Dynamic pricing and product lifecycle management: adapting to market trends and consumer needs
DOI:
https://doi.org/10.51594/gjabr.v3i2.102Abstract
Dynamic pricing and product lifecycle management (PLM) are two critical strategies that enable businesses to remain competitive in rapidly evolving markets. This paper explores the intersection of these two concepts, highlighting how integrating dynamic pricing models with PLM can enhance market adaptability, maximize profitability, and meet shifting consumer demands. Dynamic pricing, which involves adjusting prices based on real-time market trends, competition, and consumer behavior, is particularly effective when aligned with the stages of a product's lifecycle, introduction, growth, maturity, and decline. The study delves into advanced pricing algorithms powered by machine learning and artificial intelligence, enabling businesses to forecast demand, optimize inventory, and personalize pricing strategies. Simultaneously, PLM tools provide insights into product development, marketing, and phasing out, ensuring that pricing strategies are contextually relevant to each lifecycle stage. Case studies from diverse industries, such as technology, fashion, and consumer goods, illustrate the practical application of these integrated strategies, demonstrating measurable outcomes in revenue growth, customer satisfaction, and market share. Moreover, the paper examines potential challenges, including ethical concerns around price discrimination, regulatory compliance, and the impact of dynamic pricing on brand perception. It also offers actionable recommendations for businesses to implement adaptive pricing frameworks while maintaining transparency and consumer trust. The synthesis of dynamic pricing and PLM represents a forward-looking approach to navigating market uncertainties, fostering innovation, and creating sustainable competitive advantages in an era of digital transformation. This comprehensive framework not only aligns pricing and product strategies but also empowers organizations to thrive in increasingly customer-centric marketplaces.
Keywords: Dynamic Pricing, Product Lifecycle Management, Market Trends, Consumer Behavior, Adaptability Strategies.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Omoezime Janet Oteri, Ekene Cynthia Onukwulu, Abbey Ngochindo Igwe, Chikezie Paul-Mikki Ewim, Augustine Ifeanyi Ibeh, Adedamola Sobowale
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
FE Gulf has chosen to apply for the Creative Common Attribution Noncommercial 4.0 Licence (CC BY) license on our published work. Authors who wish to publish their manuscript in our journal agree on the following terms:
1. Authors retain the copyright and grant us (FE Gulf and its subsidiary journals) the right for first publication with the work licensed under a Creative Commons Attribution (CC BY) License which permits others to share the work with an acknowledgment of the work’s authorship and initial publication in this journal. Under this license, author retains the ownership of the copyright of their content, but anyone is allowed to download, reuse, reprint, modify, distribute, and/or copy the contents as long as the original authors and source are cited. No permission is required from the publishers or authors.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal’s published version of the work (for example, publishing it as a book or submitting it to an institutional repository), with an acknowledgment of its initial publication in FE Gulf owned journals.
3. We encourage our authors/contributors to post their work online (such as posting it on their website or some institutional repositories) prior to and during the submission process since it produces scholarly exchange and greater and earlier citation of published work.
