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This book develops a modeling framework to analyze the problem of
inventory management with alternative delivery times. The general
context considered here is that a seller replenishes its inventory
in fixed intervals and, between replenishments, allocates the
limited inventory to satisfy customers who are both price and
delivery-time sensitive. On the demand side, customers have
heterogeneous delivery-time requirements and choose either spot or
late delivery. This theoretical modeling captures the essence of
real-world business practices such as the delivery time market
segmentation strategy adopted by automobile dealerships in China
and many other similar examples. The book focuses on the seller's
optimal inventory replenishment and demand fulfillment policies,
and our results provide managerial insights into the merits of
flexible delivery-time options. Similar applications such as the
group-buying mechanism are also examined. The main mathematical
tool used in theoretical analysis is dynamic programming. This book
is written for students, researchers, and practitioners in the
areas of operations management and industrial engineering who are
interested in understanding the rationale of flexible delivery
times and designing successful applications.
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