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This article investigates inventory replenishment, advertising, and pricing decisions for perishable products with fixed expiration dates. Specifically, the problem is modelled using mixed-integer nonlinear programming to maximize the retailer’s total profit on an infinite planning horizon. Several assumptions are made to formulate the problem: i) the demand is considered a multivariate function of freshness, selling price, displayed inventory level, and advertisement frequency; ii) the holding cost of inventory increases linearly as the product ages; iii) the ending inventory is not necessarily zero. A search algorithm is proposed to solve this problem. The impact of each parameter on the optimal solution is investigated using sensitivity analysis. The advertising frequency determined via this model is an optimal compromise between advertising costs and yield. This model can be applied to reduce perishable food waste and meet the rising demand for fresh food.

international journal of management science and engineering management

A mathematical model for optimizing pricing-inventory, and advertising frequency decisions with a multivariate demand function and a time-dependent holding-cost function