The ramification of dynamic investment on the promotion and preservation technology for inventory management through a modified flower pollination algorithm |
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| Affiliation: | 1. University of Queensland Business School, University of Queensland, Brisbane, QLD, Australia;2. Adelaide Business School, The University of Adelaide, Adelaide, SA, Australia;1. Department of Industrial Management, Chien Hsin University of Science and Technology, Taoyuan 320, Taiwan;2. Graduate School of Business and Administration, Shu-Te University, Yen-Chao, Kaohsiung 824, Taiwan;3. Department of Aviation and Maritime Transportation Management, Chang Jung Christian University, Tainan 711, Taiwan;1. The Logistics Institute-Asia Pacific, National University of Singapore, 21 Heng Mui Keng Terrace, Singapore, 119613, Singapore;2. NUST Business School, National University of Sciences & Technology, H-12, Islamabad, 44000, Pakistan;3. Department of Industrial Engineering, Yonsei University, 50 Yonsei-ro, Sinchon-dong, Seodaemun-gu, Seoul, South Korea |
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| Abstract: | The dynamic rate of investment in promotion during different price-ranges and the optimum investment in preservation technology are developed for seasonable or fashionable products through their lifespan. An order level inventory model for deteriorating items with promotional price and trapezoidal-type demand rate is used to maximize the profit of a retailer. The deterioration rate is dependent on the preservation technology i.e., more investment in preservation reduces the rate of deterioration. The aim of this study is to obtain the optimum dynamic investment for the promotion. The optimal control theory is employed to obtain the dynamic investment rates. A modified flower pollination Algorithm is applied to find the optimal pricing scheme, preservation technology investment, and replenishment schedule. An illustrated algorithm based numerical experiment is conducted to validate the dynamic behaviour of the investment. Sensitivity analysis has been carried out with respect to the major parameters to prove the novelty of the algorithm and explored the managerial insights of the proposed model. Numerical studies obtain that dynamical investment is really beneficial for the management of stocks. |
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| Keywords: | Dynamic investment Flower pollination algorithm Preservation technology Promotions Trapezoidal-type demand Marketing |
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