Purchase Of Materials Research Articles

Don’t Tell Me to Have, but to Do It! The Role of Luxury Desirability Motives in Reducing Counterfeiting Schadenfreude

Abstract This paper postulates that consumers’ desire for doing-luxury – pursuing luxury with the intention of acquiring a life experience (vs. having-luxury) – pursuing luxury with the intention of acquiring a material good reduces counterfeiting schadenfreude – consumers’ feelings of pleasure from the losses of luxury brands due to counterfeiting. Two experiments employed various methods of invoking doing-luxury (vs. having-luxury) – actual product exposure and brand positioning to test the predicted framework. The results demonstrate that doing-luxury (vs. having-luxury) leads to a lower counterfeiting schadenfreude; an effect explained by the lower perceived similarity. This research makes an important contribution to the counterfeiting and experiential marketing literature by demonstrating the role of brand positioning in reducing a critical counterfeit-related social emotion. The results also validate the relevance of the intentions-based distinction of experiential versus material purchases in predicting counterfeiting schadenfreude. To reduce counterfeiting schadenfreude, luxury brands must signal an ephemeral image focusing on moments of luxury rather than functions of luxury. In addition, ad appeals must invoke sensory elements, feelings, emotions, imagination, and mental stimulation rather than the hard facts about the products per se.

The interactive effect of products and consumption frequency on happiness in China

PurposeA substantial portion of existing literature on comparing experiential and material purchases on happiness indicates an experiential advantage. However, this advantage is presumed to occur in developed countries, with developing countries being overlooked. To address this gap in the literature, this paper examines the effect of consumption in China. It introduces a new perspective, consumption frequency (ordinary vs extraordinary), to investigate the interactive effect of consumption frequency (ordinary vs extraordinary) and product type (material vs experiential) on happiness and to explore the underlying mechanisms in China.Design/methodology/approachThe study constructs a model about the interactive effect of consumption frequency (ordinary vs extraordinary) and product type (material vs experiential) on happiness and takes self-expansion as the underlying mechanism. The authors employ two experiments and a nationwide secondary survey dataset to test the model.Findings(1) consumption frequency and product type can interactively improve happiness significantly in China; (2) extraordinary material consumption induces a higher level of happiness than extraordinary experiential consumption and (3) these effects are driven by self-expansion, which is an important character for people in developing countries.Research limitations/implicationsThis study is incomplete in its lack of investigation into the boundary conditions, such as materialism in the model.Originality/valueThis paper introduces a novel perspective, consumption frequency and integrates it with existing research variables (material vs experiential) to propose the interactive effect and the underlying mechanism, self-expansion. This paper contributes to the theory of consumption happiness by introducing the concept of consumption frequency in the comparison of material versus experiential products on happiness. Conversely, our findings contribute to the understanding of happiness in China.

PENGENDALIAN PERSEDIAN PAKAN AYAM PETELUR MENGGUNAKAN METODE EONOMIC ORDER QUANTITY (EOQ) PADA PETERNAKAN XYZ DI BANYUWANGI

Delays in the supply of chicken feed at XYZ Farm resulted in a decrease in chicken egg productivity, resulting in chicken death. To ensure that production runs smoothly, XYZ Farms must guarantee the availability of raw materials for chicken feed. The aim of this research is to determine the ideal number of orders for chicken feed supplies to minimize feed shortages due to delivery delays. This research applies the Economic Order Quantity (EOQ) method to help XYZ farms manage the purchase of raw materials for chicken feed, and Single Exponential Smoothing to forecast supplies that are updated continuously by considering the latest data. The forecasting calculation uses an accuracy of 0.6 for the need for katul, corn and concentrate in January 2024. The results of the Economic Order Quantity (EOQ) calculation show that the optimal order for Katul is 6,702 kg, corn 29,190 kg, concentrate 25,402 kg. Orders are made 4 times a month, and Reorder Point is made when 1,586 kg of katul remains, 6,494 kg of corn and 8,742 kg of concentrate. Reordering or Reorder Point (ROP) is needed to overcome the potential for stock out during lead time TRANSLATE with x English Arabic Hebrew Polish Bulgarian Hindi Portuguese Catalan Hmong Daw Romanian Chinese Simplified Hungarian Russian Chinese Traditional Indonesian Slovak Czech Italian Slovenian Danish Japanese Spanish Dutch Klingon Swedish English Korean Thai Estonian Latvian Turkish Finnish Lithuanian Ukrainian French Malay Urdu German Maltese Vietnamese Greek Norwegian Welsh Haitian Creole Persian // TRANSLATE with COPY THE URL BELOW Back EMBED THE SNIPPET BELOW IN YOUR SITE Enable collaborative features and customize widget: Bing Webmaster Portal Back //

