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Optimizing Retail Assortments for Diverse Customer Preferences

In: Retail Supply Chain Management

Author

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  • Stephen A. Smith

    (Santa Clara University)

Abstract

This chapter develops a modeling structure for optimizing a retailer’s assortment, based on a sequential choice of retailer and product by heterogeneous customers. The resulting optimization problem is reduced to a mixed integer LP through the use of a newsvendor approximation. The sensitivity of the retailer’s optimal assortment to its market share relative to competing retailers is also analyzed. A commercial data base of customer utilities for DVD players obtained through conjoint analysis is used to illustrate the results.

Suggested Citation

  • Stephen A. Smith, 2015. "Optimizing Retail Assortments for Diverse Customer Preferences," International Series in Operations Research & Management Science, in: Narendra Agrawal & Stephen A. Smith (ed.), Retail Supply Chain Management, edition 2, chapter 0, pages 293-317, Springer.
    • Handle: RePEc:spr:isochp:978-1-4899-7562-1_11
    DOI: 10.1007/978-1-4899-7562-1_11
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