Journal of Food, Agriculture and Environment
Vol 11,
Issue 3&4,2013
Online ISSN: 1459-0263
Print ISSN: 1459-0255
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An inventory model for perishable food products with quality-dependent demand
Author(s):
Yong He 1*,
Hongfu Huang 1, Dong Li 2Recieved Date: 2013-07-04, Accepted Date: 2013-10-22
Abstract:This paper studies a joint pricing and inventory model for perishable food products. We adopt a price, quality and inventory dependent demand function. The major objective is to determine the optimal selling price, the optimal replenishment schedule such that, the total profit is maximized. We first show that for any given selling price, the optimal replenishment schedule not only exists but also unique. Then, it is shown that when the replenishment schedule is fixed, the total profit is a concave function of price. Next, an algorithm is presented to find the optimal solution. Finally, a numerical example is made to illustrate the solution procedure and the algorithm. Sensitive analysis is made and managerial insights are proposed.
Keywords:Fresh food products,
inventory policy, deterioration, quality dependent demandJournal: Journal of Food, Agriculture and Environment
Year: 2013
Volume: 11
Issue: 3&4
Category: Food and Health
Pages: 614-616
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