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Merchandise managers have long dreamt of automated dynamic systems to help them make well-informed pricing decisions. However, such systems have proved as elusive as the Holy Grail - until now, that is. The story of an Austrian DIY retailer shows often undetected opportunities to use valuable information, hidden in retailers’ data warehouses, on consumer reactions to previous price changes in order to make automatic pricing and promotion decisions.
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Natter et al. (2009) studied this question.
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