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Product Line Optimization as a Two Stage Problem

In: Operations Research Proceedings 2004

Author

Listed:
  • Bernd Stauß

    (Universität Karlsruhe)

  • Wolfgang Gaul

    (Universität Karlsruhe)

Abstract

Optimizing product lines is the task of planning the joint offer of multiple substitutes concurrently. Actually, this resembles the design of a choice menu where consumers are supposed to choose at most one item from a set of alternatives. In this paper we model the product line optimization problem by decomposing it into two stages. Product decision is done in the first stage by anticipating possible outcomes of the subsequent (price) stage. This so-called hierarchical decision situation is considered due to uncertainty about consumers’ tastes. Results suggest that substantial increase of expected profit can be drawn from the hierarchical approach.

Suggested Citation

  • Bernd Stauß & Wolfgang Gaul, 2005. "Product Line Optimization as a Two Stage Problem," Operations Research Proceedings, in: Hein Fleuren & Dick Hertog & Peter Kort (ed.), Operations Research Proceedings 2004, pages 246-253, Springer.
    • Handle: RePEc:spr:oprchp:978-3-540-27679-1_31
    DOI: 10.1007/3-540-27679-3_31
    as

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