Construct a Demand Function Toward EOQ Model for Single-Period Products
نویسنده
چکیده
Due to the advance of technology, manufacturers’ marketing strategies and quickly changing consumer tastes, numerous products such as fashionable apparel, clothing accessories and consumer electronics are liable to face the problem of short lifespan and obsolescence. Therefore, three related aspects are addressed in this paper. Firstly, we derive a time-dependent demand model for single-period products, well portraying an integrated demand behavior from growth and maturity stages to the final decay stage. Secondly, adding the factor of selling price, a novel time and selling price dependent-demand rate is accordingly presented. Finally, based on the demand, we explore an EOQ model for the purpose of total profit maximization, accompanied with numerical example illustration.
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