Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F25619161%3A_____%2F19%3AN0000059" target="_blank" >RIV/25619161:_____/19:N0000059 - isvavai.cz</a>
Result on the web
<a href="https://ibima.org/conference/33rd-ibima-conference/" target="_blank" >https://ibima.org/conference/33rd-ibima-conference/</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application
Original language description
The submitted contribution focuses on presenting the use of price elasticity of demand to optimize revenue of the selected business (in the field of accommodation service). All this with the use of Monte Carlo probability simulation. The contribution presents a methodological approach of log-log regression analysis to determine the coefficient of price elasticity of demand, which is then used in the whole optimization process of the company. The output of the entire contribution is an application of introduced issues that led to increased revenue based on dynamic price management. With the use of price optimization process presented in this paper, the selected company is able to increase the revenue of the company by 7 % per day.
Czech name
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Czech description
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Publication year
2019
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 33rd International Business Information Management Association Conference
ISBN
9780999855126
ISSN
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e-ISSN
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Number of pages
7
Pages from-to
291-297
Publisher name
International Business Information Management Association
Place of publication
Granda
Event location
Granda
Event date
Apr 10, 2019
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000503988801029

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