US 2022/0188852 A1 · OPTIMAL PRICING ITERATION VIA SUB-COMPONENT ANALYSIS

Abstract

In an approach for determining an optimal price for a product via a sub-component analysis, a processor determines a similarity weightage for each similar product to a product based on specifications and ratings for each similar product. A processor determines a price for each subcomponent of the product based on a base price of the respective subcomponent, a cost for work required to integrate the respective subcomponent into the product, and intellectual property and licensing costs associated with the respective subcomponent. A processor calculates a price prediction for the product by summing up the price for each subcomponent. A processor determines an optimized price prediction for the product based on integrating the similarity weightage for each similar product with the price prediction for the product in an ensemble model.

Claims20

Dependent claims

A computer-implemented method comprising:

determining, by one or more processors, a similarity weightage for each similar product to a product based on specifications and ratings for each similar product;
determining, by the one or more processors, a price for each subcomponent of the product based on a base price of the respective subcomponent, a cost for work required to integrate the respective subcomponent into the product, and intellectual property and licensing costs associated with the respective subcomponent;
calculating, by the one or more processors, a price prediction for the product by summing up the price for each subcomponent;
and
determining, by the one or more processors, an optimized price prediction for the product based on integrating the similarity weightage for each similar product with the price prediction for the product in an ensemble model.

2 more elements

A computer program product comprising:

one or more computer readable storage media and program instructions collectively stored on the one or more computer readable storage media, the stored program instructions comprising:
program instructions to determine a similarity weightage for each similar product to a product based on specifications and ratings for each similar product;
program instructions to determine a price for each subcomponent of the product based on a base price of the respective subcomponent, a cost for work required to integrate the respective subcomponent into the product, and intellectual property and licensing costs associated with the respective subcomponent;
program instructions to calculate a price prediction for the product by summing up the price for each subcomponent;
and
program instructions to determine an optimized price prediction for the product based on integrating the similarity weightage for each similar product with the price prediction for the product in an ensemble model.

3 more elements

A computer system comprising:

one or more computer processors;
one or more computer readable storage media;
program instructions collectively stored on the one or more computer readable storage media for execution by at least one of the one or more computer processors, the stored program instructions comprising:
program instructions to determine a similarity weightage for each similar product to a product based on specifications and ratings for each similar product;
program instructions to determine a price for each subcomponent of the product based on a base price of the respective subcomponent, a cost for work required to integrate the respective subcomponent into the product, and intellectual property and licensing costs associated with the respective subcomponent;
program instructions to calculate a price prediction for the product by summing up the price for each subcomponent;
and
program instructions to determine an optimized price prediction for the product based on integrating the similarity weightage for each similar product with the price prediction for the product in an ensemble model.

5 more elements

Dependencies are inferred from the claim text.

Optimal pricing iteration via sub-component analysis

Life of this patent

Optimal pricing iteration via sub-component analysis

Life of this patent

Abstract

Claims20