Search results
Results from the WOW.Com Content Network
For example, a soda bottle can have different packaging variations, flavors, nutritional values. It is possible to optimize a product by making minor adjustments. Typically, the goal is to make the product more desirable and to increase marketing metrics such as Purchase Intent, Believability, Frequency of Purchase, etc.
Companies have achieved financial benefits by employing inventory optimization. A study by IDC Manufacturing Insights found that many organizations that utilized inventory optimization reduced inventory levels by up to 25 percent in one year and enjoyed a discounted cash flow above 50 percent in less than two years. [5] For example:
Price optimization utilizes data analysis to predict the behavior of potential buyers to different prices of a product or service. Depending on the type of methodology being implemented, the analysis may leverage survey data (e.g. such as in a conjoint pricing analysis [7]) or raw data (e.g. such as in a behavioral analysis leveraging 'big data' [8] [9]).
Examples of alternatives to utility maximisation due to bounded rationality are; satisficing, elimination by aspects and the mental accounting heuristic. The satisficing heuristic is when a consumer defines an aspiration level and looks until they find an option that satisfies this, they will deem this option good enough and stop looking.
For example, the creation of truckloads as economic shipment units requires optimization systems to ensure that axle constraints and space constraints are met while loading can be achieved in a damage-free way. This is generally achieved by continuing to add time-phased requirements until the loads meet some minimum weight or cube.
These are at times competing, at times complementary—either debating the overall level of government involvement, or the effects of specific government involvement. Broadly speaking, this dialog takes place in the context of economic liberalism or neoliberalism , though these terms are also used more narrowly to refer to particular views ...
The distinction between real prices and ideal prices is a distinction between actual prices paid for products, services, assets and labour (the net amount of money that actually changes hands), and computed prices which are not actually charged or paid in market trade, although they may facilitate trade. [1]
It is also different from product economic life which refers to the point where maintaining a product is more expensive than replacing it; [2] from product technical life which refers to the maximum period during which a product has the physical capacity to function; [3] and from the functional life which is the time a product should last ...