Someone just posted on Instagram: Conspicuous consumption, anticipated engagement, and trait mindfulness

The practice of “flexing,” showing off one’s wealth and status, gradually penetrates daily life on various social media platforms, most notably Instagram. We investigated the extent to which exposure to conspicuous consumption by a stranger stimulated the viewers’ materialistic aspiration and whether this effect could be mediated by anticipated engagement and moderated by trait mindfulness. A large number of Instagram users in Indonesia (N = 2,296, 75.30% female; M age = 31.14 years old, SD age = 7.09) completed the trait mindfulness scale, randomly received a single Instagram photo showcasing luxury material vs. experiential purchase, provided an estimate of the intensity of love and comment from other viewers (i.e., anticipated engagement), and filled out the materialistic aspiration scale. Participants exposed to material purchase reported higher aspiration than those exposed to experiential purchase, but lower anticipated engagements also reduced materialistic aspiration. Participants with higher trait mindfulness were better at distinguishing the effects of conspicuous consumption on anticipated engagement and materialistic aspiration. These findings indicate that the viewers’ anticipation of collective attention could reverse the impact of exposure to conspicuous consumption and the potential of trait mindfulness as an anti-mimetic quality for situational materialism.

Analisis Penerapan Sistem Informasi Akuntansi dan Pengendalian Internal Persediaan Bahan Baku pada Coffee Station

This research was conducted at a company engaged in manufacturing, called Coffee Station. This research aims to find out how the accounting information system is implemented and the implementation of internal control of raw material inventory at the Coffee Station. This research method uses a qualitative method with a descriptive approach. Data collection techniques used were documentation and interviews with several employees at the Coffee Station. The results of this research indicate that the implementation of the raw material inventory accounting information system is still carried out manually, due to human resources who are less competent in the fields of accounting and computerization. However, they have implemented good procedures so that there is no shortage of raw material supplies. The implementation of internal control over raw material supplies has not been fully effective. Company management has implemented several internal control concepts and principles, however manual recording can pose risks to the company and in control activities there are still dual functions in the purchasing and recording of raw materials.

Stock exchange operations in an anti-crisis management system of the enterprise

Today, in the process of building an effective system of anti-crisis management of the enterprise, more attention should be paid to such less common, but highly effective tools as stock transactions. Anti-crisis management is a certain set of strategic measures and tactical actions aimed at identifying, preventing and overcoming crisis phenomena in the company's activities, as well as impulses that potentially threaten the development of crisis phenomena in the future. The main directions of action are the following: development of the general anti-crisis strategy of the enterprise, ensuring the financial stability of the enterprise, implementation of the risk management system, restructuring of the enterprise and its business processes, personnel and communications management, increasing the efficiency of the marketing system, etc. Speaking about the place of stock exchange operations in the system of anti-crisis management of the enterprise, it should be noted that they can be considered as a tool in the middle of some of the above measures, namely optimization of business processes, improvement of the level of communications and activation of marketing. In all these aspects, the use of exchange operations can be effective. In our opinion, transactions with goods and derivative financial instruments require the main attention. Speaking about the optimization of business processes, the following advantages of cooperation with stock exchange institutions can be distinguished: guaranteed replenishment of production stocks with raw materials and materials of the required quality and quantity due to the conclusion of term exchange agreements for their supply, the forecast level of prices for raw materials and materials, which is fixed during the conclusion of exchange agreements , clearly defined conditions of supply. Access to the stock market also has a positive effect on the level of business communications, because it is the stock exchange that maximally concentrates all interested parties regarding specific types of goods, which contributes to the intensification of business activity. Exchange operations can also be considered as a highly effective tool for activating the marketing activities of the enterprise. In addition to the purchase of raw materials on the stock exchange for your activity, you can use the stock market for the sale of goods manufactured by the enterprise. In this way, the company can guarantee itself future sales in a certain forecasted price range, and accordingly, reasonable planning of the company's performance indicators, cash flows is possible, therefore, it becomes possible to manage insolvency, which is the main crisis impulse for the company.

