Dynamic Pricing Models in Supply Chain Management: Adapting
Dynamic pricing has revolutionized supply chain management by providing a flexible pricing approach that reflects real-time market conditions. This approach is not only a response to the complexity of the global marketplace, but also a strategic tool companies use to optimize revenue, increase customer satisfaction, and remain competitive. Let’s explore the different aspects of dynamic pricing models, how they work in supply chain management, and their role in adapting to market fluctuations and changes in demand. Also read: Competitive Advantage: Improving Supply Chain Management with AI, Blockchain, and Analytics Understanding Dynamic Pricing in Supply Chain Management Dynamic pricing is a real-time strategy where prices are adjusted based on a variety of factors, including supply and demandcompetitor pricing, customer behavior, and market trends. In the context of supply chain management, dynamic pricing models help companies adjust pricing strategies based on changing market conditions, thereby increasing flexibility and responsiveness. The role of technology in dynamic pricing Technological advancement Make dynamic pricing more…
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