EconPapers    
Economics at your fingertips  
 

An appropriate business strategy for a sale item

Prasenjit Pramanik (), Manas Kumar Maiti () and Manoranjan Maiti ()
Additional contact information
Prasenjit Pramanik: Vidyasagar University
Manas Kumar Maiti: Mahishadal Raj College
Manoranjan Maiti: Vidyasagar University

OPSEARCH, 2018, vol. 55, issue 1, 85-106

Abstract: Abstract In this research work for first time a model has been proposed to find an appropriate business strategy for a seasonal sale/sale item. Here, an EOQ model for an item has been developed with selling price and time dependent demand under retailer promotional effort, where a wholesaler offers a conditional credit period to his/her retailer to boost the demand of the item to clear the end season stock. Here, it is assumed that, wholesaler offers a credit period to his/her retailer depending upon the order quantity. But retailer does not offer any credit to his/her customers. In this paper, the base demand decreases with increase of time and also no credit is available for the customers, so the base demand goes down. On the other hand, to maintain the base demand, the retailer introduced a promotional effort to boost the demand and also the less selling price increases the base demand. Due to the uncertainty of the different costs, related to the inventory control system, the proposed model also developed in imprecise environments i.e., in fuzzy, rough environments. The main purpose of this paper is to find the optimal order quantity for retailer in such a way that the profit is maximized. Under these considerations a particle swarm optimization algorithm is implemented to find the most appropriate business strategy. Here an approach is proposed which finds marketing decision of the fuzzy and rough models using credibility measure of a fuzzy event and trust measure of a rough event correspondingly, without transferring fuzzy/rough objective to any crisp equivalent. The models are illustrated with different numerical examples and some managerial insights are outlined.

Keywords: EOQ; Decreasing time varying demand; Promotional effort; Trade credit; PSO (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s12597-017-0310-0 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:opsear:v:55:y:2018:i:1:d:10.1007_s12597-017-0310-0

Ordering information: This journal article can be ordered from
http://www.springer. ... search/journal/12597

Access Statistics for this article

OPSEARCH is currently edited by Birendra Mandal

More articles in OPSEARCH from Springer, Operational Research Society of India
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2019-11-06
Handle: RePEc:spr:opsear:v:55:y:2018:i:1:d:10.1007_s12597-017-0310-0