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An Inventory Policy of the Minimum Cost with the Product Availability in CRM  

Lim Joo-Young (Dept. of Industrial Engineering Division of Advanced Industrial Engineering, Kyonggi University)
Kim Hyun-Soo (Dept. of Industrial Engineering Division of Advanced Industrial Engineering, Kyonggi University)
Choi Jin-Yeong (Dept. of Industrial Engineering Division of Advanced Industrial Engineering, Kyonggi University)
Publication Information
Journal of Korean Society of Industrial and Systems Engineering / v.28, no.2, 2005 , pp. 117-124 More about this Journal
Abstract
This study tries to develop the models of measuring the level of product availability accommodated for features of specific customers dividing customers into VIP customers and general customers. Functions of costs that the models are composed of are cost of holding safety stock and cost of lost opportunities. The existing model of measuring the level of product availability which focused on cost of holding safety stock for VIP customers should be reinforced by considering cost of lost opportunities caused by general customers' quitting trades with a company. This study tries to present realistic solutions for problems in making decisions related to the total inventory. This study concludes that the model of the level of product availability meeting general customers' needs is more efficient according to increasing of a latent demand of the general customers who quit trades with a company and the cost of lost opportunities.
Keywords
level of product availability; cost of holding safety stock; cost of lost opportunity; CRM;
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