Method for pricing products in a retail store
OwnerMark Hinds, Michael Wilhiteinventors
Life of this patent
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Abstract
A method for pricing products such as goods that are sold in a retail store. The method of the present invention is carried out using the following five-step process: (a) evaluating transaction data for a plurality of consumers; (b) classifying the plurality of consumers into a plurality of consumer groups; (c) identifying a product category; (d) classifying products in the product category into a plurality of product groups, the product groups being based at least in part on the plurality of consumer groups; and (e) setting the retail price of a product in the product category, the retail price being based at least in part on the product group into which the product is classified.
Claims55
A method for establishing the retail price of a product, comprising the steps of:
- evaluating shopping purchase data for a plurality of consumers;
- classifying the plurality of consumers into a plurality of consumer group based, at least in part, upon the evaluation of shopping purchase data;
- identifying a product category;
- classifying products in the product category into a plurality of product groups based, at least in part, upon a distribution consumer groups purchasing the products in the product category;
- and
- setting the retail price of a product in the product category based, at least in part, upon the product group into which the product is classified.
A method for establishing the retail price of a product, comprising the steps of:
- evaluating transaction data for a plurality of consumers;
- classifying the plurality of consumers into a plurality of consumer groups based, at least in part, upon the evaluation of transaction data;
- identifying a product category;
- classifying a product from the product category into one of a plurality of product groups based, at least in part, upon a distribution of consumer groups transacting for the product;
- and
- setting the retail price of the product in the product category based, at least in part, upon the product group into which the product is classified.
A computer system comprising software programmed to perform a method for establishing a business transaction strategy, comprising the steps of:
- classifying a plurality of consumers into a plurality of consumer groups based upon at least one of consumer transaction history data and consumer demographic data;
- identifying a product;
- collecting product transaction history data for the product from the plurality of consumers classified into the consumer groups;
- categorizing the product into a product category based upon an analysis of the product transaction history data;
- and
- establishing a business transaction strategy for the product based upon the product category into which the product is categorized.
A computer system comprising software programmed to perform a method for establishing a business transaction strategy, comprising the steps of:
- classifying a plurality of consumers into a plurality of consumer groups based upon at least one of consumer transaction history data and consumer demographic data;
- identifying a transaction vehicle;
- collecting vehicle transaction history data for the transaction vehicle from the plurality of consumers classified into the consumer groups;
- analyzing of the vehicle transaction history data;
- and
- establishing a business transaction strategy for the transaction vehicle based upon the analysis of the vehicle transaction history data.
Dependencies are inferred from the claim text.