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- Type of Document: M.Sc. Thesis
- Language: Farsi
- Document No: 47924 (01)
- University: Sharif University of Technology
- Department: Industrial Engineering
- Advisor(s): Modarres Yazdi, Mohammad
- Abstract:
- This study investigates the bundle pricing strategy in which a seller offers both individual products and a bundle comprising one unit of each individual product. Moreover in order to motivate costumers, usually a discount is offered for the bundle option. This strategy is an important price discrimination tool for companies that serve customers with heterogeneous preferences and implementing it can maximize seller’s expected profits. In this study two mathematical programming models for the mixed bundle pricing problem are developed. The first model investigates the inventory and ordering decisions in this problem. In order to solve this model, a solution approach based on the benders decomposition algorithm is developed. The results of the model indicate the impact of inventory and ordering decisions on the performance of mixed bundle pricing strategy. The second model investigates the uncertainty in the market through a stochastic programming approach. In this regard, a two-stage stochastic programming model with fixed recourse is proposed. The results of this model suggest a more prudent approach towards the ordering and pricing decisions than the first model. What is more, the numerical results indicate that ignoring the uncertainty in this model might bring about a reduction in the expected profit. Moreover, they suggest that fluctuations in the input parameters can influence the seller’s expected profit
- Keywords:
- Bundle Pricing ; Stochastic Programming ; Mixed Integer Linear Programming ; Benders Decomposition ; Product Bundling
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