What Exactly Is Dynamic Pricing?
Finally, the restaurant industry is starting to talk about dynamic pricing!! The reason I say finally is that the first study that Jochen Wirtz and I did on this was 20 years ago!!! In a way, it's sort of ironic that it's taken so long, but if a 'fancy' term does the job, that's fine!
What exactly is dynamic pricing? And, do you necessarily need to use a lot of math to implement a pricing policy? The answer is a resounding NO!!!
Danny Klein of QSR Magazine has kindly allowed me to conduct a survey of his subscribers in which I asked them what they think dynamic pricing is, how they think it will progress and the challenges that they see.
To read the first article, please go to: