Optimal pricing for mobile manufacturers in competitive market using genetic algorithm

Authors:
So Young Sohn;Tae Hee Moon;Kim Jong Seok
Affiliations:
Department of Information and Industrial Engineering Yonsei University, Seoul, Republic of Korea;Department of Information and Industrial Engineering Yonsei University, Seoul, Republic of Korea;Department of Information and Industrial Engineering Yonsei University, Seoul, Republic of Korea
Venue:
Expert Systems with Applications: An International Journal
Year:
2009

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Abstract

As mobile communication market grows rapidly, in Korea, competitive strategies in mobile phone manufacturers are crucial. However, the way the mobile phone manufacturers adopt a pricing policy is not flexible enough to maximize the profit under the competitive environment. In this paper, we derive a dynamic pricing model for considering the price change of product itself but also the relative price change of competing products. Scenario analysis is performed to find optimal pricing policy based on genetic algorithm. Our proposed model is expected to provide adaptable pricing policy in a competitive market for a mobile phone set.