Table of Contents Author Guidelines Submit a Manuscript
Complexity
Volume 2017, Article ID 1972532, 11 pages
https://doi.org/10.1155/2017/1972532
Research Article

Optimal Retail Price Model for Partial Consignment to Multiple Retailers

Department of Advertising and Strategic Marketing, Ming Chuan University, No. 250 Zhong Shan N. Rd., Sec. 5, Taipei, Taiwan

Correspondence should be addressed to Po-Yu Chen; wt.ude.ucm.liam@yobnehc

Received 19 August 2017; Revised 16 November 2017; Accepted 4 December 2017; Published 31 December 2017

Academic Editor: Borja Ponte

Copyright © 2017 Po-Yu Chen. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Linked References

  1. R. O. C. Ministry of Economic Affairs, “2016 SMEs Important Statistics,” http://www.moeasmea.gov.tw/ct.asp?xItem=14250&ctNode=689&mp=1, 2016.
  2. L. Zavanella and S. Zanoni, “A one-vendor multi-buyer integrated production-inventory model: The ‘Consignment Stock’ case,” International Journal of Production Economics, vol. 118, no. 1, pp. 225–232, 2009. View at Publisher · View at Google Scholar · View at Scopus
  3. D. Battini, A. Grassi, A. Persona, and F. Sgarbossa, “Consignment stock inventory policy: Methodological framework and model,” International Journal of Production Research, vol. 48, no. 7, pp. 2055–2079, 2010. View at Publisher · View at Google Scholar · View at Scopus
  4. C. Srinivas and C. S. P. Rao, “Optimization of supply chains for single-vendor-multibuyer consignment stock policy with genetic algorithm,” The International Journal of Advanced Manufacturing Technology, vol. 48, no. 1-4, pp. 407–420, 2010. View at Publisher · View at Google Scholar · View at Scopus
  5. J. Yu, B. R. Sarker, Q. Duan, and B. Wu, “Single-manufacturer, multi-retailer consignment policy for retailers generalized demand distributions,” Journal of the Operational Research Society, vol. 63, no. 12, pp. 1708–1719, 2012. View at Publisher · View at Google Scholar · View at Scopus
  6. M. Ben-Daya, E. Hassini, M. Hariga, and M. M. AlDurgam, “Consignment and vendor managed inventory in single-vendor multiple buyers supply chains,” International Journal of Production Research, vol. 51, no. 5, pp. 1347–1365, 2013. View at Publisher · View at Google Scholar · View at Scopus
  7. M. A. Hariga and A. Al-Ahmari, “An integrated retail space allocation and lot sizing models under vendor managed inventory and consignment stock arrangements,” Computers & Industrial Engineering, vol. 64, no. 1, pp. 45–55, 2013. View at Publisher · View at Google Scholar · View at Scopus
  8. B. Sarkar, “A production-inventory model with probabilistic deterioration in two-echelon supply chain management,” Applied Mathematical Modelling, vol. 37, no. 5, pp. 3138–3151, 2013. View at Publisher · View at Google Scholar · View at Scopus
  9. A. K. Singh, T. Hasan, and G. Krisha, “An approach of swarm intelligence for various consignment stock models,” International Journal of Innovative Technology and Research, vol. 4, pp. 2864–2870, 2016. View at Google Scholar
  10. S. M. S. Islam, M. A. Hoque, and N. Hamzah, “Single-supplier single-manufacturer multi-retailer consignment policy for retailers’ generalized demand distributions,” International Journal of Production Economics, vol. 184, pp. 157–167, 2017. View at Publisher · View at Google Scholar · View at Scopus
  11. S. K. Zahran and M. Y. Jaber, “Investigation of a consignment stock and a traditional inventory policy in a three-level supply chain system with multiple-suppliers and multiple-buyers,” Applied Mathematical Modelling: Simulation and Computation for Engineering and Environmental Systems, vol. 44, pp. 390–408, 2017. View at Google Scholar · View at MathSciNet
  12. S. K. Goyal, “Determination of Optimum Production Quantity for a Two-Stage Production System,” Operational Research Quarterly (1970-1977), vol. 28, no. 4, pp. 865–870, 1977. View at Publisher · View at Google Scholar
