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Dynamic decision calculus : formulating long-run strategies

Authors Parker, Philip M.
Sarvary, Miklos
Issue Date 1994-05
Summary This paper presents a general approach to assist managers in strategically setting prices and allocating resources over the product, brand, or adoption (diffusion) life cycle. While substantial theoretical work has been achieved in this area in the management science and operations research disciplines, approaches which can be implemented as managerial tools are generally lacking. Our methodology, which has been applied as a PC-based decision support tool in the telecommunications industry, marries the optimal control literature with decision calculus approaches offering sufficient flexibility for applied contexts. We discuss the approach and describe its use to derive optimal price and advertising policies. Strategies not commonly suggested using traditional formulations are also presented.
Language English
Format Working paper
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