Development of inter-territorial interaction and cooperation in the field of waste management

Aim. To build a system of inter-territorial interaction and cooperation in the sphere of waste management.Objectives. To develop a model of interterritorial interaction and cooperation in the sphere of waste management; to offer directions and forms of interterritorial interaction and cooperation in the investigated sphere.Methods. The author used the methods of analysis and synthesis, generalization and classification, as well as modeling. Legislative acts of the Russian Federation (RF), data of official governmental sites of the RF and the Republic of Bashkortostan, scientific articles, monographs, periodicals in the field of ecological monitoring of territories, data of the public-law company “Russian Ecological Operator” (PPC “REO”), statistical collections devoted to the researched subject served as a methodological basis for model building.Results. The author of the article proposes a model of inter-territorial interaction and cooperation, which includes the definition of ratings of regions, forms and directions, assessment of risks and effectiveness of inter-territorial interaction and cooperation. It is argued that interaction and cooperation in this area can be realized through participation in investment for the creation of infrastructure facilities for waste management; through participation in tenders on the electronic trading platform for the purchase of secondary raw materials; construction of eco-industrial parks, allowing to reduce to the maximum the amount of waste going to landfill; awareness-raising activities to popularize the principles of closed-cycle economy; eco-volunteering, creation of an eco-monitoring system.Conclusions. The model of interterritorial interaction and cooperation in the sphere of waste management proposed by the author allows to improve its quality, to ensure the efficiency of territorial development, viability of waste management infrastructure, full utilization of the potential of regions and the sphere of waste management.

Bridging consumption and work: The effects of thoughts about different types of purchases on job-related motivations

Consumption and work are two integral aspects of individuals’ lives. This research suggests that merely thinking about different types of purchases (i.e., experiential and material) can influence individuals’ job-related motivations, including preference for big-picture (vs. detail) orientation jobs, the tendency to maximize collective (vs. individual) outcomes, and follower motivations. Through four experiments using various manipulations of purchase-related thoughts, this research demonstrates that thinking about experiential (vs. material) purchases activates a higher level of mental construal, which consequently strengthens individuals’ preference for big-picture (vs. detail) orientation jobs, increases their tendency to maximize collective (vs. individual) outcomes, and enhances their follower motivations when they receive communication messages from a leader who is hierarchically distant. Furthermore, the temporal distance of the purchase-related thoughts moderates the proposed effects, further supporting individuals’ mental construal as the underlying mechanism.

Effects of the COVID-19 Pandemic and to Develop Strategies for Resistance on the Farming Practices in Ganjam District-An Analysis

