A Literature Review on Demand Models in Retail Assortment Planning
Published: 2013
Author(s) Name: Alok Kumar Singh, Rohit Kapoor |
Author(s) Affiliation: Indian Institute of Management, Indore, Madhya Pradesh, India
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Abstract
A retailer assortment is defined as the mix of products carried by a retail store. Assortment planning (AP) is a process of selecting
types and number of product to be kept from a given product line and also to determine the optimal level of inventory of these
products. The assortment optimization problem in the literature varies because of the type of demand models considered by the
authors or because of the context of the problem considered. Various authors have developed models in past that cater to various
objectives associated with shelf-space allocation and assortment decisions. It has been observed that the demand estimation in
any assortment planning problem mostly considered shelf-space and substitution parameters. In the current work, the assortment
planning problem dealt by various researchers primarily with shelf-space and substitution effect consideration will be reviewed.
Keywords: Assortment Planning, Demand Models, Shelf-space, Substitution
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