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Definition: Personalized Pricing is an advanced form of dynamic pricing, in which pricing is done by processing a large amount of users' data, which is commonly known as "Big Data." This includes a lot of information, like past purchase behavior, list of websites visited, geolocation, emails and search results among many other things. With improved technology, it is possible to process millions of data points, build individual profiles, and predict online consumer behaviour. This information can be used to advertise a specific product to a consumer or to predict customer behaviour online. |
More on pricing: By-Product Pricing, Cost-based Pricing, Decoy Effect, Demarketing, Dynamic Pricing, more on pricing... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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