An Effective Promotion Policy to Maximize Profits
Authors: Anand Srinivasan, Tom Tang
Abstract
Marketing teams often face the challenge of designing an effective promotion policy to maximize return-on-investment without exceeding the allocated budget. Firms often fall short of designing effective promotion programs due to the inherent complexity of understanding their customers’ willingness-to-pay a price. This work presents a framework to design an effective promotions program considering customer willingness-to-pay using optimization. A case study is presented to demonstrate the approach and its effectiveness.
Request the Presentation
More Publications
-
Automotive Innovation Series, Part 3: Forecasting Using ML & Data Science
-
Legal Intelligence: Transforming Legal Departments with Analytics & Data Solutions
-
Transforming Labor Cost Management for Automotive: A Kaizen Success Story
-
Automotive Innovation Series, Part 2: Optimization Using ML & Data Science