Download or read book Dynamic Pricing and Replenishment with Customer Upgrades written by Oben Ceryan and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a joint implementation of price- and availability-based product substitution to better match demand and constrained supply across vertically differentiated products. Our study is motivated by firms that utilize dynamic pricing as well as customer upgrades, as ex-ante and ex-post mechanisms, respectively, to mitigate inventory mismatches. To gain insight into how offering product upgrades impacts optimal price selection, we formulate a multiple period, nested two-stage model where the firm first sets prices and replenishment levels for each product while the demand is still uncertain, and after observing the demand, decides how many (if any) of the customers to upgrade to a higher quality product. We characterize the structure of the optimal upgrade, pricing and replenishment policies and find that firms having greater flexibility to offer product upgrades can restrain their reliance on dynamic pricing, enabling them to better protect the price differentiation between the products. We also show how the quality differential between the products or changes in the replenishment cost structures influence the optimal policy. Using insights gained from the optimal policy structure, we construct a heuristic policy and find that it performs well across various parameter values. Finally, we consider an extension in which the firm dynamically sets upgrade fees in each period. Our results overall help further our understanding of the intricate relationship among a firm's decisions on pricing, replenishment, and product upgrades in an effort to better match demand and constrained supply.
Download or read book Dynamic Pricing and Timing of Upgrades written by M. Çakanyıldırım and published by . This book was released on 2020 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Upgrading is a travel industry practice used to mitigate supply-demand mismatches among products of different quality levels. Such upgrades are implemented either at the booking time or at the check-in time. In this paper, we consider dynamically-offered upgrades between the booking and the check-in times by a firm that sells two types of products (premium and regular). The firm decides on the timing and quantity of upgrades. Customers who purchased the regular product may be offered upgrades via notifications containing a link to an upgrade website. A regular product purchaser either accepts or rejects the upgrade offer after clicking the link and observing the upgrade fee (price) dynamically determined by the firm. The upgrades are time limited; when they are not profitable, the firm can stop them by deactivating the upgrade links. We formulate the firm's profit maximization problem as two profit-equivalent dynamic programming (DP) models: a capacitated upgrade model and a costly upgrade model. The optimal upgrade policies in both models are of a pulsing type; the firm either maintains zero or the maximum number of upgrade links. We focus on the easy-to-implement capacitated upgrade model and identify a mild policy restriction under which both the optimal number of active links and the optimal upgrade fee are monotone with respect to the leftover inventories. We then propose and analyze four variations of the capacitated upgrade model to incorporate relevant business rules and customer behaviors: restricted upgrade fees, limited upgrade (de-)activation times, stockout-induced upward substitution, customer-driven buy-up and buy-down. Through a systematic numerical study, we first quantify the profit improvement from the industry-standard check-in upgrade to dynamic pricing and timing of upgrades. We then identify business contexts, in which the profit improvement is significant. Finally, we discuss when and how firms can implement effective upgrading strategies.
Download or read book Women in Industrial and Systems Engineering written by Alice E. Smith and published by Springer Nature. This book was released on 2019-09-13 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a diversity of innovative and impactful research in the field of industrial and systems engineering (ISE) led by women investigators. After a Foreword by Margaret L. Brandeau, an eminent woman scholar in the field, the book is divided into the following sections: Analytics, Education, Health, Logistics, and Production. Also included is a comprehensive biography on the historic luminary of industrial engineering, Lillian Moeller Gilbreth. Each chapter presents an opportunity to learn about the impact of the field of industrial and systems engineering and women’s important contributions to it. Topics range from big data analysis, to improving cancer treatment, to sustainability in product design, to teamwork in engineering education. A total of 24 topics touch on many of the challenges facing the world today and these solutions by women researchers are valuable for their technical innovation and excellence and their non-traditional perspective. Found within each author’s biography are their motivations for entering the field and how they view their contributions, providing inspiration and guidance to those entering industrial engineering.
Download or read book Revenue Management and Pricing Analytics written by Guillermo Gallego and published by Springer. This book was released on 2019-08-14 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: “There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.
Download or read book System Modeling and Optimization written by F. Ceragioli and published by Springer Science & Business Media. This book was released on 2006-03-27 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents selected proceedings from the 22nd biennial IFIP conference on System Modeling and Optimization, held in Turin, Italy in July of 2005. This edition of the conference is dedicated to the achievements of Camillo Possio, who was killed sixty years ago during the last air raid over Turin. For more information about the 300 other books in the IFIP series, please visit www.springeronline.com.
