NDLI: Retailing policy for perishable item sold from two bins with mixed issuing policy

Content Provider	Springer Nature Link
Author	Han, Sungjae Oh, Yonghui Hwang, Hark
Copyright Year	2011
Abstract	This paper deals with a retailer who sells single perishable product in two bins. The fresh items are sold at a list price in the primary bin and the unsold items that have reached a certain allowed age are transferred to the secondary bin to be sold at a discount price. It is assumed that the demand is affected by inventory level, selling price, product freshness, and demand leakage caused by the price difference of two bins. Also, products are sold under mixed issuing policy which is defined as a weighted sum of Last-In-First-Out and First-In First-Out issuing policy. With the objective of maximizing the retailer’s profit, we develop mathematical models for the following two cases: (1) opening primary shop only and (2) opening both primary shop and secondary shop. Noting that the objective function is too complicated to possess a closed-form optimal solution, a solution procedure is developed based on Tabu search. The validity of the model is shown by solving an example problem and the sensitivity study is performed on the system parameters.
Starting Page	2215
Ending Page	2226
Page Count	12
File Format	PDF
ISSN	09565515
Journal	Journal of Intelligent Manufacturing
Volume Number	23
Issue Number	6
e-ISSN	15728145
Language	English
Publisher	Springer US
Publisher Date	2011-07-30
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Perishable item Two bins Mixed issuing policy Tabu search Production/Logistics/Supply Chain Manufacturing, Machines, Tools Control, Robotics, Mechatronics
Content Type	Text
Resource Type	Article
Subject	Industrial and Manufacturing Engineering Artificial Intelligence Software

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