Kısıtlı stoğa sahip iki üründen optimal paket oluşturulması ve fiyatlandırılması

ABSTRACTOPTIMAL BUNDLE FORMATION AND PRICING OFTWO PRODUCTS WITH LIMITED STOCKüSalih OztopM.S. in Industrial EngineeringüuuSupervisor: Prof. Dr. Ulkü GürlerSeptember, 2005In this study, we consider the stochastic modeling of a retail firm that sells twotypes of perishable products in a single period not only as independent itemsbut also as a bundle. Our emphasis is on understanding the bundling practiceson the inventory and pricing decisions of the firm. One of the issues we addressis to decide on the number of bundles to be formed from the initial productinventory levels and the price of the bundle to maximize the expected profit.Product demands follow a Poisson Process with a price dependent rate. Customerreservation prices are assumed to have a joint distribution. We study the impactof reservation price distributions, initial inventory levels, product prices, demandarrival rates and cost of bundling. We observe that the expected profit decreasesas the correlation coefficient increases. With negative correlation, bundling costhas a significant impact on the number of bundles formed. When the productprices are low, the retailer sells individual products as well as the bundle (mixedbundling), when they are high, the retailer sells only bundles (pure bundling).The expected profit and the number of bundles offered decrease as the variance ofthe reservation price distribution increases. For high starting inventory levels, theretailer reduces bundle price and offers more bundles. The number of bundle salesdecreases and the number of individual product sales increases when the arrivalrate increases since the need for bundling decreases. Impacts of substitutabilityand complementarity of products are also investigated. The retailer forms morebundles, or charges higher prices for the bundle or both as the products becomemore complementary and less substitutable.Keywords: Bundling, Pricing, Stochastic Demand, Revenue Management.iii