A joint decision model of product variety, inventory control and pricing

The problem of jointly determining the product variety decision with inventory control decision and pricing decision for different items of a certain brand product is studied in this paper. The market demand of this assortment of products is described as a function of time, price, seasonal factor an...

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Published in:2009 IEEE 16th International Conference on Industrial Engineering and Engineering Management pp. 400 - 404
Main Authors: Wu Haining, Gao Junjun
Format: Conference Proceeding
Language:English
Published: IEEE 01.10.2009
Subjects:
Business
Constraint optimization
Cost function
Customer service
Integrated circuit modeling
Inventory control
joint decision model
Linear programming
Pricing
Product variety
Supply chain management
Switches
ISBN:1424436710, 9781424436712
Online Access:Get full text
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Abstract The problem of jointly determining the product variety decision with inventory control decision and pricing decision for different items of a certain brand product is studied in this paper. The market demand of this assortment of products is described as a function of time, price, seasonal factor and random factor, and the total profit of this brand and its service level at the retailer are both given. Based on it, a nonlinear integer programming model to maximize total multi-period profits subject to given stocking space, budgetary and service level constraints is established. The computational results show that by using this joint decision model, the profit of the retailer could be 5 times more than the before. The result shows that as the centralized coordinator, the manufacturer will enhance greatly the whole system's competence of obtaining profit by taking the profit maximization of distribution system as its' strategic goal.
AbstractList The problem of jointly determining the product variety decision with inventory control decision and pricing decision for different items of a certain brand product is studied in this paper. The market demand of this assortment of products is described as a function of time, price, seasonal factor and random factor, and the total profit of this brand and its service level at the retailer are both given. Based on it, a nonlinear integer programming model to maximize total multi-period profits subject to given stocking space, budgetary and service level constraints is established. The computational results show that by using this joint decision model, the profit of the retailer could be 5 times more than the before. The result shows that as the centralized coordinator, the manufacturer will enhance greatly the whole system's competence of obtaining profit by taking the profit maximization of distribution system as its' strategic goal.
Author Wu Haining
Gao Junjun
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  organization: Sydney Inst. of Language & Commerce, Shanghai Univ., Shanghai, China
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Snippet The problem of jointly determining the product variety decision with inventory control decision and pricing decision for different items of a certain brand...
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SubjectTerms Business
Constraint optimization
Cost function
Customer service
Integrated circuit modeling
Inventory control
joint decision model
Linear programming
Pricing
Product variety
Supply chain management
Switches
Title A joint decision model of product variety, inventory control and pricing
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