Price optimization system
US7523047B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 20, 2000 |
| Grant date | Apr 21, 2009 |
| Priority date | — |
| Expiry date | Oct 14, 2022 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0283
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method for determining a preferred set of prices for a plurality of products is provided. Generally, a sales model is created. A cost model is also created. A preferred set of prices for the plurality of products based on the sales model and cost model is then generated.An apparatus for computing a preferred set of prices for a plurality of products is provided. An econometric engine for modeling sales as a function of price to create a sales model is provided. A financial model engine for modeling costs to create a cost model is provided. An optimization engine is coupled to the econometric engine and financial model engine to receive input from the econometric engine and financial model engine, wherein the optimization engine generates the preferred set of prices.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.