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A B2b Price Optimization Model

Author

Listed:
  • Todor Krastevich

    (D. A. Tsenov Academy of Economics, Svishtov, Bulgaria)

Abstract

A prototype of a dynamic price optimization model based on current data from individual sales transactions in a B2B context is presented. The purpose of the model is to optimize bid prices (at the level of the request for quotation), considering the quantities requested, the duration of the last purchase, the influence of the reference prices and loss aversion effects. The model is based on logistic regression and allows for expansion and customization by including other controllablenon-price factors that presumably influence the purchase decision.

Suggested Citation

  • Todor Krastevich, 2020. "A B2b Price Optimization Model," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 114-122.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:114-122
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    More about this item

    Keywords

    business-to-business marketing; pricing; customer relationship management; logistic regression;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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