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Applied Aspects of Automated Pricing in B2C Marketing

Author

Listed:
  • Evgeniya Tonkova

    (University of Economics - Varna)

Abstract

Technological developments over the past two decades have had a strong impact on the marketing elements. New opportunities for marketing creativity have been revealed that go beyond the traditionally best covered areas: product development and advertising. The application of innovations in pricing decisions and in the technology of their implementation in marketing is an important step towards the successful sale of products on B2C markets. Balancing investment in innovations according to the components of the marketing mix is a necessity in the new conditions of competition and market dynamics. Automated pricing has great potential for use on B2C online and offline markets. Its implementation is aimed at absorbing the yield potential based on "the price that the consumer is willing to pay" under certain circumstances and under the influence of specific factors. The linking of automated pricing with the costs and risks accompanying the marketing of products and services is also of interest. The paper deals with the significant applied aspects of automated pricing in B2C marketing and presents the views of companies on their applicability and concrete benefits for businesses and consumers.

Suggested Citation

  • Evgeniya Tonkova, 2017. "Applied Aspects of Automated Pricing in B2C Marketing," International Conference on Marketing and Business Development Journal, The Bucharest University of Economic Studies, vol. 1(1), pages 68-73, July.
    • Handle: RePEc:aes:icmbdj:v:1:y:2017:i:1:p:68-73
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    References listed on IDEAS

    as
    1. Nakamura, Emi & Steinsson, Jón, 2011. "Price setting in forward-looking customer markets," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 220-233.
    2. Alberto Cavallo, 2017. "Are Online and Offline Prices Similar? Evidence from Large Multi-channel Retailers," American Economic Review, American Economic Association, vol. 107(1), pages 283-303, January.
    3. Kris Johnson Ferreira & Bin Hong Alex Lee & David Simchi-Levi, 2016. "Analytics for an Online Retailer: Demand Forecasting and Price Optimization," Manufacturing & Service Operations Management, INFORMS, vol. 18(1), pages 69-88, February.
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    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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