The present study entitled “Scientific study on the farming practices in ganjam district to comprehend the effects of the COVID-19 pandemic and to develop strategies for resistance” was undertaken with a view to evaluate COVID-19's effects on farmers of Ganjam District of Odisha and to suggest them how to overcome such pandemic situation. The study followed purposive and random sampling techniques that were found appropriate and taken to undergo the analysis. The study was conducted in the Department of Agricultural Extension and Communication, Institute of Agricultural Sciences (IAS), Siksha ‘O’ Anusandhan University Bhubaneswar, between December 2020 and August 2022. For the selection of District, Blocks and Villages covering 120 respondents, information was collected through structured interview schedule and focus group discussion. Suitable tools and techniques used during the analysis to suffice the study need are frequency, percentage, mean score, standard deviation, Person’s coefficient Correlation, T- test, multiple regression was employed for analyzing collected data. The study revealed that majority of the respondents (85%) belong to middle and older group, having the sex ratio of 3:2 male and female. The study revealed that the education of children adversely affected with mean score of 2.625, further it has been observed that the farmers couldn’t ensure expenses on purchase of household materials. The study depicted that quality food consumption, expenditure habit and farming in general have been adversely affected. The banking activities as regard to getting loan, taking banking transactions have also been adversely affected. Several farmers have faced physical, socio-economic, technological and production constraints. In this study, particularly problem in sound sleep, depression, feeling of insecurity, slowdown of supply chain and non-availability of quality inputs for cultivation are the main focus constraints encountered by agriculture. It was also found that to mitigate such situation farmers had opined that the vaccine should be taken regularly and farmer should develop the saving habit for future use.

Methods to increase the efficiency of logistics processes

The purchasing process is considered one of the important functional areas in logistics, aimed at managing the movement of material flows in the enterprise. Each enterprise plans purchases, as well as their implementation, but they are not always given enough attention, which leads to both the irrational use of materials and increased costs for the purchase of raw materials. Therefore, systematic analysis of supply procedures and monitoring of this type of activity is desirable. Approaches to assessing the performance of enterprise procurement aimed at reducing costs and ensuring financial stability are relevant. To increase the efficiency of supply chain work, it is recommended to use research methodology: with a well-organized procurement process, we can talk about increasing the profitability and profitability of the company. Among the methods used to organize supply, the principles of ensuring continuity of supply are considered, which indicate the need to study this issue. The authors come to the conclusion that using the example of company “A”, methods are analyzed that make it possible to regulate the supply of goods, depending on the calculation of demand.

Of happy larks and unhappy owls: Why morning versus evening types feel different levels of happiness from experiential versus material purchases

AbstractPeople can identify as morning types or evening types. Research has shown that evening types are generally less happy and have a lower sense of well‐being. While there is limited research in consumer psychology on chronotypes, one question may be asked: Would they gain from the experiential advantage (where people elicit greater happiness from experiential vs. material purchases) and become happier? We find that evening types, in fact, elicit lower levels of happiness from their experiential purchases compared to morning types and, in effect, feel happier from their material purchases. Furthermore, this is because of the greater subjective distance they feel from their experiential purchases. This research contributes to our understanding of long‐term happiness in a significant section of society—evening types and also calls on researchers to explore the topic of evening chronotype happiness and well‐being in greater depth from a marketing perspective.

Analysis of Raw Material Inventory Control with A Tabular Approach and Formula Approach Economic Order Quantity (EOQ) to Optimize The Cost of Soybean Raw Material Inventory At The Rizqy Putra Fried Tofu Factory

Inventory management is a crucial aspect in the operations of the manufacturing industry, including in fried tofu factories such as the Rizqy Putra Fried Tofu Factory. The main raw material, namely soybeans, must be managed efficiently to ensure smooth production and minimize the costs incurred. This research aims to determine the inventory control of soybean raw materials applied by Rizqy Putra Fried Tofu Factory, the total inventory cost, and the optimal quantity of soybean raw material orders. This research is quantitative research with a comparative descriptive analysis. The data processed are the inventory purchase and usage reports of soybean raw materials at Rizqy Putra Fried Tofu Factory in 2023. The data analysis method used in this research includes two approaches: the tabular approach and the formula approach with the calculation technique of Economic Order Quantity (EOQ). Based on the results of the research, the inventory control method applied by Rizqy Putra Fried Tofu Factory is the traditional or conventional method, where the total inventory cost of soybean raw materials is Rp. 18,720,000 with details of storage costs amounting to Rp. 18,000,000 and ordering costs of Rp. 720,000 per year, and an ordering frequency of 48 times with an average order quantity of 5,875 kg. Meanwhile, according to the calculation of the formula approach EOQ, the optimal order quantity is 2,880 kg, with an ordering frequency of 24 times and the total inventory cost incurred is Rp. 734,387. The conclusion of this research indicates that based on the calculation of the EOQ formula approach, the total inventory cost of soybean raw materials is more optimal compared to the conventional method applied by Rizqy Putra Fried Tofu Factory.

