ABSTRACT
Because of the very rapidly changing conditions in most markets, pricing analytics can be considered a continuous process where new information must be incorporated in the analysis as soon as it arrives. The pricing analyst first receives the raw price/demand data, then builds a model that aims to optimize the price. Pricing analytics as a tactical and operational function has been derived mainly from the field of management science, and the use of quantitative techniques to set prices in complex and dynamic environments is relatively new. However, it is important to note that the process of setting the right price in both the short and long-term is a very complex task that involves many departments and people.
