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价格优化模型（Price Optimization Models）

　　Price Optimization Models are mathematical programs that calculate price elasticities, or how demand varies at different price levels, then combine that data with information on costs and inventory levels to recommend prices that will improve profits. Price Optimization Models simulate how customers will respond to price changes, supplementing managers’ instincts with data-driven scenarios. The insights help to forecast demand, develop pricing and promotion strategies, control inventory levels, and improve customer satisfaction.

　　To implement Price Optimization Models, practitioners should:

• Select the preferred optimization model, determine the desired outputs and understand the required inputs;

• Collect historical data—including product volumes, the company’s prices and promotions, competitors’ prices, economic conditions, product availability, and seasonal conditions as well as fixed and variable cost details;

• Clarify the business’s value proposition and set strategic rules to guide the modeling process;

• Load, run and revise the model;

• Establish decision processes that incorporate modeling results without alienating key decision makers;

• Monitor results and upgrade data input to continuously improve modeling accuracy.

　　Price Optimization Models are used to determine initial pricing, promotional pricing and markdown (or discount) pricing.

• Initial price optimization is well-suited to businesses that have a fairly stable base of products with long life cycles, such as grocery, chain drug, and office-supply stores, and manufacturers of commodities like packaging and tools.

• Promotional price optimization helps businesses set temporary prices to spur sales of items with long life cycles, such as newly introduced products, products bundled together in special promotions and loss leaders.

• Markdown optimization is well-suited to businesses that sell short life-cycle products that are subject to fashion trends and seasonality. Examples include service businesses like airlines and hotels, and certain kinds of specialty retailers, such as apparel retailers, mass merchants and big-box stores.

　　【1】Chen, Yuxin, James D. Hess, Ronald T. Wilcox and Z. John Zhang. “Leveraging Customer-Level Information for Product-Level Decisions.” University of Virginia, December 2001.

　　【2】Fishman, Charles. “Which Price Is Right?” Fast Company. March 2003, pp. 92-101.

　　【3】Huang, Kosin. “Investing in Price Optimization, Execution, and Analysis Solutions.” CIO analyst report, April 9, 2004.

　　【4】Kinni, Theodore. “Setting the Right Price at the Right Time.” Harvard Management Update, December 2003, pp. 4-6.

　　【5】Langdoc, Scott. “Retailers Are Validating the Need for Lifecycle Retail Price Management Technology.” AMR Research analyst report, September 29, 2004.

　　【6】Parks, Liz. “Price-Optimization Tools: Generating a New Wave of Profits.” Drug Store News, October 7, 2002, p. 1.

　　【7】Rusmevichientong, Paat, Benjamin Van Roy and Peter W. Glynn. “A Non-Parametric Approach to Multi-Product Pricing.” Stanford Knowledgebase , January 2003.