Price simulation is a process used to estimate and forecast the price or cost of a product or service.
It involves analyzing various factors such as market trends, competition, production costs, and customer demand to determine the optimal price point.
There are different methods conducting price simulations, including historical data analysis, market research surveys, and statistical modeling. By simulating different pricing scenarios, businesses can make informed decisions about pricing strategies, including setting the initial price, implementing discounts or promotions, and adjusting prices over time.
