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

Kód výsledku v 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>

Výsledek na webu

<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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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50204 - Business and management

Projekt

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Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Proceedings of the 33rd International Business Information Management Association Conference

ISBN

9780999855126

ISSN

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e-ISSN

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Počet stran výsledku

7

Strana od-do

291-297

Název nakladatele

International Business Information Management Association

Místo vydání

Granda

Místo konání akce

Granda

Datum konání akce

10. 4. 2019

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000503988801029