Prediction of footwear demand using Prophet and SARIMA

In an increasingly globalized market, where world container traffic since 2000 has almost quadrupled, the prediction of demand is an element of great importance for the optimal business development of a company. This work focuses on demand forecasting in the fashion sector. It is a very volatile market, with some characteristics such as: seasonality, culture and fashion trends, that makes it difficult to estimate the inter-seasonal footwear demand. In recent years, many algorithms for the prediction of demand have been studied; they can be divided into three natures: statistical algorithms, artificial intelligence algorithms and hybrid algorithms, each of them with its own characteristics. AI-generated predictions provide business professionals with the ability to organize the purchase of materials, manage production processes and stock quantity. Therefore, the purpose of this work is to forecast the long-term sales of a highly seasonal footwear model based on its historical data, using the Prophet and SARIMA (Seasonal Autoregressive Integrated Moving Average) algorithms. This represents a novelty as sales predictions for footwear in the state of the art are not typically made over the long term or highly seasonal, and there is no model that clearly outperforms others. Additionally, a set of Key Performance Indicators has been established to evaluate the prediction outcomes, as the same indicators such as MAE, MAPE and RMSE are commonly used in the state of the art. Furthermore, a relational database structure has been proposed for the organized storage of future predictions. Finally, the results between Prophet and SARIMA have been compared to ascertain whether Prophet (a non-linear statistical algorithm) outperforms SARIMA (a linear statistical algorithm). In the model prediction Prophet obtains an accuracy of 98.8% and a 158.8 MAE, while SARIMA reaches an accuracy of 93% and a 83.9 MAE; all in all really positive results taking into account long-term prediction and high seasonality. It has been observed how Prophet provides better results when it comes to predicting results of annual quantities, for example, the number of shoes that are expected to be sold next year. However, SARIMA returns better results for those KPI that are calculated considering the monthly distribution of the prediction, as well as being 15 times faster in the mean prediction time.

Determining of Well Drilling Sequence for Investment Analysis using Monte Carlo Simulation in Upstream Oil and Gas Company in East Kalimantan, Indonesia

Electrical construction company that experienced in making Well Head Control Panels (WHCP) has difficulties to decide acceptance of investment in WHCP contracts raised with their client in upstream oil and gas company. The difficulty mostly due to uncertainty of client well drilling sequence. The electrical construction company need to financial investment analysis includes material purchasing, shipping, fabrication and delivery of WHCPs need to be done to make sure they make a profit. It is crucial for electrical construction company used correct forecasting method to determine schedule of client’s request. Monte carlo forecasting method is used to predict the well drilling sequence. The well drilling sequence data for 12 months is used to determine 24 months well drilling sequence operation with result 179 wells with normal distribution and 167 wells with triangular distribution.

Perspectives for the application of the provisions on indemnity established by FIDIC Silver Book in the field of construction contracts in Russia

