JUN, VOL. 28:4, p. 347-363 |
| Index terms: | Retailing Pricing Models Knowledge-based systems Marketing |
| Language: | eng |
| Abstract: | It is not too easy for large-scale retailers to price thousands of items dynamically reflecting all constraints and policies. To solve this problem, this paper adopts combined model approach that contingently selects appropriate pricing models and integrates them. The 3 proposed models are cost-plus, demand-driven, and competitor-referenced models. Since each model can be converted to a set of interval and point constraints, the paper developes price point determination rules. A prototype system, Knowledge-Assisted Pricing Assistant (KAPA) is developed with this idea. According to the paper's experiment involving 76 cases with 54 pricing experts, KAPA performed consistently, with human experts, about 89.5 % accurate. This approach can be very effective pricing scheme in the electronic marketing era. |
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