other · MADOC (University of Mannheim) · 2023

Dynamic pricing process: How to transition from fixed to dynamic pricing?

Vomberg, Arnd

Cited by 2Abstract and details only

Abstract

Dynamic and personalized pricing emerged as novel pricing approaches in the digital age; shifting to these approaches can increase company profits by 3% to 25%. Dynamic pricing allows firms to smoothen demand and supply and to remain competitive facing price pressure. Personalized pricing enables companies to tap into consumers’ different willingness to pay. However, such profit-enhancements only set in if managers make good choices when implementing their company’s pricing approach. Managers need to overcome potential adverse consumer reactions and need to comply with privacy regulations. Managers need to create an appropriate IT infrastructure, synchronize prices in their on- and offline channels, harmonize prices in their product portfolio, and nurture a mindset that is open to automating prices. This book chapter introduces and discusses a systematic dynamic pricing process that provides practical guidance for decision-makers. This discussion enables managers to decide whether and how to implement a dynamic pricing approach.

Cite this paper

APA 7

Vomberg, A. (2023). Dynamic pricing process: How to transition from fixed to dynamic pricing? MADOC (University of Mannheim).

MLA 9

Vomberg, Arnd. “Dynamic pricing process: How to transition from fixed to dynamic pricing?” MADOC (University of Mannheim), 2023.

Chicago

Vomberg, Arnd. 2023. “Dynamic pricing process: How to transition from fixed to dynamic pricing?” MADOC (University of Mannheim).

Harvard

Vomberg, A. (2023) ‘Dynamic pricing process: How to transition from fixed to dynamic pricing?’, MADOC (University of Mannheim).

BibTeX

@misc{vomberg2023dynamic,
  title = {{Dynamic pricing process: How to transition from fixed to dynamic pricing?}},
  author = {Vomberg, Arnd},
  journal = {MADOC (University of Mannheim)},
  year = {2023}
}

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