Variable Pricing & Real Time Pricing: The Standard Pricing Methods for Products and Services
Definition of Variable Pricing & Real Time Pricing
Variable Pricing is defined as the pricing technique as per which the prices of certain products or services are decided upon by marketers.
Technology has progressed over the last few years, and it has introduced a variant of Variable Pricing known as Real-Time Pricing. This pricing technique of is utilized by marketers because in some markets the occurrence of events is so fast that marketers do not get sufficient time to set a fixed price or engage in time-consuming negotiations with consumers. Many marketers practice this kind of dynamic pricing since by the time all the data to decide upon a price is available, the market scenario changes in totality.
Textbooks on Variable Pricing & Real Time Pricing
When it comes to an exciting concept like Variable or Real Time Pricing, marketers should study some related textbooks for grasping these pricing techniques to face dynamically changing markets. Here are some details regarding textbooks on Variable & Real Time Pricing:
- Pricing and Revenue Optimization by Robert Philips (Published by Stanford University Press – Year 2005).
- Modern Energy Markets: Real-Time Pricing, Renewable Resources and Efficient Distribution by Maria Kopsakangas-Savolainen and Rauli Svento (Published by Springer Science & Business Media – Year 2012).
Examples of Variable Pricing & Real Time Pricing
Example 1: An interesting example of Variable Pricing is discounts. Discounts are the reductions that are made to the basic prices of products or services. They act as visible variable pricing methods since they change with the season. Many marketers prefer to offer huge discounts on their products or services during festivals but avoid providing them during off seasons. During off seasons, marketers provide less or no discounts on their products or services for the consumers. They feel that events like festivals are the best time to attract most of the shoppers towards their brand by providing discounts that are attractive variable prices.
Example 2: Another interesting example of Real Time Pricing is an online auction pricing technique concept like eBay or Amazon. In this case, all the members of these websites can take notice of the price changes immediately after they take place on the website. This Real Time Pricing system decreases the transaction costs for bidders, increases their number and the average bid price too.
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