?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=http%3A%2F%2Fmiis.maths.ox.ac.uk%2Fmiis%2F673%2F&rft.title=Customer+Focused+Price+Optimisation&rft.creator=Caravenna%2C+L.&rft.creator=Dewynne%2C+J.&rft.creator=Farmer%2C+C.&rft.creator=Jones%2C+O.&rft.creator=Lund%2C+C.+O.&rft.creator=Melnik%2C+S.&rft.creator=Pawlowska%2C+B.&rft.creator=Wilson%2C+E.&rft.subject=Food+and+Drink&rft.subject=Retail&rft.subject=Decision+making&rft.subject=Data+processing&rft.description=Tesco+want+to+better+understand+how+to+set+online+prices+for+their+general+merchandise+(i.e.+not+groceries+or+clothes)+in+the+UK.+Because+customers+can+easily+compare+prices+from+different+retailers+we+expect+they+will+be+very+sensitive+to+price%2C+so+it+is+important+to+get+it+right.+There+are+four+aspects+of+the+problem.%0D%0A%E2%80%A2+Forecasting%3A+Estimating+the+customer+demand+as+a+function+of+the+price+chosen+(especially+hard+for+products+with+no+sales+history+or+infrequent+sales).%0D%0A%E2%80%A2+Objective+function%3A+What+exactly+should+Tesco+aim+to+optimise%3F+Sales+volume%3F+Profit%3F+Profit+margin%3F+Conversion+rates%3F%0D%0A%E2%80%A2+Optimisation%3A+How+to+choose+prices+for+many+related+products+to+optimise+the+chosen+objective+function.%0D%0A%E2%80%A2+Evalution%3A+How+to+demonstrate+that+the+chosen+prices+are+optimal%2C+especially+to+people+without+a+mathematical+background.%0D%0AAggregate+sales+data+was+provided+for+about+400+products+over+about+2+years+so+that+quantitive+approaches+could+be+tested.+For+some+products+competitors%E2%80%99+prices+were+also+provided.&rft.date=2014&rft.type=Study+Group+Report&rft.type=NonPeerReviewed&rft.format=application%2Fpdf&rft.language=en&rft.identifier=http%3A%2F%2Fmiis.maths.ox.ac.uk%2Fmiis%2F673%2F1%2FstudyGroupReport.pdf&rft.identifier=++Caravenna%2C+L.+and+Dewynne%2C+J.+and+Farmer%2C+C.+and+Jones%2C+O.+and+Lund%2C+C.+O.+and+Melnik%2C+S.+and+Pawlowska%2C+B.+and+Wilson%2C+E.++(2014)+Customer+Focused+Price+Optimisation.++%5BStudy+Group+Report%5D+++++