Abstract and Keywords
This article describes two specific areas of current research that will be significant for the future of pricing management. One area is the need for more empirical studies of pricing: categorizing and understanding how pricing is performed in different companies and different industries, what pricing processes and organizations are most effective, and what benefits have been delivered by automated systems. A second area is pricing with unknown response – the need for companies to learn about customer response at the same time that they are trying to make money. Some studies have shown that seemingly rational processes by which companies might update their customer response models based on new information could lead to suboptimal pricing. More research is needed to understand how pervasive this issue might be in practice and how such processes could be improved.
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