The object of the study is the institute of compensation for property losses, fixed in one of the standard contracts of the International Federation of Consulting Engineers (FIDIC) - the Silver Book. The FIDIC Silver Book is the most interesting for providing a universal contract base in Russia, as a task set by the Government of the Russian Federation in the Strategy for Exporting Services until 2025. It is in this proforma that the main conditions of the EPC are reflected: design work, purchase of materials, construction work. One of the tools common in the Anglo-Saxon legal system is indemnity, which has appeared relatively recently in domestic civil law. By allowing you to manage the risks of construction projects, this institution is attractive to investors and parties to a construction contract. The authors investigate the provisions on indemnity, fixed in the FIDIC Silver Book, to establish the possibility of their application in the field of construction contracts in the territory of the Russian Federation. The authors used such methods as: analysis, synthesis, comparative law, deduction, induction. The scientific novelty of the study is due to the fact that there are few works devoted to the applicability of the terms of FIDIC contracts in Russia, and there are practically no studies on the applicability of the conditions for compensation of losses fixed in them. However, in order to achieve the goals set by the Service Export Strategy until 2025, it is necessary to find out whether there are significant contradictions between the terms of FIDIC contracts and the norms of national legislation that prevent their application in Russia. The most interesting are the prospects for applying the provisions on compensation for property losses fixed in standard contracts, which are quite attractive both for the parties to the contract and for investors. In this regard, a special contribution of the authors to the study of the topic is the establishment of the applicability in Russia of the provisions on compensation for property losses fixed in the FIDIC Silver Book. Within the framework of this scientific work, it was revealed that most of the analyzed provisions do not contradict the mandatory norms of Russian law.

EQONOMIC ORDER QUANTITY (EOQ) METHOD FOR INVENTORY CONTROL OF SOYBEAN RAW MATERIALS IN TOFU INDUSTRY FAUSI BONDOWOSO

tofu industry is an industry engaged in the food sector, namely processing agricultural products in the form of soybeans that sell food needs in the form of tofu. The process of making tofu in the Fausi tofu industry with a large amount every day makes the supply of soybean raw materials must be maintained optimally. Recording for the purchase of soybean raw materials which is still done manually by writing in a daily book makes it difficult for the owner or employees involved to review stock inventory. Descriptive analysis method with a quantitative approach is done by identifying existing data, comparing the results of the data obtained with the existing theory, producing an overview of the problem to be studied and drawing conclusions. The results of the analysis of soybean raw material inventory control in the fausi tofu industry, namely the Economic Order Quantity method can be more optimal than the manual method. Reorder point (ROP) which determines the point at which raw material inventory must be added before running out of inventory in 2023 is at least 1449 Kg. And the calculation of Total Inventory Cost in the Fausi Tofu Industry is more effective using the EOQ method than the manual method because it can reduce total inventory cost by Rp 6,710,485 so that the costs incurred are lower.

Application of Artificial Intelligence in the Restaurant Business

Actuality. Nowadays, the development of artificial intelligence affects the activities of all human life spheres, and the restaurant business as well. It can be explained by the fact that restaurant business enterprises are very sensitive to changes in the environment, and they need to constantly improve their activities for competitive functioning. It is artificial intelligence that will allow to work effectively in the market of restaurant services, influencing the demand and increasing the income. Therefore, the topic of application and implementation of artificial intelligence in restaurant business enterprises is relevant. The aim of the article is to substantiate the essence of the “artificial intelligence” concept, identify its advantages and disadvantages, as well as the possibility of its application in restaurant business establishments. Research methods: abstract-logical (when systematising information sources on application and implementation of artificial intelligence), argumentative (when setting a study problem and formulating scientific novelty), descriptive (when interpreting terms), analysis and logical generalisation (when considering advantages and disadvantages of AI application), conclusion (when describing AI application in different processes of enterprise activity), generalisation (when making research conclusions). Results. A few basic concepts of “artificial intelligence” are described in this article, as well as their interpretation is presented by the author. The article describes. The testimonial of different types of artificial intelligence is given. The advantages and disadvantages of using AI in the restaurant business are highlighted. The importance of using artificial intelligence technologies for restaurant business enterprises is proven. Conclusions and discussion. It is offered to apply AI in the following processes of restaurant business enterprises: order formation, customer service, personnel selection, maintenance and equipment of the establishment, purchase of raw materials and products, planning the activities of the enterprise structural partitions, marketing and advertising. The main advantages of using artificial intelligence in the restaurant business are such: reducing production waste, optimising the production process, improving the quality of customer service, increasing the income. The scientific novelty of the study consists in the analysis of using the artificial intelligence system in different activity processes of service sector enterprises, which will contribute to the efficiency of restaurant business enterprises.

