Pricing by intuition: Managerial choices with limited information |
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Authors: | Alexander Rusetski |
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Institution: | York University, School of Administrative Studies, 4700 Keele St., Toronto, ON M3J 1P3, Canada |
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Abstract: | In making pricing decisions, managers can chose from several pricing strategies. To ensure long-term business success, pricing choices need to balance numerous requirements, from revenue streams to keeping customers happy. The complexity of pricing decisions and time pressures that often accompany them prompt the need for fast, simplified decision algorithms. The present exploratory study examines the ways in which considerations of price fairness and competitive strategy combine in managers' decisions regarding the price level. |
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Keywords: | Pricing Pricing strategies Decision-making Heuristics Brand strength Cluster analysis |
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