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ThinkMind // DBKDA 2017, The Ninth International Conference on Advances in Databases, Knowledge, and Data Applications // View article dbkda_2017_2_40_50042


A Data Mining Framework for Product Bundle Design and Pricing

Authors:
Yiming Li
Hai Wang
Qigang Gao

Keywords: data mining; bundling; bundle design; bundle pricing; marketing strategy

Abstract:
Product bundling is a marketing strategy that has been widely studied in research literature and extensively used in practice. With the growing quantity of products and huge possible bundling combinations, it is necessary to develop algorithmic approaches to determine which products should be in a profitable bundle, and what the proper price is for a bundle. In this paper, we propose a new data mining framework for product bundle design and bundle pricing. This framework incorporates the time value of money in data mining tasks, and it is capable of determining the product combination and price of a bundle in order to maximize the profit. We also demonstrate the efficiency of this data mining framework through experiments and simulations.

Pages: 43 to 51

Copyright: Copyright (c) IARIA, 2017

Publication date: May 21, 2017

Published in: conference

ISSN: 2308-4332

ISBN: 978-1-61208-558-6

Location: Barcelona, Spain

Dates: from May 21, 2017 to May 25, 2017

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