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Optimal pricing for mobile manufacturers in competitive market using genetic algorithm

Authors :
Sohn, So Young
Moon, Tae Hee
Seok, Kim Jong
Source :
Expert Systems with Applications. Mar2009 Part 2, Vol. 36 Issue 2, p3448-3453. 6p.
Publication Year :
2009

Abstract

Abstract: As mobile communication market grows rapidly, in Korea, competitive strategies in mobile phone manufacturers are crucial. However, the way the mobile phone manufacturers adopt a pricing policy is not flexible enough to maximize the profit under the competitive environment. In this paper, we derive a dynamic pricing model for considering the price change of product itself but also the relative price change of competing products. Scenario analysis is performed to find optimal pricing policy based on genetic algorithm. Our proposed model is expected to provide adaptable pricing policy in a competitive market for a mobile phone set. [Copyright &y& Elsevier]

Details

Language :
English
ISSN :
09574174
Volume :
36
Issue :
2
Database :
Academic Search Index
Journal :
Expert Systems with Applications
Publication Type :
Academic Journal
Accession number :
35527967
Full Text :
https://doi.org/10.1016/j.eswa.2008.02.051