Pricing New Product with Social Effects Consideration

Please enable javascript in your browser.

Boumi, Shahab | 2015

410 Viewed

Type of Document: M.Sc. Thesis
Language: Farsi
Document No: 47971 (01)
University: Sharif University of Technology
Department: Industrial Engineering
Advisor(s): Shavandi, Hassan
Abstract:
The main purpose of this thesis, is the scrutiny of social influences on products sales and prices. That is what probable effects can be imposed on the amount of sale and price of products as a result of customer's satisfaction or dissatisfaction. In this research pricing of a new product is considered which is produced and supplied through market in a monopolized manner for a specific time period. At the first period, people purchase the product given factors such as price, quality, etc. a part of whom, put comments about their experience regarding the product quality on social networks. In following periods, alongside with aforementioned factors, new purchasers also consider positive or negative feedbacks of previous customers. These comments are also fed into the company pricing system and the company update prices based upon the product new demand function. In this study, the pricing strategy is analyzed in both monopoly and competitive manner using optimal control approach, and finally the model is solved with the help of Genetic Algorithm
Keywords:
Optimal Control ; Genetic Algorithm ; Social Influence ; Monopoly Pricing ; Competitive Pricing

No TOC