Automated price management system

• US 8,306,851 B2
• Filed: 02/27/2003
• Issued: 11/06/2012
• 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: Wells, