A Dynamic Programming Approach for Product Selection and Supermarket Shelf-Space Allocation |
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Authors: | Fred S Zufryden |
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Institution: | 1.Graduate School of Business, University of Southern California, |
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Abstract: | A dynamic programming approach is proposed to select optimally among a given set of products and allocate integer shelf-space units to the selected products in supermarkets. The approach is designed to consider general objective-function specifications that account for space elasticity, costs of sales, and potential demand-related marketing variables. The optimization is subject to constraints due to product supply availability, 'block' product allocation and operational requirements. A primary focus is on the development of a tractable model approach that can effectively be implemented on a microcomputer. A discussion of applications and computational experience on a microcomputer is provided to support the practical applicability of the optimization approach. |
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