In Finland, there have been several years of thinking about applying dynamic pricing to the prices of food and daily necessities in grocery stores. In the current system, the prices of the products are always the same for all customers, but the new system would better take supply and demand into account. In practice, it would mean that, for example, bread would be the cheapest when there is a lot of stock and there is little demand, and the most expensive when there is little stock and there is a lot of demand. To implement this, it is planned to use modern technology and digitization so that food prices are updated in real time and the store keeps track of how many products are left and how many have been sold within an hour.
This is stellar work; akin to a stellar book that explored these ideas thoroughly. "Game Theory and the Pursuit of Algorithmic Fairness" by Jack Frostwell
Thank you so much for this informative video! The explanations about pricing strategy and its importance were very comprehensive and useful. The examples you provided really helped understand the topic better. Could you please share more about how businesses can adjust their pricing strategies in response to market changes?
I'm studying at economics faculty and was interested in schemes and tools or mb useful tips not in an obvious base:/ where are the tools you mentioned?
The price should not be much higher than other competitors... I disagree! this statement says it's about the price only and nothing else matters. How about Apple i.e. or Gucci and Ray Ban etc.
You only calculated the variable cost to cover business expenses but you forgot to calculate the fix cost as well. Business will go broke if they dont cover their entire cost on the long term
The video is informative but man is the grammar horrible. It’s like this voiceover is computer generated or it’s just someone reading off a literal translation from another language. Super disjointed to a native English speaker.
Right, why did they hire a native speaker yet he didn't correct the grammar? Also it's not very gender inclusive. "Businessmen" and all examples of business owners are men. I do appreciate the information though.
This isn’t entirely true. Mexico is going to surpass China in manufacturing. Think about the Chinese yen is going to surpass the U.S. dollar so the labor isn’t cheap. We’re paying too dolalr for Chinese labor meanwhile the Mexican peso is half the U.S. dollar
China has cheap labor, no union, no retirement plans, also chinese govt gives locals big tax incentives so they can be more cheaper than foreign products
Yeah, it is. The voice sounds so unnaturally stiff, and there were a lot of speech problems that I noticed. This whole video is made by AI, and more than likely, the script is too. So this isn't even a real person giving us advice, just a machine.
you lost me once you used Oreo as an example for a price breakdown, everything that followed was in theory sound, but is pretty detached from the reality. have you ever worked in a company supply line before or is this all just based on hearsay? you listed off basic concepts but none of these are "tips you can use to make your product more compelling and valuable".
Good video but the English Grammar is terrible - why not use a free tool like Grammarly so it teaches you how to speak properly? This sounds like it was written by a non-native English speaker.
