PRICE OPTIMISATION
INTRODUCTION TO THE PROJECT
The research was conducted to find out what price maximises profit without sacrificing the high demand for the product due to the price being too high nor sacrificing the margins on the product due to the price being too low.
The goal is to experiment with different price levels for the same product in one market place and country to see how sales volumes change with prices and which volume level of products we can be sold for that optimal price range.
As a data scientist it is my responsibility to identify that optimuml prices of products so the items can be sold for maximum profit.
Sales managers and small business owners are faced with the decision of at what price to sell each of their products in each marketplace or country in order to be able to maximize profit. With each line of product being added and a lot of products to monitor, it is very difficult to determine the optimum price for each product. Using proper analytic and research methods to determine the optimal price for each product will help the small business owners and large companies to generate more sales and revenue at the optimum price