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Dec 21, 2024
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MKT 680 - Pricing, Revenue, and Predictive Analytics (3 units)
Matching demand with supply is essential for managing businesses. Revenue management focuses on managing demand, without attempting to manage the supply, through pricing analytics that predicts consumer behavior at the micro-market levels and optimize product availability and price to maximize revenue growth. The demand must be understood first to be managed; this understanding mainly comes from statistical forecasting and predictive analytics.
Grading Basis: Graded
Units of Lecture: 3
Offered: Every Fall and Spring
Student Learning Outcomes
Upon completion of this course, students will be able to:
1. list and relate demand drivers to demands in specific industries.
2. derive and compute price-demand relationship, optimal prices, and revenues.
3. identify revenue management and forecasting practices.
4. formulate revenue and pricing optimization problems and solve them for optimal solutions.
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