An Optimal Pricing and Inventory control for a Commodity with Price and Sales-period Dependent Demand Pattern
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- Proceedings of the Korean Operations and Management Science Society Conference
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- 2005.05a
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- pp.904-913
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- 2005
This paper deals with an integrated problem of inventory control and dynamic pricing strategies for a commodity with price and sales-period dependent demand pattern, where a seller and customers have complete information of each other. The problem consists of two parts; one is each buyer's benefit problem which makes the best decision on price and time for buyer to purchase items, and the other one is a seller's profit problem which decides an optimal sales strategy concerned with inventory control and discount schedule. The seller's profit function consists of sales revenue and inventory holding cost functions. The two parts are closely related into each other with some related variables, so that any existing general solution methods can not be applied. Therefore, a simplified model with single seller and two customers in considered first, where demand for multiple units is allowed to each customer within a time limit. Therewith, the model is generalized for a n-customer-classes problem. To solve the proposed n-customer-set problem, a dynamic programming algorithm is derived. In the proposed dynamic programming algorithm, an intermediate profit function is used, which is computed in case of a fixed initial inventory level and then adjusted in searching for an optimal inventory level. This leads to an optimal sales strategy for a seller, which can derive an optimal decision on both an initial inventory level and a discount schedule, in
Purpose - The purpose of this study is to investigate the factors that cause consumers to frequently visit large - Super Store and goods for large - scale retailers using Super Store. Research design, data, and methodology - The purpose of this study is to present the empirical analysis of 53 adult males and females living in the Mokpo area on the relationship between perceived level of satisfaction and loyalty of the large - scale marts. The results were analyzed. The statistical data of the questionnaire were verified by the SPSS. Results - In the empirical analysis of this study, four variables were found to be the main loyalty factors, which were found to affect the satisfaction of Super Store and the decision to return again. Therefore, in this study, the quality of goods, price, diversity, and image were analyzed as loyalty factors, and it was analyzed as factors influencing satisfaction. It was confirmed that loyalty factors were important. In particular, consumers' perception of behaviors such as local specialties and community service that can be distinctly differentiated from other distribution agencies was very low. Conclusions - It is necessary to construct a comprehensive systematic system to analyze the detailed factors influencing the satisfaction and loyalty of users of Mokpo ticket consumers and to systematically manage and evaluate them. In order to raise awareness of consumer loyalty factors, consumer satisfaction and loyalty survey should be regularly conducted. Consumers should look for ways to improve them and develop improvement plans. The various direct and indirect services provided by Super Store to consumers include price, quality, assortment, customer service, accessibility, and feelings for large marts. However, since the services provided by the Super Store are different from those of the consumers, the loyalty factors for the different factors can be different. Therefore, in order to differentiate them from traditional markets or other distribution centers, it It should be used as a weapon of competition. In this study, it is generally recognized that the services provided by Super Store are very simple and inexpensive, so that consumers are not aware of the difference of particular stores.
Purpose: This research delves into the various factors that influence the performance of restaurant businesses on social commerce platforms in Bangkok, Thailand. The study considers both internal and external factors, including but not limited to business characteristics and location. Moreover, this research also analyzes the effects of employing multiple social commerce platforms on business efficiency and explores the underlying reasons for such effects. Research design, data, and methodology: Restaurants can be classified into different price ranges: low, medium, and high. To further investigate, we employed natural language processing AI to analyze online reviews and evaluate algorithm performance using machine learning techniques. We aimed to develop a model to gauge customer satisfaction with restaurants across different price categories effectively. Results: According to the research findings, several factors significantly impact restaurant groups in the low and mid-price ranges. Among these factors are population density and the number of seats at the restaurant. On the other hand, in the mid-and high-price ranges, the price levels of the food and drinks offered by the restaurant play a crucial role in determining customer satisfaction. Furthermore, the correlation between different social commerce platforms can significantly affect the business performance of high-price range restaurant groups. Finally, the level of online review sentiment has been found to influence customer decision-making across all restaurant types significantly. Conclusions: The study emphasizes that restaurants' characteristics based on their price level differ significantly, and social commerce platforms have the potential to affect one another. It is worth noting that the sentiment expressed in online reviews has a more significant impact on customer decision-making than any other factor, regardless of the type of restaurant in question.
Introduction As consumers' purchase behavior change into a rational and practical direction, the discount store industry came to have keen competition along with rapid external growth. Therefore as a solution, distribution businesses are concentrating on developing PB(Private Brand) which can realize differentiation and profitability at the same time. And as improvement in customer loyalty beyond customer satisfaction is effective in surviving in an environment with keen competition, PB is being used as a strategic tool to improve customer loyalty. To improve loyalty among PB users, it is necessary to develop PB by examining properties of a customer group, first of all, quality level perceived by consumers should be met to obtain customer satisfaction and customer trust and consequently induce customer loyalty. To provide results of systematic analysis on relations between antecedents influenced perceived quality and variables affecting customer loyalty, this study proposed a research model based on causal relations verified in prior researches and set 16 hypotheses about relations among 9 theoretical variables. Data was collected from 400 adult customers residing in Seoul and the Metropolitan area and using large scale discount stores, among them, 375 copies were analyzed using SPSS 15.0 and Amos 7.0. The findings of the present study followed as; We ascertained that the higher company reputation, brand reputation, product experience and brand familiarity, the higher perceived quality. The study also examined the higher perceived quality, the higher customer satisfaction, customer trust and customer loyalty. The findings showed that the higher customer satisfaction and customer trust, the higher customer loyalty. As for moderating effects between PB and NB in terms of influences of perceived quality factors on perceived quality, we can ascertain that PB was higher than NB in the influences of company reputation on perceived quality while NB was higher than PB in the influences of brand reputation and brand familiarity on perceived quality. These results of empirical analysis will be useful for those concerned to do marketing activities based on a clearer understanding of antecedents and consecutive factors influenced perceived quality. At last, discussions about academical and managerial implications in these results, we suggested the limitations of this study and the future research directions. Research Model and Hypotheses Test After analyzing if antecedent variables having influence on perceived quality shows any difference between PB and NB in terms of their influences on them, the relation between variables that have influence on customer loyalty was determined as Figure 1. We established 16 hypotheses to test and hypotheses are as follows; H1-1: Perceived price has a positive effect on perceived quality. H1-2: It is expected that PB and NB would have different influence in terms of perceived price on perceived quality. H2-1: Company reputation has a positive effect on perceived quality. H2-2: It is expected that PB and NB would have different influence in terms of company reputation on perceived quality. H3-1: Brand reputation has a positive effect on perceived quality. H3-2: It is expected that PB and NB would have different influence in terms of brand reputation on perceived quality. H4-1: Product experience has a positive effect on perceived quality. H4-2: It is expected that PB and NB would have different influence in terms of product experience on perceived quality. H5-1: Brand familiarity has a positive effect on perceived quality. H5-2: It is expected that PB and NB would have different influence in terms of brand familiarity on perceived quality. H6: Perceived quality has a positive effect on customer satisfaction. H7: Perceived quality has a positive effect on customer trust. H8: Perceived quality has a positive effect on customer loyalty. H9: Customer satisfaction has a positive effect on customer trust. H10: Customer satisfaction has a positive effect on customer loyalty. H11: Customer trust has a positive effect on customer loyalty. Results from analyzing main effects of research model is shown as