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Key Business Analytics by Bernard Marr

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Pricing analytics

What is it?

Pricing analytics is the process of analysing price sensitivity in market segments and it is one of the critical territories of business analytics. Pricing analytics has emerged as an important tool to increase profitability, especially in highly competitive markets where everything that can be done has been done.

How much you charge for your products and services will depend on your pricing strategy and whether you are selling low cost high volume, or high cost low volume – or some compromise in between. Traditionally, companies have priced their products and services using a couple of methods: they either calculate their fixed and variable costs to establish how much it costs the business to supply those products ...

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