Managing Product Variety

Işık Biçer
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Işık Biçer: York University

Chapter Chapter 6 in Supply Chain Analytics, 2023, pp 197-230 from Springer

Abstract: Abstract Companies increase product variety to tailor their product offerings to unique tastes and needs of their customers. Although expanding product portfolio helps increase sales, it causes some operational challenges, potentially leading to higher operational costs. In this chapter, we focus on three aspects of managing product variety: (1) product selection, (2) resource allocation, and (3) establishing operational excellence. We first demonstrate that how the mean-variance analysis can be applied to the product selection problem. We later illustrate how the inventory management and supply chain responsiveness models discussed in previous chapters can be extended to manage product variety. We conclude this chapter by discussing how to combine the responsiveness and cost reduction strategies to establish operational excellence.

Keywords: Product portfolio selection; Resource allocation; Capacity management; Operational excellence (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-30347-0_6

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DOI: 10.1007/978-3-031-30347-0_6

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