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Pricing Analytics - Models and Advanced Quantitative Techniques for Product Pricing (Paperback)
Loot Price: R1,296
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Pricing Analytics - Models and Advanced Quantitative Techniques for Product Pricing (Paperback)
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The theme of this book is simple. The price - the number someone
puts on a product to help consumers decide to buy that product -
comes from data. Specifically, itcomes from statistically modeling
the data. This book gives the reader the statistical modeling tools
needed to get the number to put on a product. But statistical
modeling is not done in a vacuum. Economic and statistical
principles and theory conjointly provide the background and
framework for the models. Therefore, this book emphasizes two
interlocking components of modeling: economic theory and
statistical principles. The economic theory component is sufficient
to provide understanding of the basic principles for pricing,
especially about elasticities, which measure the effects of pricing
on key business metrics. Elasticity estimation is the goal of
statistical modeling, so attention is paid to the concept and
implications of elasticities. The statistical modeling component is
advanced and detailed covering choice (conjoint, discrete choice,
MaxDiff) and sales data modeling. Experimental design principles,
model estimation approaches, and analysis methods are discussed and
developed for choice models. Regression fundamentals have been
developed for sales model specification and estimation and expanded
for latent class analysis.
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