Method and system for automated control of pricing

Details Method and system for automated control of pricing Method and system for automated control of pricing

2004-07-28

2011-11-01

Hayes, John (Department: 3628)

Data processing: financial, business practice, management, or co

For cost/price

C705S001100, C705S007350, C705S014350

Reexamination Certificate

active

08051015

ABSTRACT:
A method, program product and system for automated control of pricing of a product or service. The method includes determining an initial price of the product, monitoring actual sales of the product at retail outlets, and adjusting the initial price during a selling season of the product based on the actual sales of the product. The method can further include accepting input from a historical price database, and determining the initial price using historical prices of the product or a similar product. The method can further include repeatedly adjusting a price of the product during a selling season based on the actual sales of the product. The method can further include applying a markdown to the price of the product and using a markdown profile to determine the markdown. The method can further include performing slow seller analysis to determine the markdown. The determination that a product is a slow seller can be made by applying a predetermined rule set to the product.

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