A new demand function graph: Analysis of retailer-to-individual customer product supply strategies under a non-essential demand pattern
Zhiyi Zhuo, Shuhong Chen, Hong Yan, Yue He
TL;DR
This paper introduces a new demand function graph to help retailers design better supply strategies for non-essential products based on customer demand patterns.
Contribution
The study constructs a demand function diagram and value ranges to identify consumer product demand attributes.
Findings
Three mathematical models were developed to analyze factors influencing supply strategies under nonessential demand.
Numerical examples confirmed the models' validity in solving profit maximization problems.
The results can help retailers improve performance by tailoring supply strategies to customer types and demand patterns.
Abstract
The core objective of a successful product supply strategy is to determine the mechanism through which consumers’ psychological effects influence customer demand. As stated in the theory of supply and demand, a higher level of dynamic equilibrium should be formed in which demand drives supply and supply creates demand. There is a lack of systematic research in the literature on the identification of consumer goods demand attributes and the formation of influencing factors in consumer goods supply chains. In this paper, we use the literature on demand functions and product pricing functions to establish three mathematical models to study the factors that influence retailers in designing and planning product supply strategies for different customers under nonessential demand patterns and to solve the profit maximization problem. The results of numerical examples validate the validity of…
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Taxonomy
TopicsSupply Chain and Inventory Management · Consumer Retail Behavior Studies · Consumer Market Behavior and Pricing