Dynamic Pricing
Dynamic pricing is a pricing strategy in which the price of a product or service is adjusted in real-time based on various factors such as demand, supply, competition, and other market conditions. In the aviation industry, dynamic pricing is commonly used by airlines to adjust ticket prices based on factors such as time of day, day of the week, seasonality, route popularity, and seat availability. The goal of dynamic pricing is to maximize revenue by setting the optimal price for each ticket, while also ensuring that the airline fills as many seats as possible.
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