Automated system for generating proposed markdown strategy and tracking results of proposed markdown
First Claim
1. A non-transitory machine readable media having stored therein instructions that, when executed, cause a processor to implement a method for controlling pricing of a product or service using a markdown profile, which comprises the steps of:
- selecting the markdown profile to be used for the product or service;
selecting a price for the product or service;
acquiring updated sales data regarding the product or service;
determining a markdown planned budget, a cumulative markdown budget, and an exhausted markdown budget;
determining a first markdown to be applied to the price from the markdown profile using the updated sales data;
determining an available markdown budget based on the markdown planned budget, the cumulative markdown budget, and the exhausted markdown budget;
determining a markdown cost based on the first markdown and a quantity of available products or services;
determining that the markdown cost exceeds the available markdown budget;
determining a second markdown based on the markdown cost exceeding the available markdown budget, wherein the second markdown is determined by applying predetermined rules regarding the available markdown budget; and
when the second markdown exceeds the available markdown budget, adjusting the price of the product or service by the second markdown.
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Abstract
The present invention discloses a method, program product and system for controlling pricing of a product or service using a markdown profile. The method includes: selecting a markdown profile to be used for the product or service, selecting a retail price for the product or service, acquiring updated sales data regarding the product or service, determining a markdown to be applied to the price from the markdown profile using updated sales data, and reconciling a markdown budget with the determined markdown to be applied to said price to determine whether the markdown will be applied. The method can further include the step of adjusting a retail price of the product or service by the markdown.
57 Citations
16 Claims
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1. A non-transitory machine readable media having stored therein instructions that, when executed, cause a processor to implement a method for controlling pricing of a product or service using a markdown profile, which comprises the steps of:
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selecting the markdown profile to be used for the product or service; selecting a price for the product or service; acquiring updated sales data regarding the product or service; determining a markdown planned budget, a cumulative markdown budget, and an exhausted markdown budget; determining a first markdown to be applied to the price from the markdown profile using the updated sales data; determining an available markdown budget based on the markdown planned budget, the cumulative markdown budget, and the exhausted markdown budget; determining a markdown cost based on the first markdown and a quantity of available products or services; determining that the markdown cost exceeds the available markdown budget; determining a second markdown based on the markdown cost exceeding the available markdown budget, wherein the second markdown is determined by applying predetermined rules regarding the available markdown budget; and when the second markdown exceeds the available markdown budget, adjusting the price of the product or service by the second markdown. - View Dependent Claims (2, 3, 4, 5)
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6. A system for controlling pricing of a product or service using a markdown profile, comprising:
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means for selecting the markdown profile to be used for the product or service; means for selecting a price for the product or service; means for acquiring updated sales data regarding the product or service; means for determining a markdown planned budget, a cumulative markdown budget, and an exhausted markdown budget; means for determining a first markdown to be applied to the price from the markdown profile using the updated sales data; means for determining an available markdown budget based on the markdown planned budget, the cumulative markdown budget, and the exhausted markdown budget; means for determining a markdown cost based on the first markdown and a quantity of available products or services; means for determining that the markdown cost exceeds the available markdown budget; means for determining a second markdown based on the markdown cost exceeding the available markdown budget, wherein the second markdown is determined by applying predetermined rules regarding the available markdown budget; and when the second markdown exceeds the available markdown budget, means for adjusting the price of the product or service by the second markdown. - View Dependent Claims (7, 8, 9, 10)
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11. A non-transitory machine program product for controlling pricing of a product or service using a markdown profile, the program product comprising machine-readable program code stored in a computer readable medium for causing, when executed, one or more machines to perform the following method steps:
- selecting the markdown profile to be used for the product or service;
selecting a price for the product or service; acquiring updated sales data regarding the product or service; determining a markdown planned budget, a cumulative markdown budget, and an exhausted markdown budget; determining a first markdown to be applied to the price from the markdown profile using the updated sales data; determining an available markdown budget based on the markdown planned budget, the cumulative markdown budget, and the exhausted markdown budget; determining a markdown cost based on the first markdown and a quantity of available products or services; determining that the markdown cost exceeds the available markdown budget; determining a second markdown based on the markdown cost exceeding the available markdown budget, wherein the second markdown is determined by applying predetermined rules regarding the available markdown budget; and when the second markdown exceeds the available markdown budget, adjusting the price of the product or service by the second markdown; wherein the markdown profile is selected based on an attribute of the product or service to be used for sale of the product or service. - View Dependent Claims (12, 13, 14, 15, 16)
- selecting the markdown profile to be used for the product or service;
Specification