Table of Contents
| Table of Contents | ||||
|---|---|---|---|---|
|
Introduction
This exercise will summarizes summarize the Optimized Pricing Guidance Results for Product Recommendation approach used in your quotes for cross sell and up sell opportunities.
| Expand | ||
|---|---|---|
|
...
Today you are a Pricing Analyst, and you must determine the ideal recommended product for your sales quotes at your company.
For this exercise, you will navigate through and existing Quote with available recommended products list, identify the optimized product recommendation model used and the different conditions created in the company parameter tables (no calculations execution is required).  |
| Expand | ||
|---|---|---|
|
...
For adding recommended products into the quotes, there are two options available:
|
Go to Quoting > Quotes as follows: |
...
...
 From the quote listing, click on the P-948-v2.1 quote: |
...
 Click on the Items tab. |
...
 Review current listed products in the quote. Click on the dropdown in the Add Items icon and select the Add Recommended Items option. Here you will use the first option to add recommended products from the optimization. |
...
 |
The system displays a list of recommended products to add to this quote based on the optimization model results. Notice the last column for Category Name, which displays the condition parameter where the product recommendation model results are stored. |
...
 |
Close the window by clicking on the “X” (top-right corner) or the Cancel icon. Locate the Products Recommendation column and click on the “Open” icon for any of the product listed. |
...
 |
These are the alternative products related to the selected item coming from the Product Extension tables. |
...
 Click on the “Pricefx” icon on the top-left corner to go back to the Home page. |
...
 |
...
| Expand |
|---|
...
|
...
Pricing or Company Parameters are internal tables designed to store rules, conditions, and results for different Pricefx capabilities. For the Optimization and Negotiation Guidance models, these tables store the optimized results. For this example, you can see the product/customer recommendations created from the optimization model. Click on the Company Parameters icon on the top-right corner of the window: |
...
 On the left Categories menu, click on the Price Optimizer option. |
...
 On the right side of the window, the system displays the tables associated to the Optimization process. Select the second Recommendations per Customer parameter option with active status: |
...
 You can see the recommended per customer products listed. Also review the Product Rank column used for priorities. These values will be updated during the product recommendation model execution and the values will be pulled from the logic to be displayed in the sales Quotes and Analytics. |
...
 Click on the second Recommendations per Product parameter option with active status: |
...
 |
You can see now the recommended per products listed. Scroll the bottom bar to the right to review the rest of the results stored. |
...
 Click on the “Pricefx” icon in the top-left corner to go back to the Home page. |
...
 |
| Expand | ||
|---|---|---|
|
...
Pricefx offers Product Extension tables to store alternative products to be added into the quote manually Click on the Master Data icon in the top-right corner of the window and select the Product Extensions option. |
...
 Using the dropdown in the Category field, select the Alternative Products option: |
...
 Master tables can store products alternatives for cross sell and upsell for specific business purposes. |
...
 Click on the “Pricefx” icon on the top-left corner to go back to the Home page.  |
| Expand |
|---|
...
|
...
Model types include different models that perform scientific-based optimization. The Product Recommendation model pre-calculates in the optimization producing queries and stores the results in the pricing parameters tables to be easily accessed in the quotes by recommendation (the logic pulls the recommended products from the pricing parameters tables after the optimization).
Go to Optimization > Pricing Guidance > Model Types.
The Models are defined by the logic that is being copied to the partition that will be used for optimizing the values by Pricefx pricing science expert. Another standard logic that is offered by Pricefx, besides the Segmentation, is Product Recommendation. It is another scientific-based method that helps to find the links between the products and bundle them for the optimization purposes. Your company may have different model types depending on the pricing optimization strategies.
Go to Optimization > Pricing Guidance > Models.
Models include actual optimization models that are currently in use. This is also a working area for defining and running optimization. The models listed are related to your company’s optimization strategy. The ones listed here are only demonstration examples. For this exercise, you will look at the Product Recommendation by clicking on it.
...
You can see that the model incorporates all the transactions from the “Standard Sales Transactions” Datamart. The mapping parameters displays the Basket Id to determine which products are bought together.
...
Scroll down to see the Customer Buying History and Products Bought Together areas, to define the minimum number of transactions for each unique combination of customer-products and product-coproducts.
...
The model offers several tabs to determine the dimensions, rules, and constraints to calculate and find the best recommended products. Click on the Analysis tab.
Now the system displays the total records loaded into the model as part of the calculations.
Click on the Calculation tab to see the eventual results.
The Calculation tab displays the connection of the products and customers' buying history together, based on the top scores previously selected in the Definition tab. Displays the most important relationship of customers and products (most bought) in a chart view (left).
On the right-side the system displays the results in a list view. Scroll to the right to see additional details for Customers Recommendations list.
Scroll down to see additional details for Products Recommendations list.
Click on the “Pricefx” icon on the top-left corner to go back to the Home page.
...
|