Optimal Retail Pricing And Inventory Polices With Uncertain Dynamic Demand

Topics:
Inventory Management,
Pricing Strategy
Tags:
Marketing,
Marketing Research,
Pricing,
Pricing Strategy,
University Of Western Ontario
Source:
University of Western Ontario

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Overview: We develop a dynamic demand rate model for the optimization of retail sales, solving the joint inventory and pricing problem. The inclusion of a demand rate that is dependent upon past pricing decisions, referred to as dynamic demand, is a departure from the typical approaches to the joint pricing and inventory decision. We solve the problem numerically and discuss the specific results as well as the characteristics of the optimal price and inventory policies. We illustrate when firms are likely to choose a penetration versus skimming pricing policy and describe solution updating procedures.

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Format: PDF | Size: 284KB | Date: Aug 2006 | Pages: 34

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