Materials inventory optimization using various forecasting techniques and purchasing quantity in packaging industry

Purpose: This paper studies the problem that occurs on material purchase quantity in price uncertainty situation. Larger buying quantity when the price at high will increase the purchase amount while smaller buying quantity could risk the inventory level. The decision on the purchase quantity of a cycle takes future price as input from price prediction output.Design/methodology/approach: This paper examines five price prediction models, Classification and Regression Tree (CART), Random Forest Regressor (RFR), Support Vector Regressor (SVR), Seasonal Autoregressive Integrated Moving Average (SARIMA) and Long Short Term Memory (LSTM) to predict four Petrochemical products, Linear Low Density Polyethylene (LLDPE), Low Density Polyethylene (LDPE), Biaxially Oriented Polypropylene (BOPP) and Cast Polypropylene (CPP) using dataset built from weekly datapoints from January 2020 to June 2023. The most performing model is validated with data from July 2023 to September 2023 where the prediction result is fed into Linear Programming Simplex method to minimize the amount of purchase by making advanced or postpone orders.Findings: Result that RFR performs higher at most products tested, while SVR performs higher in LDPE product. The fitting of RFR and SVR models prediction, as predicted price to Linear Programming that decides optimum purchase quantity, delivers a total 2.2% of purchase amount reduction compared to original purchase quantity reflecting base scenario issued by the planner.Research limitations/implications: This study does not include additional prediction factors such as freight cost and the hyperparameters tuning studies on the existing factors.Originality/value: The novelty of this paper is prediction value is followed up by an optimization model that would guide the Procurement team decisions for future anticipation because imported raw materials should be purchased ahead of time. This research will provide a scientific approach input that would counterbalance or strengthen decision making that is typically made by individuals owning years of experience. This combined approach is rarely researched and has not been done to polymer products.

Materials requirement prediction challenges addressed through SDM and MEIO

Offering intended products at an affordable price is a highly challenging task in a business environment. To meet such challenges, industrial experts and researchers have different approaches, such as shifting the purchase of materials from import mode to local vendors and optimizing machining cost by optimizing process parameters, waste reduction, rework reduction, and technological improvements. The novelty of this study lies in reducing material cost by accurate materials forecasting to minimize storage cost, ablation cost, average annual consumption cost, etc. This study aims to compare the efficacy of the Seasonal Decomposition Method (SDM) against Multi-Echelon Inventory Optimization (MEIO) for minimizing inventory through accurate materials forecasting. Through rigorous evaluation and analysis, this research seeks to clarify the strengths and weaknesses of each approach, thereby providing insights into their applicability and effectiveness in addressing inventory management challenges across diverse seasonal demand patterns. The sample size was taken as 50 per group. The G-power applied is about 80%. The significance value obtained is 0.001 (p < 0.05), indicating a statistically significant difference between the two algorithms used for inventory reduction and materials forecasting. SDM (63.43) outperforms MEIO (48.57) in terms of accuracy. SDM yielded a better accuracy when compared to MEIO for inventory minimization and materials forecasting.

The Prospection and Retrospection of Experiential Purchases as More Meaningful Memories: Social and Affective Implications

Abstract Consumers can spend their money on material or experiential purchases with important affective and social implications. Consequently, the present study had two objectives, to examine the influence of the type of purchase, experiential versus material, on the construction of meaningful memories prospectively and retrospectively; and to examine the positive influence of this interpretation in terms of anticipated social connection and nostalgia and reliving intentions. Four experiments were conducted. The results of study 1 showed that experiential purchases were interpreted prospectively as more meaningful memories, and were positively related to social connectedness. Experiments 2 and 3 showed that experiential purchases and special experiential purchases were interpreted as more meaningful memories and were positively related to nostalgia. The last experiment showed that special purchases were interpreted as more meaningful memories, leading to greater nostalgia.