Volume 55, Number 1, January-February 2021
|Page(s)||261 - 284|
|Published online||23 March 2021|
Advance sustainable inventory management through advertisement and trade-credit policy
Department of Industrial and Systems Engineering, School of Engineering and Sciences, Tecnológico de Monterrey, E. Garza Sada 2501 Sur, C.P. 64849 Monterrey, Nuevo León, Mexico
2 Department of Industrial Engineering, Hongik University, 72-1 Mapo-Gu, Sangsu-Dong, Seoul 04066, Republic of Korea
3 Department of Mathematics, Tamralipta Mahavidyalaya, Tamluk, Purba Medinipur 721636, India
4 Department of Industrial Engineering, Yonsei University, 50 Yonsei-ro, Sinchon-Dong, Seadaemun-gu, Seoul 03722, South Korea
* Corresponding author: firstname.lastname@example.org
Accepted: 19 June 2020
The concept of advanced sustainable inventory management, where demand pattern stock level and advertising dependent under trade-credit policy is taking account in this present study. Optimal credit period and cycle time are the main objective of this advanced system. A developed solution methodology is derived to show the existence of global optimality under optimum credit period and cycle time. The main concern of this advanced system is to maximize the annual total system profit of retailer with finite replenishment rate. Numerical illustration are carry forward for different cases to prove the stainability along with real impact of this model. Sensitive analysis for the key parameters is discussed in sensitivity analysis section along with some real managerial insights.
Mathematics Subject Classification: 90B05 / 90B06
Key words: Sustainable inventory management / advertisement cost / permissible delay-in-payments / shortages / trade-credit policy
© EDP Sciences, ROADEF, SMAI 2021
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