Journal of Revenue and Pricing Management最新文献_第3页

Sales prediction hybrid models for retails using promotional pricing strategy as a key demand driver 以促销定价策略为主要需求驱动因素的零售业销售预测混合模型

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-04-09 DOI: 10.1057/s41272-024-00477-7

Naragain Phumchusri, Nichakan Phupaichitkun

{"title":"Sales prediction hybrid models for retails using promotional pricing strategy as a key demand driver","authors":"Naragain Phumchusri, Nichakan Phupaichitkun","doi":"10.1057/s41272-024-00477-7","DOIUrl":"https://doi.org/10.1057/s41272-024-00477-7","url":null,"abstract":"The implementation of promotional pricing strategies constitutes a key component within the realm of retail revenue management. Nonetheless, the accurate prediction of sales in the presence of price discounts proves challenging due to the influence of various factors that contribute to demand uncertainty and high fluctuations. This study aims to find the most suitable prediction models for retail product unit sales while comprehensively accounting for the complex impacts of contributing factors. The dataset, sourced from a case study of a retail company, spans the temporal interval from January 2020 to December 2022. The predictive models, encompassing linear regression, random forest, XGBoost, artificial neural networks, and hybrid machine-learning models, are systematically developed. Then, the identification of the most suitable model is facilitated through the computation and comparative analysis of the Mean Absolute Percentage Error, with due consideration given to the weighting by the respective product’s revenue, thereby offering a comprehensive assessment of overall performance. Additionally, different types of feature selection are experimented. Factors used in machine learning models are either using all the independent variables or using significant factors from the stepwise method, and either considering or not considering exogenous factors of other products in the same cluster grouped by category, subcategory, or K-means method. The result shows that the series hybrid model of random forest and XGBoost outperformed others. Considering factors affecting sales, it is found that the promotion period factor was the most important, followed by discount percentage and price factors. This research provides analytics framework for sales prediction for retails using promotional pricing as a key demand driver.","PeriodicalId":46686,"journal":{"name":"Journal of Revenue and Pricing Management","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140591205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Trends and persistence in global olive oil prices after COVID-19 COVID-19 之后全球橄榄油价格的趋势和持续性

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-04-09 DOI: 10.1057/s41272-024-00481-x

Manuel Monge

引用次数: 0

Enhancing robustness to forecast errors in availability control for airline revenue management 增强航空公司收益管理可用性控制对预测误差的稳健性

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-04-09 DOI: 10.1057/s41272-024-00475-9

Tiago Gonçalves, Bernardo Almada-Lobo

{"title":"Enhancing robustness to forecast errors in availability control for airline revenue management","authors":"Tiago Gonçalves, Bernardo Almada-Lobo","doi":"10.1057/s41272-024-00475-9","DOIUrl":"https://doi.org/10.1057/s41272-024-00475-9","url":null,"abstract":"Traditional revenue management systems are built under the assumption of independent demand per fare. The fare adjustment theory is a methodology to adjust fares that allows for the continued use of optimization algorithms and seat inventory control methods, even with the shift toward dependent demand. Since accurate demand forecasts are a key input to this methodology, it is reasonable to assume that for a scenario with uncertainties it may deliver suboptimal performance. Particularly, during and after COVID-19, airlines faced striking challenges in demand forecasting. This study demonstrates, firstly, the theoretical dominance of the fare adjustment theory under perfect conditions. Secondly, it lacks robustness to forecast errors. A Monte Carlo simulation replicating a revenue management system under mild assumptions indicates that a forecast error of (pm 20%) can potentially prompt a necessity to adjust the margin employed in the fare adjustment theory by (-10%). Moreover, a tree-based machine learning model highlights the forecast error as the predominant factor, with bias playing an even more pivotal role than variance. An out-of-sample study indicates that the predictive model steadily outperforms the fare adjustment theory.","PeriodicalId":46686,"journal":{"name":"Journal of Revenue and Pricing Management","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140591772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Strategic-level perceived fairness of hotel dynamic pricing: the role of cues and the asymmetric moderating effect of inflation attribution 酒店动态定价的战略层面公平感：线索的作用和通货膨胀归因的非对称调节作用

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-04-08 DOI: 10.1057/s41272-024-00479-5

Rui Qi, Dan Jin, Han Chen, Xichen Mou, Faizan Ali

{"title":"Strategic-level perceived fairness of hotel dynamic pricing: the role of cues and the asymmetric moderating effect of inflation attribution","authors":"Rui Qi, Dan Jin, Han Chen, Xichen Mou, Faizan Ali","doi":"10.1057/s41272-024-00479-5","DOIUrl":"https://doi.org/10.1057/s41272-024-00479-5","url":null,"abstract":"This study examines consumers’ perceived fairness of hotel dynamic pricing, particularly in the evolving contexts of inflation and the post-pandemic phase. Instead of focusing solely on individual price points or price increases, this study develops a fairness model of dynamic pricing at the strategy level. It incorporates both social and physiological cues and broader contextual factors, given the inherent uncertainty surrounding the equality of outcomes. A sample of 579 U.S. consumers was recruited using Qualtrics consumer panel services. The study employs an orthogonalizing approach to eliminate the collinearity introduced by creating interaction terms. Rather than relying on internal price comparison, this study finds that consumers rationalize the pricing strategy based on two key cues: negative emotions and corporate social responsibility (CSR). Moreover, the study reveals an asymmetric effect of inflation attribution in moderating the cue-fairness linkage. Attributing dynamic pricing to inflation buffers the adverse effect of negative emotions while not enhancing the positive effect of CSR. Lastly, the study indicates that consumers’ perceived fairness of dynamic pricing increases consumer loyalty while decreasing revenge.","PeriodicalId":46686,"journal":{"name":"Journal of Revenue and Pricing Management","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140591230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Customer type discovery in hotel revenue management: a data mining approach 酒店收益管理中的客户类型发现：一种数据挖掘方法

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-04-05 DOI: 10.1057/s41272-024-00474-w

Hamed Sherafat Moula, S. Hadi Yaghoubyan, Razieh Malekhosseini, Karamollah Bagherifard

{"title":"Customer type discovery in hotel revenue management: a data mining approach","authors":"Hamed Sherafat Moula, S. Hadi Yaghoubyan, Razieh Malekhosseini, Karamollah Bagherifard","doi":"10.1057/s41272-024-00474-w","DOIUrl":"https://doi.org/10.1057/s41272-024-00474-w","url":null,"abstract":"Demand estimation is a fundamental component of revenue management systems. The demand for a product can be ascertained from the customers who purchase it. Identifying customer types in this context is a challenging endeavor, recently resolved using meta-heuristic and mathematical techniques. Meta-heuristics leverage the scarcity of data in the search space, commencing with random samples and employing the fitness function as a guide during operations. Our proposed approach generates the search space by incorporating supplementary data to identify valuable customer types. We employ a new period table with additional data to achieve this objective. Subsequently, we reduce the search space through data mining's clustering method and ultimately employ a greedy algorithm and fitness function to identify valuable customer types and construct our solution. To validate our approach, we compare our solution and the most recent research in this field, including genetic, memetic, and mathematical approaches. Compared to memetic methods, our results indicate that our solution has a smaller length, with a maximum reduction of 34%, and exhibits improvement in log value, with a maximum of 7%.","PeriodicalId":46686,"journal":{"name":"Journal of Revenue and Pricing Management","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140591207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Furthering the science of revenue management 促进收入管理科学的发展

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-03-23 DOI: 10.1057/s41272-024-00476-8

Ian Yeoman

引用次数: 0

Reinforcement learning for freight booking control problems 货运预订控制问题的强化学习

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-03-16 DOI: 10.1057/s41272-023-00459-1

Justin Dumouchelle, Emma Frejinger, Andrea Lodi

引用次数: 0

Calculation of product service systems in single and small batch production 单件和小批量生产中产品服务系统的计算

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-03-02 DOI: 10.1057/s41272-023-00455-5

Günther Schuh, Gerret Lukas, Julian Schweins, Julian Trisjono, Julius Frank

引用次数: 0

Do petroleum price fluctuations under price deregulation cause business cycles in Ghana? 放松价格管制下的石油价格波动会导致加纳的商业周期吗？

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-02-28 DOI: 10.1057/s41272-023-00466-2

Frank Gyimah Sackey, Richard Kofi Asravor, Emmanuel Orkoh, Isaac Ankrah

{"title":"Do petroleum price fluctuations under price deregulation cause business cycles in Ghana?","authors":"Frank Gyimah Sackey, Richard Kofi Asravor, Emmanuel Orkoh, Isaac Ankrah","doi":"10.1057/s41272-023-00466-2","DOIUrl":"https://doi.org/10.1057/s41272-023-00466-2","url":null,"abstract":"In the context of volatilities in the international markets in recent times, studies regarding the complexities of oil price fluctuations have focussed on analysing the special fluctuation characteristics of oil prices in different historical perspectives. This study examines the extent to which petroleum price fluctuations under the petroleum price deregulation regime impact on business cycles in Ghana. The study uses the autoregressive distributed lag (ARDL) model with a quarterly data spanning from the first quarter of 2005 to the fourth quarter of 2022. Our empirical results show that price stability impacts positively on economic growth, both in the short and the long run, while foreign direct investment also has a positive effect on economic growth in the short run. Again, we observe that increases in inflation rate and government petroleum revenue negatively affect economic growth both in the short and the long run. To the best of the authors’ belief and knowledge, the observations and recommendations made are consistent with theory and empirical studies and contribute immensely to the discussions about price asymmetry and business cycles. It also offers a nuanced perspective on how policy makers can enact policies that ensure efficient and effective deregulation and price stability.","PeriodicalId":46686,"journal":{"name":"Journal of Revenue and Pricing Management","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140011031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Optimal pricing of subscription services in the restaurant industry 餐饮业订阅服务的最优定价

IF 1.6

Journal of Revenue and Pricing Management Pub Date : 2024-02-13 DOI: 10.1057/s41272-023-00470-6

引用次数: 0