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Research of Dynamic Pricing of Perishable Product Based on Consumers’ Behavior

Author: XuJunYan
Tutor: MaQinHai
School: Northeastern University
Course: Business management
Keywords: perishable product dynamical pricing heterogeneity perishable product strategy consumers
CLC: F224
Type: Master's thesis
Year: 2009
Downloads: 118
Quote: 0
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Abstract


Due to economic globalization, product proliferation, customer demand becomes highly uncertain across many industry sectors, which brings the huge difficulties to the enterprises. Compare to the other kind of products or services, the perishable product' dissertation">perishable products have some special characters, such as the shorter product lifecycle, the more discriminating customers demand, the more fierce market competition, the more stern challenge enterprises face.Based on the diversity of consumers in the real life, this article is taken into account the heterogeneity of consumers, that is, consumers are different from the valuation of product, and the application of the gamma function to express buying products probability on a certain level of consumers’ heterogeneity. Through data analysis, it studies the impact to seller pricing decision on different levels of consumers’heterogeneity. The main content is listed as follows:(1) Pricing model for perishable product considering myopic consumer with heterogeneity. The maximum concave envelope theorem is applied to obtain the optimal price set.In accordance with the optimal the nature of the model, calculating time periods of each optimal price. The more close to the end of sale, the lower price is set. In addition, the model is applied to an example to make a comparative analysis.(2) Pricing model for perishable product considering strategy consumers with heterogeneity. The paper proposes two pricing models on the basis of consumers’ strategic behavior:contingent and announced fixed-discount. In both cases, the seller acts as a Stackelberg leader announcing his pricing strategy, while consumers act as followers taking the seller’s strategy as given and determining their purchasing behavior. Through conducting a numerical study, it shows strategic customer behavior brings the negative impact. It appears particularly large when there is a larger degree of heterogeneity in base valuations. It is found that the seller cannot avoid the adverse impact of strategic consumer behavior even under low levels of initial inventory. Considering strategic consumer behavior, announced pricing model can be advantageous to the seller, compared to contingent pricing model, when the number of units are sufficiently high, with high level of heterogeneity and the discount offered at a late part of the season. When the seller incorrectly assumes that strategic customers are myopic in their purchasing decisions, it can be quite costly, reaching potential revenue losses of about 15%.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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