Price elasticity is one major factor of businesses which want to be competitive in mar-ketplace and make the most of the products‘ profit. The term price elasticity means the range of price values which can refer to a product depending on financial and social sit-uations. Willingness to pay defines the elasticity of goods and it varies in many levels which are concerning most of the companies worldwide. In order for a company to suc-ceed, there are many pricing strategies used to find the best corresponding prices, suita-ble for a new-entry product to a product which is stock. These strategies are reclaimed via models which work with large data series and are able to provide a competitive ad-vantage and long term stability. Elasticity has three types: Elastic, Unitary and Inelastic. The method of least squares is very commonly used for this purpose and there are many techniques to apply for better results. Business intelligence is the section which deals with handling amounts of information and transforms it to knowledge. It supports deci-sion making due to the statistics it is based on that can predict and forecast. Time to time, even more companies turn to business intelligence because data mining techniques and analysis can benefit from the Enterprise Resource Planning implementations and achieve current trends on behalf of profit. A certain challenge for the 21st century busi-ness analysts are an absolute important competency for an IT company for being able to reduce complexity and optimize business process.
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