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US 7,257,561 B1Granted
Continuous price optimization system, method and computer program product for satisfying certain business objectives
OwnerJohn R. Abeinventor
Life of this patent
Estimating the term…
Abstract
A computer-implemented method, system and computer program product are provided for utilizing feedback in generating an optimal price. In use, an optimal price is generated. Next, a result of utilizing the optimal price is identified. A reaction may then be carried out based on the result.
Claims34
A computer program product embodied on a computer readable medium for utilizing feedback in generating an optimal price, comprising:
- computer code for generating an optimal price, utilizing a processor of a computer system, wherein the optimal price is generated by receiving a plurality of prices associated with a price-frequency mathematical distribution, a number of competitors, a business objective, and a cost associated with a good or service, via an input device coupled to the processor of the computer system;
- and calculating the optimal price based on the prices, number of competitors, business objective, and cost associated with the good or service, utilizing the processor of the computer system;
- computer code for identifying an expected result of utilizing the optimal price;
- computer code for reacting by adjusting the price-frequency mathematical distribution based on a difference between the expected result and an actual result, utilizing the processor of the computer system;
- and
- computer code for outputting the optimal price;
- wherein the computer code is executed on the processor of the computer system for aiding in the achievement of the business objective.
4 more elements
A system for utilizing feedback in generating an optimal price, comprising:
- a processor for generating an optimal price, identifying an expected result of utilizing the optimal price, wherein the optimal price is generated by receiving a plurality of prices associated with a price-frequency mathematical distribution, a number of competitors, a business objective, and a cost associated with a good or service, via an input device coupled to the processor;
- and calculating the optimal price based on the prices, number of competitors, business objective, and cost associated with the good or service;
- and
- an output device coupled to the processor, the output device outputting the optimal price;
- wherein the computer code is executed utilizing the processor for aiding in the achievement of the business objective.
2 more elements
A computer-implemented method for utilizing feedback in generating an optimal price, comprising:
- generating an optimal price, utilizing a processor of a computer system, wherein the optimal price is generated by receiving a plurality of prices associated with a price-frequency mathematical distribution, a number of competitors, a business objective, and a cost associated with a good or service, via an input device coupled to the processor of the computer system;
- and calculating the optimal price based on the prices, number of competitors, business objective, and cost associated with the good or service, utilizing the processor of the computer system;
- identifying an expected result of utilizing the optimal price, utilizing the processor of the computer system;
- reacting by adjusting the price-frequency mathematical distribution based on a difference between the expected result and an actual result, utilizing the processor of the computer system;
- and
- outputting the optimal price for aiding in achieving the business objective, utilizing an output device coupled to the processor of the computer system.
3 more elements
Dependencies are inferred from the claim text.