  13. S. K. Goyal, “An integrated inventory model for a singles upplier-single customer problem,” International Journal of Production Research, vol. 15, no. 1, pp. 107–111, 1977. View at Publisher · View at Google Scholar · View at Scopus
  14. S. K. Goyal, “A joint economic-lot-size model for purchaser and vendor: a comment,” Decision Sciences, vol. 19, no. 1, pp. 236–241, 1988. View at Publisher · View at Google Scholar
  15. S. K. Goyal and Y. P. Gupta, “Integrated inventory models: The buyer-vendor coordination,” European Journal of Operational Research, vol. 41, no. 3, pp. 261–269, 1989. View at Publisher · View at Google Scholar · View at Scopus
  16. A. Banerjee, “A joint economic-lot-size model for purchaser and vendor,” Decision Sciences, vol. 17, no. 3, pp. 292–311, 1986. View at Publisher · View at Google Scholar
  17. R. M. Hill, “The single-vendor single-buyer integrated production-inventory model with a generalised policy,” European Journal of Operational Research, vol. 97, no. 3, pp. 493–499, 1997. View at Publisher · View at Google Scholar · View at Scopus
  18. R. M. Hill, “The optimal production and shipment policy for the singke-vendor singlebuyer integrated production-inventory problem,” International Journal of Production Research, vol. 37, no. 11, pp. 2463–2475, 1999. View at Publisher · View at Google Scholar · View at Scopus
  19. S. K. Goyal, “On improving the single-vendor single-buyer integrated production inventory model with a generalized policy,” European Journal of Operational Research, vol. 125, no. 2, pp. 429-430, 2000. View at Publisher · View at Google Scholar · View at Scopus
  20. M. Ben-Daya and M. Hariga, “Integrated single vendor single buyer model with stochastic demand and variable lead time,” International Journal of Production Economics, vol. 92, no. 1, pp. 75–80, 2004. View at Publisher · View at Google Scholar · View at Scopus
  21. M. A. Hoque and S. K. Goyal, “A heuristic solution procedure for an integrated inventory system under controllable lead-time with equal or unequal sized batch shipments between a vendor and a buyer,” International Journal of Production Economics, vol. 102, no. 2, pp. 217–225, 2006. View at Publisher · View at Google Scholar · View at Scopus
  22. A. Nalça, H. Süral, and Y. Gerchak, “Economic manufacturing quantities of components in supply chains,” International Journal of Inventory Research, vol. 2, no. 1/2, p. 44, 2013. View at Publisher · View at Google Scholar
  23. G. Valentini and L. Zavanella, “The consignment stock of inventories: Industrial case and performance analysis,” International Journal of Production Economics, vol. 81-82, pp. 215–224, 2003. View at Publisher · View at Google Scholar · View at Scopus
  24. M. Braglia and L. Zavanella, “Modelling an industrial strategy for inventory management in supply chains: The 'Consignment Stock' case,” International Journal of Production Research, vol. 41, no. 16, pp. 3793–3808, 2003. View at Publisher · View at Google Scholar · View at Scopus
  25. S. Zanoni and R. W. Grubbstrom, “A note on an industrial strategy for stock management in supply chains: Modelling and performance evaluation,” International Journal of Production Research, vol. 42, no. 20, pp. 4421–4426, 2004. View at Publisher · View at Google Scholar · View at Scopus
  26. C. Srinivas and C. S. P. Rao, “An improved consignment stock policy under stochastic lead times for effective inventory management in supply chains,” in Proceedings of the Proceedings - 2004 IEEE International Engineering Management Conference: Innovation and Entrepreneurship for Sustainable Development, IEMC 2004, pp. 1222–1225, sgp, October 2004. View at Scopus
