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Related Experiment Video

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Design and Optimization Strategies of a High-Performance Vented Box

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Published on: June 9, 2023

Optimal pricing and marketing planning for deteriorating items.

Seyed Reza Moosavi Tabatabaei¹, Seyed Jafar Sadjadi¹, Ahmad Makui¹

¹Department of Industrial Engineering, Center of excellence in optimization and manufacturing, Iran University of Science and Technology, Tehran, Iran.

|March 18, 2017

Summary

This study models a three-level supply chain for deteriorating items, optimizing pricing and marketing to boost revenue. Effective planning significantly impacts inventory, costs, and overall profitability.

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Area of Science:

Operations Research
Supply Chain Management
Mathematical Optimization

Background:

Deteriorating items pose unique challenges in supply chain management.
Effective pricing and marketing are crucial for production decisions involving such items.
A three-level supply chain (producer, distributor, retailer) requires integrated planning.

Purpose of the Study:

To develop a mathematical model for optimizing a three-level supply chain with a deteriorating product.
To analyze the impact of price, marketing, quality, and after-sales service on demand.
To determine optimal strategies for pricing and marketing planning.

Main Methods:

Formulation of a geometric programming model with 5 degrees of difficulty.
Application of recent advances in optimization techniques for problem-solving.
Inclusion of demand-influencing factors: price, marketing, quality, and after-sales service.

Main Results:

The model provides an optimal solution for the supply chain under consideration.
Sensitivity analysis reveals how parameter changes affect the optimal solution.
Changes in demand, inventory holding, deterioration, and set-up costs significantly impact total revenue.

Conclusions:

Optimal pricing and marketing strategies are vital for maximizing revenue in supply chains with deteriorating items.
The developed mathematical model offers a robust framework for such optimization problems.
Integrated supply chain planning considering product deterioration is essential for profitability.