System and method to determine the prices and order quantities that maximize a retailer's total profit
US7438227B2 · kind B2 · utility
2Cited by
0References
4Claims
0Family size
Assignee
Inventors
Key dates
| Filing date | Jun 19, 2006 |
| Grant date | Oct 21, 2008 |
| Priority date | — |
| Expiry date | Dec 6, 2026 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0283
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The present invention provides a system and method for determining the prices and order quantities that maximize a retailer's expected profit by using a multi-dimensional distribution of the highest prices that customers are willing to pay. This is novel, as well in the literature as in the patent database. Brand switching is dealt with, taking into account that consumers who come into the store with a-priori preferences for products build a-posteriori preferences at the point of purchase based on actual retail prices and availabilities in the store.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.