$t$	Time
i	Supply chain entity, $i\in \left\{1 \left(\mathrm{w}\mathrm{h}\mathrm{o}\mathrm{l}\mathrm{e}\mathrm{s}\mathrm{a}\mathrm{l}\mathrm{e}\mathrm{r}\right), 2 \left(\mathrm{r}\mathrm{e}\mathrm{t}\mathrm{a}\mathrm{i}\mathrm{l}\mathrm{e}\mathrm{r}\right)\right\}$
$q_i$	Quality level at supply chain echelon i, ${0<q}_i\le 1$
$t_i$	Product arrival time at supply chain echelon i
${\mu }_i \left({\overline{\mu }}_i\right)$	Instantaneous quality deterioration rate at supply chain echelon i without (with) IoT
$q_h$	Highest quality level beyond which a customer starts recognizing different quality levels (in the absence of IoT), $q_h<q_i$
$t_h$	Time at which customer starts recognizing different quality levels (in the absence of IoT)
$q_c$	Critical quality level below which a customer considers the product unsalable, $q_c<q_h$
$q_{d }\left({\overline{q}}_d\right)$	Quality level at which a price discount starts without (with) IoT
$t_c$	Time beyond which a customer finds the product unsalable due to bad quality
$t_d\left({\overline{t}}_d\right)$	Timing of price discount without (with) IoT
$p_1$(${\overline{p}}_1)$	Full unit selling price without (with) IoT
$p_2$(${\overline{p}}_2)$	Discounted unit selling price without (with) IoT
$\theta \left(\overline{\theta }\right)$	Discount size without (with) IoT
$D \left(\overline{D}\right)$	Total demand without (with) IoT
$D_1 \left(D_2\right)$	Demand with full price (demand with discounted price)
D0	Market size
α	Demand sensitivity to price
$\beta$	Demand sensitivity to quality
$T$	Replenishment period, $T=t_c-t_3$
$c$	Distributor’s cost
$w \left(\overline{w}\right)$	Price charged by the distributor to the retailer without (with) IoT
${\pi }_R \left({\overline{\pi }}_R\right)$	Profit for Retailer without (with) IoT