Inventory pricing strategy considering product returns for deteriorating items with multi-variate dependent demand Online publication date: Tue, 04-Oct-2022
by Jitendra Singh; K.M. Kamna; Mahendra Singh
International Journal of Management and Decision Making (IJMDM), Vol. 21, No. 4, 2022
Abstract: This study discusses an optimal inventory model for rapidly decaying products considering product returns. In this study, the demand is influenced by selling price, timing, and advertisements per planning period. Product returns is regarded as a function of the product's demand and price. The shortages are acceptable and partially backlogged in the proposed model. This inventory model aims to develop a profit function to obtain the optimal selling price of the product and replenishment schedule with maximum profit. Moreover, a novel algorithm is proposed to determine the optimal results. An optimal replenishment schedule exists for a given selling price. Finally, the optimality of the function is proved mathematically and graphically to substantiate the appropriateness of the solution algorithm and method. In addition, a numerical illustration is used to elaborate the solution procedure, followed by a meticulous analysis of various parameters.
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