Dynamic Pricing



Dynamic pricing

Introduction

Dynamic pricing refers to the offer of prices by the company according to the demand in market, customer type, or weather conditions. It is not fixed pricing; rather it is a price determined by the seller and the purchaser at transaction time. After the advent of industrial revolution, mass communication and mass marketing the dynamic pricing lost its significance in the past. Currently, there are many forms of dynamic pricing such as reverse pricing system, group pricing system and auction pricing system. Along with the work by purchaser, the market value of the product also determines the price. ...