1,721,011 research outputs found
Advertising and production of a seasonal good for a heterogeneous market
No full textWe bring some concepts from market segmentation, which is a fundamental topic of marketing theory and practice, into the statement of an advertising and production problem for a seasonal product with Nerlove-Arrow's linear goodwill dynamics. We consider two kinds of situations. In the first one, the advertising process can reach selectively each segment. In the second one, one advertising medium is available which has a known effectiveness spectrum for a non-trivial set of segments. In both cases we solve, using the Pontryagin's Maximum Principle conditions, the optimal control problems in which goodwill productivity of advertising is concave and good production cost is convex. Two special cases are discussed in detail
A multiperiod production and advertising problem for a seasonal product
No full textWe consider the problem of a firm which seeks the maximum discounted profit from the offer of a seasonal product on the market. Production and sale of the product take place in two disjoint and consecutive subintervals of each seasonality period, which is repeated infinitely (or finitely) many times. On the other hand, the firm can advertise the product at every time of each seasonality period. The multiperiod problem is formulated as a discrete time dynamic programming problem
A theoretical validation of the DDMRP reorder policy
No full textA recent heuristic called Demand Driven MRP, widely implemented using modern ERP systems, proposes reorder policy based on buffers. Buffers are amounts of inventory positioned and set to control the net flow position, responding to stochastic demand and lead time. Our primary goal is to propose a theoretical foundation for such a heuristic approach. To this aim, we develop an optimization model inspired by the main principles behind the heuristic algorithm. Specifically, optimal policies are of the type (s(t), S(t)) with time-varying thresholds that react to short-run real orders. We introduce constraints related to the service levels, that are written as tail risk measures to ensure fulfillment of realized demand with a predetermined probability. Interestingly, it turns out that such constraints allow to analytically justify an empirical rule that the DDMRP employs to set the risk parameters used in the heuristic. Finally, we use our model as a benchmark to theoretically validate and contextualize the aforementioned heuristic
Determining optimal production and advertising policies for a seasonal product
No full textOPTIMIZATIO
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
A single season production and advertising control problem with bounded final goodwill
No full textJOURNAL OF INFORMATION AND OPTIMIZATION SCIENCE
Optimal purchase and advertising for a product with immediate sales start
No full textWe consider the problem of maximizing the discounted net profit of a firm which purchases a quantity of some product at a given time and afterwards advertises and sells the product progressively. We distinguish among the three possibilities of assuming the final time to be either fixed, or bounded, or free. In all cases, after stating the problem in the optimal control theory framework, we prove the existence of an optimal solution and characterize it using the Maximum Principle necessary conditions. Furthermore, we prove that the convexity of the purchase cost function is a sufficient condition for the uniqueness of the optimal solution
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