Download or read book Handbook of Research on Promoting Business Process Improvement Through Inventory Control Techniques written by Shah, Nita H. and published by IGI Global. This book was released on 2017-12-22 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock management and control is a critical element to the success and overall financial well-being of an organization. Through the application of innovative practices and technology, businesses are now able to effectively monitor their operations and manage their inventory by evaluating sales patterns and customer preferences. The Handbook of Research on Promoting Business Process Improvement Through Inventory Control Techniques is a critical scholarly resource that examines optimization techniques, data mining concepts, and genetic algorithms to manage inventory control. Featuring coverage on a broad range of topics such as logistics and supply chain management, stochastic inventory modelling, and inventory management in healthcare, this book is geared towards academicians, practitioners, and researchers seeking various research methods to get optimal ordering policy.
Download or read book Coordinated Lot Sizing and Dynamic Pricing under a Supplier All Units Quantity Discount written by Sandra Transchel and published by . This book was released on 2009 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider an economic order quantity model where the supplier offers an all-units quantity discount and a price sensitive customer demand. We compare a decentralized decision framework where selling price and replenishment policy are determined independently to simultaneous decision making. Constant and dynamic pricing are distinguished. We derive structural properties and develop algorithms that determine the optimal pricing and replenishment policy and show how quantity discounts not only influence the purchasing strategy but also the pricing policy. A sensitivity analysis indicates the impact of the fixed-holding cost ratio, the discount policy, and the customers' price sensitivity on the optimal decisions.
Download or read book Education and Management written by Mark Zhou and published by Springer Science & Business Media. This book was released on 2011-07-22 with total page 661 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume-set (CCIS 208, 209, 210, 211) constitutes the refereed proceedings of the International Symposium on Applied Economics, Business and Development, ISAEBD 2011, held in Dalian, China, in August 2011. The papers address issues related to Applied Economics, Business and Development and cover various research areas including Economics, Management, Education and its Applications.
Download or read book Pricing and Revenue Optimization written by Robert Phillips and published by Stanford University Press. This book was released on 2005-08-05 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of "yield management" in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. Solutions to the end-of-chapter exercises are available to instructors who are using this book in their courses. For access to the solutions manual, please contact [email protected].
Download or read book Dynamic Supply Chains ePub written by John Gattorna and published by Pearson UK. This book was released on 2013-07-25 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: “John Gattorna is one of the most original thinkers in the fast-changing arena of supply chain management. He has pioneered the idea of dynamic alignmentwhich is so powerfully presented in this ground-breaking book.” Martin Christopher, Professor of Marketing & Logistics, Cranfield School of Management Supply chains are at the heart of competitive advantage in business today. If supply chains are managed successfully, companies will be able to deliver their products and services to customers in a smart, cost-effective way. The key to successful supply chain management is recognising that it’s people who really drive the living supply chains that are at the heart of businesses. Supply chains are powered by the energy and expertise of employees and suppliers and by the changing wants and needs of customers. John Gattorna calls this principle of matching changing customer needs and desires with different supply chain strategies dynamic alignment. To secure space in a new market, to grow or keep existing markets companies have to get their products out there faster. They need to be the first with new products and services and the first to match them with particular customer groups. The dynamic alignment model gives a structured way of linking customer expectations to the operational side of business while maintaining the flexibility to systematically modify fulfilment processes as customers inevitably change their buying preferences.
Download or read book The Theory and Practice of Revenue Management written by Kalyan T. Talluri and published by Springer Science & Business Media. This book was released on 2006-02-21 with total page 731 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue management (RM) has emerged as one of the most important new business practices in recent times. This book is the first comprehensive reference book to be published in the field of RM. It unifies the field, drawing from industry sources as well as relevant research from disparate disciplines, as well as documenting industry practices and implementation details. Successful hardcover version published in April 2004.
