Abstract
Product pricing in a competitive market is a sensitive decision that must consider both endogenous and exogenous factors. A product's existing price, established position, life cycle stage, production experience, price elasticity, consumer value, competition, as well as financial and market share goals are some of the major considerations. Given these factors, a portfolio of products can be directed towards achieving individual product goals in addition to overall financial goals. This paper presents a stochastic mathematical programming model to determine individual product pricing over a planning horizon considering the above factors. The performance of the model is evaluated through an example with respect to various unique product characteristics.
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