Automated price management system

• US 20040172372A1
• Filed: 02/27/2003
• Published: 09/02/2004
• Est. Priority Date: 02/27/2003
• Status: Active Grant

• Current Assignee: Murphy Oil USA Incorporated (Murphy Oil Corporation)
• Original Assignee: Murphy Oil USA Incorporated (Murphy Oil Corporation)
• Inventors: Bates, Brian Alan, Wells, Paul Christopher
• Granted Patent: US 8,306,851 B2
• Time in Patent Office: Days
• US Class Current: 705/400
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A price management system that is capable of automatically or manually determining price adjustments based on current competitor pricing, retail site sales and other price related factors, such as cost of the product, freight charges, state and federal laws and state and federal taxes. Once price adjustments are determined they are able to be instantaneously and automatically implemented at the point of sale. In one of the most relevant applications, retail automotive fuel pricing, the system is able to automatically adjust and display prices on the fuel pumps as well as the advertising signs in the vicinity of the retail site. This system and methods provide for a comprehensive and efficient means of determining price adjustments and implementing the price adjustments in real-time fashion at the point-of-sale.

Claims

1. A system for price management, the system comprising:

a plurality of first network communication devices each device associated with a retail 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 sales data and competitor 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 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 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 price for the one or more products at the point of sale.

2. The price management system of claim 1, wherein the retail sales site further comprises a retail fuel service site, wherein the first price management module is capable of electronically transmitting retail site fuel sales data and competitor fuel price data to a central pricing site, wherein the second price management module determines if a fuel price adjustment is required and wherein the first price management module adjusts the fuel price at the fuel pump.

3. The price management system of claim 1, wherein the first price management module adjusts the fuel price at the fuel price advertisement signs located within the vicinity of the retail site.

4. The price management system of claim 1, wherein the second price management system module determines if a site-specific price adjustment is required based upon current competitor prices, current retail site prices, and other predetermined pricing factors.

5. The price management system of claim 4, wherein other predetermined pricing factors are chosen from the group consisting of cost of the one more products being sold, applicable state sales taxes, applicable federal sales taxes, freight costs from supplier to retail site and applicable state minimum pricing laws.

6. The price management system of claim 1, wherein the second price management module is capable of having a system administrator manually input price adjustments for one or more retail sites and electronically transmit the price adjustments to the associated retail sites.

7. 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.

8. The retail fuel price management system of claim 7, wherein the first price management module adjusts the fuel price at the fuel price advertisement signs located within the vicinity of the retail fuel site.

9. The retail fuel price management system of claim 7, wherein the second price management system module determines if a site-specific price adjustment is required based upon current competitor fuel prices, current retail site fuel prices, and other predetermined pricing factors.

10. The price management system of claim 9, wherein other predetermined pricing factors are chosen from the group consisting of fuel cost, applicable state fuel sales taxes, applicable federal fuel sales taxes, freight costs from supplier to retail fuel site and applicable state minimum fuel pricing laws.

11. The price management system of claim 7, wherein the second price management module is capable of having a system administrator manually input fuel price adjustments for one or more retail fuel sites and electronically transmit the price adjustments to the associated retail fuel sites.

12. 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.

13. The method of claim 12, further comprising determining manually whether a price adjustment is required based upon the current competitor pricing information and current retail site sales information.

14. 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.

15. The method of claim 14, further comprising determining manually whether a fuel price adjustment is required based upon the current competitor pricing information and current retail site sales information.