  27. A. Persona, A. Grassi, and M. Catena, “Consignment stock of inventories in the presence of obsolescence,” International Journal of Production Research, vol. 43, no. 23, pp. 4969–4988, 2005. View at Publisher · View at Google Scholar · View at Scopus
  28. R. M. Hill and M. Omar, “Another look at the single-vendor single-buyer integrated production-inventory problem,” International Journal of Production Research, vol. 44, no. 4, pp. 791–800, 2006. View at Publisher · View at Google Scholar · View at Scopus
  29. B. C. Giri and S. Bardhan, “A vendor–buyer JELS model with stock-dependent demand and consigned inventory under buyer’s space constraint,” Operational Research, vol. 15, no. 1, pp. 79–93, 2015. View at Publisher · View at Google Scholar · View at Scopus
  30. M. Gümüş, E. M. Jewkes, and J. H. Bookbinder, “Impact of consignment inventory and vendor-managed inventory for a two-party supply chain,” International Journal of Production Economics, vol. 113, no. 2, pp. 502–517, 2008. View at Publisher · View at Google Scholar · View at Scopus
  31. J. Ru and Y. Wang, “Consignment contracting: who should control inventory in the supply chain?” European Journal of Operational Research, vol. 201, no. 3, pp. 760–769, 2010. View at Publisher · View at Google Scholar · View at Scopus
  32. J. Hwang and Y.-W. Wan, “A supplier-retailer supply chain with intermediate storage for batch ordering,” International Journal of Production Economics, vol. 142, no. 2, pp. 343–352, 2013. View at Publisher · View at Google Scholar · View at Scopus
  33. S.-P. Wang, W. Lee, and C.-Y. Chang, “Modeling the consignment inventory for a deteriorating item while the buyer has warehouse capacity constraint,” International Journal of Production Economics, vol. 138, no. 2, pp. 284–292, 2012. View at Publisher · View at Google Scholar · View at Scopus
  34. S. Islam and M. Hoque, “Single-vendor single-buyer optimal consignment policy with generic demand distribution by considering some realistic factors,” International Journal of Operational Research, 2016, (in press). View at Google Scholar
  35. M. Dada and K. N. Srikanth, “Pricing policies for quantity discounts,” Management Science, vol. 33, no. 10, pp. 1247–1252, 1987. View at Publisher · View at Google Scholar · View at Scopus
  36. P. N. Joglekar, “Note—Comments on “A Quantity Discount Pricing Model to Increase Vendor Profits”,” Management Science, vol. 34, no. 11, pp. 1391–1398, 1988. View at Publisher · View at Google Scholar
  37. P. Joglekar and S. Tharthare, “The Individually Responsible and Rational Decision Approach to Economic Lot Sizes for One Vendor and Many Purchasers,” Decision Sciences, vol. 21, no. 3, pp. 492–506, 1990. View at Publisher · View at Google Scholar · View at Scopus
  38. L. Lu, “A one-vendor multi-buyer integrated inventory model,” European Journal of Operational Research, vol. 81, no. 2, pp. 312–323, 1995. View at Publisher · View at Google Scholar · View at Scopus
  39. S. Viswanathan and R. Piplani, “Coordinating supply chain inventories through common replenishment epochs,” European Journal of Operational Research, vol. 129, no. 2, pp. 277–286, 2001. View at Publisher · View at Google Scholar · View at Scopus
  40. Y. Y. Woo, S.-L. Hsu, and S. Wu, “An integrated inventory model for a single vendor and multiple buyers with ordering cost reduction,” International Journal of Production Economics, vol. 73, no. 3, pp. 203–215, 2001. View at Publisher · View at Google Scholar · View at Scopus
  41. T. Boyac and G. Gallego, “Coordinating pricing and inventory replenishment policies for one wholesaler and one or more geographically dispersed retailers,” International Journal of Production Economics, vol. 77, no. 2, pp. 95–111, 2002. View at Publisher · View at Google Scholar · View at Scopus
  42. T. Kim, Y. Hong, and S. Y. Chang, “Joint economic procurement-production-delivery policy for multiple items in a single-manufacturer, multiple-retailer system,” International Journal of Production Economics, vol. 103, no. 1, pp. 199–208, 2006. View at Publisher · View at Google Scholar · View at Scopus
