TAILIEUCHUNG - Optimal production policy for multi-product with inventory-level-dependent demand in segmented market

Market segmentation has emerged as the primary means by which firms achieve optimal production policy. In this paper, we use market segmentation approach in multi-product inventory system with inventory-level-dependent demand. The objective is to make use of optimal control theory to solve the inventory-production problem and develop an optimal production policy that minimizes the total cost associated with inventory and production rate in segmented market. | Yugoslav Journal of Operations Research 23 (2013) Number 2, 237-247 DOI: OPTIMAL PRODUCTION POLICY FOR MULTI-PRODUCT WITH INVENTORY-LEVEL-DEPENDENT DEMAND IN SEGMENTED MARKET Yogender SINGH Department of Operational Research University of Delhi, Delhi, India – 110007 Prerna MANIK Department of Operational Research, University of Delhi, Delhi, India – 110007 prernamanik@ Kuldeep CHAUDHARY S. G. T. B. Khalsa College, University of Delhi, Delhi, India – 110007 chaudharyiitr33@ Received: February 2013 / Accepted: June 2013 Abstract: Market segmentation has emerged as the primary means by which firms achieve optimal production policy. In this paper, we use market segmentation approach in multi-product inventory system with inventory-level-dependent demand. The objective is to make use of optimal control theory to solve the inventory-production problem and develop an optimal production policy that minimizes the total cost associated with inventory and production rate in segmented market. First, we consider a single production and inventory problem with multi-destination demand that vary from segment to segment. Further, we describe a single source production and multi destination inventory and demand problem under the assumption that firm may choose independently the inventory directed to each segment. The optimal control is applied to study and solve the proposed problem. Keywords: Market Segmentation, Inventory-Production System, Optimal Control Problem. MSC: 90I305. 238 Y. Singh, P. Manik, K. Chaudhary / Optimal Production Policy for Multi-Product 1. INTRODUCTION For a long time, industrial development in various sectors of economy induced strategies of mass production and marketing. Those strategies were manufacturing oriented, focusing on reduction of production costs rather than satisfaction of customers. But as production processes become more flexible, and customer’s affluence led to .

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