Note—Pricing and Inventory Control for a Perishable Product

Yanzhi Li · Andrew E. B. Lim

81 citations0/0 files storedManufacturing & Service Operations Management

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Supply Chain and Inventory Management Consumer Market Behavior and Pricing Sustainable Supply Chain Management

Abstract

In this note, we study the concurrent determination of pricing and inventory replenishment decisions for a perishable product in an infinite horizon. Demands in consecutive periods are independent and influenced by prices charged in each period. In particular, we treat price as a decision variable to maximize the total discounted profit. We analyze the optimal solution-structure of a two-period lifetime problem and from insights gained in numerical experiments, develop a base-stock/list-price heuristic policy for products with arbitrary fixed lifetimes. Experiments show this policy to be effective.

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References

1999Pricing and the Newsvendor Problem: A Review with Extensions 1982Perishable Inventory Theory: A Review 1999Combined Pricing and Inventory Control Under Uncertainty 1975Optimal Ordering Policies for Perishable Inventory—II 1975Optimal Ordering Policy for a Perishable Commodity with Fixed Lifetime 2005Retail Assortment Planning in the Presence of Consumer Search 2007How Should a Firm Manage Deteriorating Inventory?1993Near Myopic Heuristics for the Fixed-Life Perishability Problem

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2017Supply chain contracting coordination for fresh products with fresh-keeping effort 2019Dynamic pricing and replenishment policy for fresh produce 2013Pricing and Replenishment of Competing Perishable Product Variants under Dynamic Demand Substitution 2011Grocery Perishables Management 2016Managing Perishable Inventories in Retailing: Replenishment, Clearance Sales, and Segregation 2018Quality and Operations Management in Food Supply Chains: A Literature Review

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