Quick response in fashion supply chains with dual information updating
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We study in this paper the Quick Response (QR) policy in a
two-echelon single-manufacturer single-retailer supply chain with
a fashion product and dual information updating. To be specific,
under Quick Response, a fashion retailer can collect market
information towards the sales of a pre-seasonal product whose
demand is closely related to the demand of the seasonal product.
This information is then used to update both the unknown mean and
unknown variance for the seasonal product's demand by Bayesian
approach. We consider the situation that there are ordering and
production costs uncertainty and differences. After deriving the
analytical model, we show the conditions under which QR is
beneficial to the supply chain. Measures that can be taken to
create Pareto improvement scenario in the supply chain and the
individual echelons are discussed. Managerial insights are
developed.