Pricing Simulator & Optimizer Guidebook: How to Build Analytics-Based Applications That Take Your Pricing Results from Mundane to Stellar

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About Pricing Simulator & Optimizer Guidebook: How To

The secret to business success is simple: “Do more of what works and less of what doesn’t.” Business analytics unlock the requisite insights to determine what will work. However, this information is necessary but not sufficient to be successful. The conundrum is how to convert insights into effective marketplace actions. In this book Dr. Schmidt, a 35-year marketing analytics veteran, offers a solution to this perplexing problem within the domain of pricing. He introduces you to Pricing Simulation and Optimization, value-added augmentations to analytics that enable the jump from insights to action. Pricing Simulations evaluate the effects of your pricing actions and those of competitors on your results? Price Optimization focuses on business objectives and the pricing necessary to achieve those goals. These methodologies transform analytic insights into recommendations that lead to specific marketplace actions.The core of this book is a review of four computer applications that do just that. These tools fill information gaps that impede pricing decisions:- Managers have difficulty linking pricing decisions directly to the results that they are after. Understanding how your pricing decisions will impact marketplace results is crucial. These applications estimate the results of pricing decisions prior to marketplace implementation. This allows pre-market adjustments and reduces the risk of a costly failure.- Many pricing analyses are limited to individual products. These applications expand the range of possible analytics from individual products through a multi-category product portfolio. This provides a greater breadth of information and guidance.Dr. Schmidt reviews application functionality, inputs, outputs and their place in pricing decisions.Whether your role is price management, consulting, analysis or you are just curious, this book will provide a new and valuable perspec