A company that sells a product intends to reduce its prices during the approaching holiday season. The company desires to determine the optimal price that will make its product a more attractive option than its rivals. To accomplish this, the company has furnished a dataset that includes information on previous variations in sales as a result of changes in price. I develop a model that can forecast the demand for the product at various price points in the market.
The provided dataset contains details on:
- product ID
- store ID
- total price at which the product was sold
- initial price at which the product was sold
- number of units sold (quantity demanded).