This repository contains two pricing projects that were self-initiated on topics that I'm passinate about. They both came with challenges, but I greatly enjoyed solving complex problems to get to these answers... And using math to do it!
Summary: As an economics and finance major, I decided to compare the behavior of two complementary goods and analyze the monetary effect one has over the other. This type of investigation is very useful for the financial well-being of an enterprise. Two goods are called complementary goods when a larger consumption of one also incentivizes a larger consumption of the other. Through calculus, I have enough tools to determine possible future values of some products, and relying on the Price Elasticity of Demand (PED) concept, advise companies on the price they should set for their products.
Data Source: I designed a survey and promoted it on campus to gather people's willingness to pay. Additionally, I researched and analyzed historical pricing data on these goods.
Summary: The professional goal of this research was to determine the value of the built-in benefits offered by the poster printing service located at the Utah State University (USU) Engineering Computer Lab. The data obtained helped formed different personas within the framework of customer segmentation. From these, I also calculated how much likely is type of customer of thinking prices within the lab are cheaper than outside, compared to what other type of customer thinks. From these, recommendations regarding revamping the pricing strategy and offering other additional services came out.
Data Source: After my "Design of Experiments" class, I followed ethical and statistical principles to design surveys and interview questionnaries that would not compromise the data. This helps avoid the bias of the designer to be inserted into the results. The data was collected through online surveys and face-to-face interviews in June 2017. The target audience of respondents was determined by analyzing which departments are customers from and what was the purpose of the posters, this data is available in PostMaster. I did market research on the competition, including their pricing.