PETŘÍČEK, Martin. Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application. Online. In Khalid S. Soliman. Proceedings of the 33rd International Business Information Management Association Conference. 2019, p. 291-297. ISBN 978-0-9998551-2-6.
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Basic information
Original name Maximizing Revenue in the Company Using Price and Its Elasticity – Empirical Application
Authors PETŘÍČEK, Martin.
Edition Proceedings of the 33rd International Business Information Management Association Conference, p. 291-297, 7 pp. 2019.
Other information
Original language English
Type of outcome Proceedings paper
Confidentiality degree is not subject to a state or trade secret
Publication form electronic version available online
Organization unit University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
ISBN 978-0-9998551-2-6
Keywords in English demand, price elasticity, price optimization
Tags International impact, Reviewed
Changed by Changed by: doc. Ing. Martin Petříček, Ph.D., učo 14750. Changed: 23/6/2019 12:36.
Abstract
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.
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