Pricing has been around for as long as long as there has been trading. But pricing is distinct from revenue management. The new EURO Working Group (EWG)’s goal is to promote the concept of revenue management.
The latter focuses on data, mathematics and computers in order to achieve a better understanding of purchasing behavior and to produce a better pricing model. Pricing techniques that we focus on tend to be operational. They answer such questions as: What price do I offer the next customer who walks through the door? These are not the kinds of questions that marketing departments ask. They, for example, want to determine static price lists and run promotions. Revenue management techniques in particular are frequently used in high volume, computer-automated transactions of the kind that characterizes the travel industry, in which millions of forecasts and price changes occur every day.
The purpose of this new EURO Working Group is to advance the development and application of Operations Research methods, techniques and tools as they apply to the field of Pricing and Revenue Management. The group’s meetings should encourage the exchange of information among practitioners, users, and researchers in the area of Revenue Management and Pricing.
We will organize an annual (or biennial) meeting in Europe with talks by researchers and practitioners. We also send out a newsletter every 6 months informing the members of activities relevant to the group and with invitations to the meetings. We are looking forward to meeting you soon!
Kind regards,
Joern Meissner
KLU Kühne Logistics University
Luce Brotcorne
INRIA Lille Nord Europe