Last version published: 06/11/2018 16:51
Publication number: ELQ-56576-2
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Pricing Analytics PPT: Find the optimal price of your product
Estimating Demand Curves Without Price Elasticity to determine the optimal price that maximizes your profit margin.
The most common way of constructing demand curves depends on the product’s price elasticity. But what if that input is not available, or the figures cannot be obtained for a given product?
Another way to do this is by making reasonable estimates of the demand for a product at its high, median and low price points, which then allows you to construct an estimate of the demand curve over the range of those given prices.
The following downloadable presentation shows how you can use Excel’s line fitting and solver functionality to construct an estimate of the demand curve, without having to know the price elasticity of the product at hand.
This will allow you to determine the optimal price for the product, which will maximize your profit margin.
The attached PDF Document includes 33 slides which you can use as a support to the YouTube video attached.
-> Best price – price that yields max profits, not necessarily max
-> Excel’s Solver tool can be used to construct useful pricing
Solver tries all reasonable solutions that fit the specified model
-> Chooses optimal solution – values for variable cells that
produce best value for target cell
- Michael Lamont
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Discussion feed for Pricing Analytics PPT: Find The Optimal Price Of Your Product
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- Hey it says Ijust downloaded the file but I dont see it, why is that?1arrow_drop_uparrow_drop_downReply reply
- Hey Lorraine,
Thanks for your message. Sure! So here is the process to access your PDF file:
1/ Go to https://www.eloquens.com/account/products
2/ Then click on the Blue Title
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4/ Go to your "Downloads" folder on your PC/Mac and access the PDF file from here
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The Eloquens Support Teamarrow_drop_uparrow_drop_downReply reply