Download or read book Decision Analytics Applications in Industry written by P. K. Kapur and published by Springer Nature. This book was released on 2020-05-27 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a range of qualitative and quantitative analyses in areas such as cybersecurity, sustainability, multivariate analysis, customer satisfaction, parametric programming, software reliability growth modeling, and blockchain technology, to name but a few. It also highlights integrated methods and practices in the areas of machine learning and genetic algorithms. After discussing applications in supply chains and logistics, cloud computing, six sigma, production management, big data analysis, satellite imaging, game theory, biometric systems, quality, and system performance, the book examines the latest developments and breakthroughs in the field of science and technology, and provides novel problem-solving methods. The themes discussed in the book link contributions by researchers and practitioners from different branches of engineering and management, and hailing from around the globe. These contributions provide scholars with a platform to derive maximum utility in the area of analytics by subscribing to the idea of managing business through system sciences, operations, and management. Managers and decision-makers can learn a great deal from the respective chapters, which will help them devise their own business strategies and find real-world solutions to complex industrial problems.
Download or read book Consumer Driven Demand and Operations Management Models written by Serguei Netessine and published by Springer Science & Business Media. This book was released on 2009-06-02 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book is by top scholars in supply chain management, revenue management, and e-commerce, all of which are grounded in information technologies and consumer demand research. The book looks at new selling techniques designed to reach the consumer.
Download or read book AI in Retail Innovation Efficiency and Personalization written by Enrico Guardelli and published by MedTechBiz. This book was released on 2024-09-09 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, "AI in Retail: Innovation, Efficiency, and Personalization," you will discover how Artificial Intelligence is transforming the retail sector in a highly competitive and dynamic scenario. From inventory management and demand forecasting to personalizing the customer experience, this work addresses in a practical and detailed way the main applications of AI in retail. With real examples from leading companies such as Amazon, Walmart, and Target, you will see how major players use machine learning, deep learning, big data, and cloud computing to optimize operations, predict consumer trends, and offer fully personalized shopping experiences. In addition, we explore the impact of AI in areas such as supply chain, reverse logistics, store layout design, and even cashierless stores and service robots. Get ready to understand the future of commerce and how Artificial Intelligence can drive your business to a new level of efficiency and innovation.
Download or read book Inventory Management with Alternative Delivery Times written by Xiaoying Liang and published by Springer. This book was released on 2016-11-24 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops a modeling framework to analyze the problem of inventory management with alternative delivery times. The general context considered here is that a seller replenishes its inventory in fixed intervals and, between replenishments, allocates the limited inventory to satisfy customers who are both price and delivery-time sensitive. On the demand side, customers have heterogeneous delivery-time requirements and choose either spot or late delivery. This theoretical modeling captures the essence of real-world business practices such as the delivery time market segmentation strategy adopted by automobile dealerships in China and many other similar examples. The book focuses on the seller’s optimal inventory replenishment and demand fulfillment policies, and our results provide managerial insights into the merits of flexible delivery-time options. Similar applications such as the group-buying mechanism are also examined. The main mathematical tool used in theoretical analysis is dynamic programming. This book is written for students, researchers, and practitioners in the areas of operations management and industrial engineering who are interested in understanding the rationale of flexible delivery times and designing successful applications.
Download or read book Delivering Performance in Food Supply Chains written by Carlos Mena and published by Elsevier. This book was released on 2010-01-28 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: Food and drink supply chains are complex, continually changing systems, involving many participants. They present stakeholders across the food and drinks industries with considerable challenges. Delivering performance in food supply chains offers expert perspectives to help practitioners and academics to improve their supply chain operations. The Editors have identified six key challenges in managing food and drinks supply chains. Each section of the book focuses on one of these important issues. The first chapters consider the fundamental role of relationship management in supply chains. The next section discusses another significant issue: aligning supply and demand. Part three considers five different approaches to effective and efficient process management, while quality and safety management, an issue food companies need to take very seriously, is subject of the next section. Parts five and six review issues which are currently driving change in food supply chains: the effective use of new technologies and the desire to deliver food sustainably and responsibly. With expert contributions from leaders in their fields, Delivering performance in food supply chains will help practitioners and academics to understand different approaches in supply chain management, explore alternative methods and develop more effective systems. Considers the fundamental role of relationship management in supply chains including an overview of performance measurement in the management of food supply chains Discusses the alignment of supply and demand in food supply chains and reviews sales and operations planning and marketing strategies for competitive advantage in the food industry Provides an overview of the effective use of new technologies and those that will be used in the future to deliver food sustainably and reliably
Download or read book Handbook of Global Supply Chain Management written by John T. Mentzer and published by SAGE. This book was released on 2007 with total page 601 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today all companies either source globally, sell globally, or compete with some company that does. This handbook provides a comprehensive understanding and assessment of the field of global logistics and supply chain management.
