INTERACTIVE SYSTEM AND METHOD FOR TRANSACTING BUSINESS

• US 20070226125A1
• Filed: 03/09/2007
• Published: 09/27/2007
• Est. Priority Date: 03/10/2006
• Status: Abandoned Application

• Current Assignee: Wyoming LLC
• Original Assignee: Wyoming LLC
• Inventors: Temte, John D., Newcomb, Timothy, Etlinger, Matt S.
• Application Number:
  US11/684,155
• Publication Number:
  US 20070226125A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system is disclosed allowing potential buyers of products or services to collectively bargain with potential sellers. Potential buyers of the same product or service are organized into a buyers'"'"' group through a user interface. Potential sellers may bid against one another to win the business of individual buyers'"'"' group, potentially driving the final price lower than the price initially set by the buyers'"'"' group.

Claims

1. A method for transacting business comprising:

(a) allowing an individual to start a group for the purpose of purchasing a product or a service;

(b) the individual designating a price at which the individual is willing to pay for that product or service;

(c) the individual designating a duration time during which the individual will wait for a seller to offer to sell the product or service at the price designated by the individual;

(d) allowing other individuals to join the group;

(e) allowing potential sellers to offer product or service to the group by bidding against other sellers; and

(f) completing a sale as one or more transactions between the group and a seller.

2. The method of claim 1 further comprising a step wherein the group is allowed to purchase the product or service from the seller whose price and quality of product or service are deemed best by the group.

3. The method of claim 1 further comprising a step wherein the group is only allowed to purchase the product or service from the seller whose price is the lowest offered by all the potential sellers.

4. The method of claim 1, further comprising a step:

(g) searching for products or services from among a plurality of groups, wherein the step (g) of searching entails a search of buying-Swarms that are associated with a particular condition other than a product or service.

5. The method of claim 4, wherein the particular condition is an association with a group or organization.

8. The system of claim 1, further comprising means for searching for products or services from among a plurality of groups, wherein the means for searching permits a search of buying Swarms that are associated with a particular condition other than a product or service.

9. The system of claim 8, wherein the particular condition is an association with a group or organization.

10. The system of claim 9, further including means for providing a monetary benefit to the group or organization as a condition of the business transaction.

6. A system for transacting business comprising:

(a) means for allowing an individual to start a group for the purpose of purchasing a product or a service, for the individual to designate a price at which the individual is willing to pay for that product or service, and for the individual to designate a duration time during which the individual will wait for a seller to offer to sell the product or service at the price designated by the individual;

(b) means for allowing other individuals to join the group;

(c) means for allowing potential sellers to offer product or service to the group by bidding against other sellers; and

(d) means for completing a sale as one or more transactions between the group and a seller.

7. The system of claim 6, further comprising means for permitting the group to purchase the product or service from the seller whose price and quality of product or service are deemed best by the group.