  43. D. Battini, A. Gunasekaran, M. Faccio, A. Persona, and F. Sgarbossa, “Consignment stock inventory model in an integrated supply chain,” International Journal of Production Research, vol. 48, no. 2, pp. 477–500, 2010. View at Publisher · View at Google Scholar · View at Scopus
  44. S. Bylka and P. Górny, “The consignment stock of inventories in coordinated model with generalized policy,” Computers & Industrial Engineering, vol. 82, pp. 54–64, 2015. View at Google Scholar
  45. M. Hariga, M. Gumus, M. Ben-Daya, and E. Hassini, “Scheduling and lot sizing models for the single-vendor multi-buyer problem under consignment stock partnership,” Journal of the Operational Research Society, vol. 64, no. 7, pp. 995–1009, 2013. View at Publisher · View at Google Scholar · View at Scopus
  46. Z. Chen and B. R. Sarker, “Integrated production-inventory and pricing decisions for a single-manufacturer multi-retailer system of deteriorating items under JIT delivery policy,” The International Journal of Advanced Manufacturing Technology, vol. 89, no. 5-8, pp. 2099–2117, 2017. View at Publisher · View at Google Scholar · View at Scopus
  47. H. Siajadi, R. N. Ibrahim, and P. B. Lochert, “Joint economic lot size in distribution system with multiple shipment policy,” International Journal of Production Economics, vol. 102, no. 2, pp. 302–316, 2006. View at Publisher · View at Google Scholar · View at Scopus
  48. H.-J. Chang and P.-Y. Chen, “An {EOQ} model with controllable selling rate,” Asia-Pacific Journal of Operational Research, vol. 25, no. 2, pp. 151–167, 2008. View at Publisher · View at Google Scholar · View at MathSciNet · View at Scopus
  49. R. Piplani and S. Viswanathan, “A model for evaluating supplier-owned inventory strategy,” International Journal of Production Economics, vol. 81-82, pp. 565–571, 2003. View at Publisher · View at Google Scholar · View at Scopus
  50. C. Srinivas and C. S. P. Rao, “Optimisation of supply chains for single vendor-multibuyer consignment stock policy under controllable lead time using genetic algorithm,” International Journal of Manufacturing Research, vol. 2, no. 2, pp. 243–262, 2007. View at Publisher · View at Google Scholar · View at Scopus
  51. S. Wadhwa, M. Mishra, F. T. S. Chan, and Y. Ducq, “Effects of information transparency and cooperation on supply chain performance: A simulation study,” International Journal of Production Research, vol. 48, no. 1, pp. 145–166, 2010. View at Publisher · View at Google Scholar · View at Scopus
  52. H. Yi and B. R. Sarker, “An operational policy for an integrated inventory system under consignment stock policy with controllable lead time and buyers' space limitation,” Computers & Operations Research, vol. 40, no. 11, pp. 2632–2645, 2013. View at Publisher · View at Google Scholar · View at Scopus
  53. H. Yi and B. R. Sarker, “An optimal consignment stock production and replenishment policy with controllable lead time,” International Journal of Production Research, vol. 51, no. 21, pp. 6316–6335, 2013. View at Publisher · View at Google Scholar · View at Scopus
  54. S. Islam and M. Hoque, “An extension to single-manufacturer, multi-retailer consignment policy for retailers' generalized demand distributions,” in Proceedings of the 5th Brunei International Conference on Engineering and Technology (BICET 2014), Bandar Seri Begawan, Brunei. View at Publisher · View at Google Scholar
  55. B. R. Sarker, “Consignment stocking policy models for supply chain systems: a critical review and comparative perspective,” International Journal of Production Economics, vol. 155, pp. 52–67, 2014. View at Publisher · View at Google Scholar
  56. C. Water, Inventory Control and Management, Wiley, New York, NY, USA, 1992.