Definition of Prescriptive Pricing
This pricing approach focuses on both what could potentially happen with the prices in the future, but could also tell you why that could be the case.
Description of Prescriptive Pricing
This method also assists you with how you can utilize a future favorable circumstance, or avoid a negative incident while outlining the impact of each situation.
Advantages of Prescriptive Pricing
Prescriptive analytics constantly takes in new information to continuously update predictions and prescriptions, which allows for the best accuracy possible.
Disadvantages of Prescriptive Pricing
It doesn’t differ much from predictive pricing, so it’s not certain if it’s truly more accurate than predictive analytics.