Automated price management system

A system for retail fuel price management, the system comprising:

• a plurality of first network communication devices each device associated with a retail fuel sales site;
• a first price management module implemented by the plurality of first network communication devices, the first price management module being capable of electronically transmitting retail site fuel sales data and competitor fuel price data to a central pricing site;
• a second network communication device associated with a central pricing site;
• and
• a second price management module implemented by the second network communication device, the second price management module is capable of electronically receiving the data transmitted by the plurality of first network devices, determining if a site-specific fuel price adjustment is required based upon the data received from the plurality first network device, and electronically transmitting the site-specific price adjustment to the first network device associated with the site-specific fuel price adjustment if a price adjustment is determined to be required,
• wherein the first network device receives the price adjustment and the first price management module automatically adjusts the fuel price at the retail site fuel pumps.

A method for retail price management, the method comprising the steps of:

• surveying the current prices being offered by predefined competitors in the general vicinity of a retail site;
• inputting the current competitor pricing information and current retail site sales information into a first network device implementing a pricing management module;
• transmitting electronically the current competitor pricing information and current retail site sales information to a second network device associated with a central pricing unit, the second network device implementing the pricing management module;
• determining via the price management module whether a price adjustment is required based upon the current competitor pricing information and current retail site sales information;
• transmitting electronically price adjustment information to the first network device if a price adjustment is determined to be required;
• and
• adjusting automatically the price at the point-of-sale.

A method for retail fuel price management, the method comprising the steps of:

• surveying the current fuel prices being offered by predefined competitors in the general vicinity of a retail fuel site;
• inputting the current competitor fuel pricing information and current retail site fuel sales information into a first network device implementing a pricing management module;
• transmitting electronically the current competitor fuel pricing information and current retail site fuel sales information to a second network device associated with a central pricing unit, the second network device implementing the pricing management module;
• determining via the price management module whether a fuel price adjustment is required based upon the current competitor fuel pricing information and current retail site fuel sales information;
• transmitting electronically fuel price adjustment information to the first network device if a price adjustment is determined to be required;
• and
• adjusting automatically the price at the retail site fuel pumps.