Abstract
A timely response to a fluctuating and ever-changing consumer demand is an important decision for a company, as it may impact its position in the market. Thus, proper inventory management becomes a focal point in retail business process management and can provide a substantial competitive advantage. In this paper, we introduce a modified version of Wilson’s model, which takes into account trends in consumer demand and offer flexibility in reordering time. The illustration of the proposed model is presented, showing the significant economic benefit under particular conditions.
Zeng, S.; Nestorenko, O.; Nestorenko, T.; Morkūnas, M.; Volkov, A.; Baležentis, T. & Zhang, C. 2019. EOQ for perishable goods: modification of Wilson’s model for food retailers. Technological and Economic Development of Economy, 25(6), 1413-1432; https://doi.org/10.3846/tede.2019.11330; [Clarivate Analytics databases: Social Sciences Citation Index (Web of Science Core Collection); Dimensions ; DOAJ (Directory of Open Access Journals); EBSCOhost: Business Source Complete, Business Source Corporate Plus, Business Source Elite, Business Source Premier, Business Source Ultimate, Business Source Main Edition, Central & Eastern European Academic Source, Current Abstracts, GreenFILE, TOC Premier; Elsevier Bibliographic Databases: SCOPUS; Gale®: Academic OneFile, InfoTrac Custom; Google Scholar; ICONDA (The International CONstruction DAtabase): IRBdirect; Microsoft Academic; MyScienceWork; OpenAIRE2020 (deposit publications); ProQuest: ProQuest Central, Summon™ , Ulrichsweb™].