The Use of Statistical Analysis in the Formation of Product Prices in Market Conditions

Abstract

The purpose of this article is to develop recommendations on the use of statistical analysis in the formation of product prices. Such a process as price formation, especially in market conditions, requires a reasonable approach that takes into account the results of the analysis of variation, dynamics and correlation of prices in time and space. In turn, such an analysis requires the availability of certain statistical information, therefore, the article consistently discusses: the principles underlying the formation of prices and the list of those types of evaluation for which this information is needed; factors that should be taken into account at the stage of product pricing, as well as their impact on demand curves; assessment of demand elasticity, which in turn allows to assess the profitability of sales and, accordingly, the estimated profit from sales. The article presents the directions and methods of statistical analysis necessary for the formation of product prices.