METHOD AND APPARATUS FOR DYNAMICALLY MANAGING VENDING MACHINE INVENTORY PRICES
First Claim
1. A method comprising:
- receiving a product identifier specifying a product for sale by a vending machine;
determining, by a processor, a demand of said product;
determining price management data associated with said product, said price management data including a minimum price and a price increment;
determining, by said processor, and based on said demand, whether to evaluate a current price for said product;
determining, by said processor, an updated price for said product based on said current price, said minimum price and said price increment; and
storing said price management data and said price.
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Accused Products
Abstract
The present invention is a method and apparatus for automatically managing a price of a product in a vending machine. The method and apparatus is disclosed for implementing dynamic price adjustments at various times including after stocking, after a sale of a product and at periodic intervals. The method generally includes the steps of updating inventory data, including a quantity of a product, accessing price management data associated with the product, and determining the price of the product. According to the method and apparatus of the present invention, the determined price of the product is based on the price management data and the inventory data. The determined price is then stored in a memory of the apparatus and displayed for customers. The apparatus may be a vending machine, a processing module within the vending machine, or an external module remotely transmitting the dynamically adjusted price to a vending machine.
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Citations
20 Claims
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1. A method comprising:
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receiving a product identifier specifying a product for sale by a vending machine;
determining, by a processor, a demand of said product;
determining price management data associated with said product, said price management data including a minimum price and a price increment;
determining, by said processor, and based on said demand, whether to evaluate a current price for said product;
determining, by said processor, an updated price for said product based on said current price, said minimum price and said price increment; and
storing said price management data and said price. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method comprising the steps of:
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receiving a purchase request for a product offered for sale by a vending machine;
dispensing, by the vending machine, a unit of said product;
updating a quantity of said product;
accessing price management data associated with said product, said price management data including a minimum price and a price increment;
determining, by a processor, and based on demand, whether to evaluate a price for said product;
determining, via a processor, said price of said product, said price being based on said price management data and a current price; and
storing said price. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. A method comprising:
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determining, by a processor, a demand for a product offered for sale by a vending machine;
accessing evaluation data associated with said product;
comparing said evaluation data to a predetermined threshold to determine whether to update a price of said product based on said evaluation data;
accessing inventory data and price management data associated with said product, said price management data including at least a minimum price and a maximum price;
determining, via a processor, said price of said product, said price being based on said price management data and a current price, wherein said price is less than said maximum price and greater than said minimum price; and
storing said price, wherein said evaluation data specifies an actual demand level associated with said product;
said predetermined threshold specifies a minimum acceptable demand level associated with said product; and
the step of comparing includes comparing said actual demand level to said minimum acceptable demand level.
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19. A vending machine comprising:
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an input device configure to;
receive a purchase request for the product;
a dispenser for dispensing a unit of said product;
a memory configured to store;
a price;
price management data associated with said product, said price management data including a minimum product price, a maximum product price, and a price adjustment increment; and
inventory data associated with said product, said inventory data specifying a quantity; and
a processor configured to;
determine a demand of said product;
retrieve a target demand level;
determine said price management data by calculating an actual demand level associated with said product;
compare said actual demand level to said target demand level;
update said inventory data;
access said price management data;
determine said price of said product, said price being based on said price management data and a current price, wherein said price is less than said maximum product price, greater than said minimum product price, and a multiple of said price adjustment increment.
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20. A vending machine comprising:
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a memory configured to store;
evaluation data associated with said product;
price management data associated with said product, including data identifying a minimum price and data identifying a price adjustment increment;
inventory management data; and
a price;
a processor operatively coupled to said memory, said processor configured to;
determine a demand of said product;
access said evaluation data;
compare said evaluation data to a predetermined threshold to determine whether to update said price of said product based on said evaluation data;
access said price management data; and
determine said price of said product, said price being based on said price management data and a current price, wherein said price of said product is greater than said minimum price and is a multiple of said price adjustment increment, wherein said evaluation data specifies an actual demand level associated with said product;
said predetermined threshold specifies a minimum acceptable demand level associated with said product; and
said processor is further configured to compare said actual demand level to said minimum acceptable demand level.
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Specification