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

@inproceedings{23825,
   author = {Petříček, Martin},
   booktitle = {Proceedings of the 33rd International Business Information Management Association Conference},
   editor = {Khalid S. Soliman},
   keywords = {demand, price elasticity, price optimization},
   howpublished = {elektronická verze "online"},
   language = {eng},
   isbn = {978-0-9998551-2-6},
   pages = {291-297},
   title = {Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application},
   year = {2019}
}

TY  - JOUR
ID  - 23825
AU  - Petříček, Martin
PY  - 2019
TI  - Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application
SN  - 9780999855126
KW  - demand, price elasticity, price optimization
N2  - 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.
ER  - 

PETŘÍČEK, Martin. Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application. Online. In Khalid S. Soliman. \textit{Proceedings of the 33rd International Business Information Management Association Conference}. 2019, s.~291-297. ISBN~978-0-9998551-2-6.