EOQ Model for Small Scale Retailers with Local Advertisements - TI Journals

Abstract: Today, we live in the world of technology. The progression of technology has brought about notable changes in all the fields including that of commerce. The field of commerce has been transformed by the application of modern techniques. The conception of inventory is associated with trade. The motive behind the formulation of inventory model is to obtain the optimal order quantity. The influence of many factors like learning and forgetting on the Economic Order Quantity model signifies that the optimal quantity is subjected to manipulation. In this paper we develop an inventory model for determining the effect of progress of technology on the society with orientation to Economic Order Quantity. A distinguishing feature of the model is that the cost of advertising and the social effects of advertising are included. This paper also investigates the attributing factors of the social impacts which could be minimized to build a healthy society.

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