Price is the only revenue-generating constituent of the marketing mix, and rest (promotions, place, and product) are cost centres. Any pricing decision does not only satisfy the short-term business needs but sees the long-lasting impact on future growth prospects of the organisation as well. In a competitive market of homogeneous products, price is the only incentive for any consumer to make a purchase decision. Many companies rely on manual inputs for a pricing decision. However, these human-based methods are suboptimal, expensive, and prone to behavioural bias.
I am working on a multidisciplinary PhD project related to fuel pricing in association with Tesco, the largest retailer of motor fuel in the British market. We aim to develop a robust pricing algorithm by using recent advancements in Operational Research, Artificial intelligence, and Combinatorics, to generate an optimal selling price of motor fuel. Although the underlying stock is motor fuel, we are functioning to produce data-driven algorithms applicable to a broader range of non-perishable products.
Lead Academic Supervisors
