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As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. [1] [2]
Price optimization utilizes data analysis to predict the behavior of potential buyers to different prices of a product or service. Depending on the type of methodology being implemented, the analysis may leverage survey data (e.g. such as in a conjoint pricing analysis [7]) or raw data (e.g. such as in a behavioral analysis leveraging 'big data' [8] [9]).
Value-based pricing is a fundamental business activity and is the process of developing product strategies and pricing them properly to establish the product within the market. This is a key concept for a relatively new product within the market, because without the correct price, there would be no sale.
Algorithmic pricing is the practice of automatically setting the requested price for items for sale, in order to maximize the seller's profits. Dynamic pricing algorithms usually rely on one or more of the following data. Probabilistic and statistical information on potential buyers; see Bayesian-optimal pricing. Prices of competitors.
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1 ]
The consensus rating on Nike from 37 analysts is a 2.1 out of 5, indicating “buy,” with an average price target of $140.10 in a range of $96, which is lower than the current price.
Discovery - Finding the product pages on various competitor websites. Matching - Determining through algorithms or human intelligence, whether or not the product matches exactly, or if it is a comparable product. Extraction - Process of gathering the price, shipping information, and availability data from the competitor website.
The shoe weighs about 10 pounds and would be impossible to wear. Nonetheless, it fetched a $60,000 price tag in an eBay auction. 7. Nike Air Jordan 4 Retro Eminem “Encore” — $18,000.