Method for pricing products in a retail store
First Claim
1. 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.
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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.
91 Citations
55 Claims
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1. A method for establishing the retail price of a product, comprising the steps of:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A method for establishing the retail price of a product, comprising the steps of:
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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. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28)
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29. A computer system comprising software programmed to perform a method for establishing a business transaction strategy, comprising the steps of:
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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. - View Dependent Claims (30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44)
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45. A computer system comprising software programmed to perform a method for establishing a business transaction strategy, comprising the steps of:
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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. - View Dependent Claims (46, 47, 48, 49, 50, 51, 52, 53, 54, 55)
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Specification