Optimal pricing of subscription services in the restaurant industry

Hospitality revenue management research

“…However, only a few studies in the literature talk of pricing the new subscriptions and even in these studies no algorithm is given for setting the prices. Tyagi and Bolia (2024) research derives an optimal pricing strategy for subscription services in the restaurant industry through a two-step implementable framework. In the first step, the authors try to understand the preferences of the consumers and accordingly curate different subscription packages for them.…”

“…In the first step, the authors try to understand the preferences of the consumers and accordingly curate different subscription packages for them. In the second step, Tyagi and Bolia (2024) propose a linear programming-based optimization model to price these packages in an optimal manner. The linear programming model is solved by CPLEX 12.7 solver software.…”