A two-period model is proposed to investigate optimal combined purchasing strategies for a risk-averse
manufacturer in an environment of uncertain raw material prices. The manufacturer can buy raw materials via option contracts, or from a spot market. The research results show that the optimal options purchasing quantity is influenced by the degree of risk aversion, the option premium and the exercise price. The relationship between the optimal purchasing quantity and the degree of risk aversion is affected by option prices. And the optimal purchase quantity decreases as the option premium or exercise price rises. Finally, it is demonstrated by comparison that the mean-variance utility of the manufacturer can be improved by using a combined purchasing strategy.