A Decision-Support System that Helps Retailers Decide Order Quantities and Markdowns for Fashion Goods

Murali K. Mantrala

69 citations0/0 files storedINFORMS Journal on Applied Analytics

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Supply Chain and Inventory Management Consumer Market Behavior and Pricing Forecasting Techniques and Applications

Abstract

We developed MARK, a stochastic dynamic-programming model-based decision-support system, specifically to help retail-store buyers of fashion goods decide on optimal merchandise order quantities and markdown prices. We implemented MARK as an interactive software program that runs on users' personal computers and can be integrated with the retailers' point-of-sale (POS) and other information systems. As we show in an actual-case illustration, MARK improved profitability and managers' understanding of the decision problems. MARK also provides valuable insights into the interplay between order-quantity and dynamic-pricing decisions. For example, higher markdown percentages do not necessarily mean lower profits.

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References

1963An Experimental Application of the DELPHI Method to the Use of Experts 1994Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons 1994Making supply meet demand in an uncertain world 1996ABELL F. Dereck, Defining The Business. The Starting Point of Strategic Planning . USA, Prentice Hall, Englewood Cliffs, New Jersey, 1980.1997Quick Response in Manufacturer-Retailer Channels 1997Backup Agreements in Fashion Buying—The Value of Upstream Flexibility 1997Periodic Pricing of Seasonal Products in Retailing 1987Survey Paper—Airline Yield Management An Overview of Seat Inventory Control

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