SUMMARY:
Ideally, prices should be set to maximize revenue. But if demand for a product changes, prices also have to change to reach total efficiency. How do you know if you’re setting the best price possible?
See how a major league baseball team tested dynamic pricing for tickets to home games. They sold 20% more tickets in sections where the dynamic pricing was offered -- but the program hasn’t been a grand slam. Find out how they managed challenges, set prices and sold more tickets.
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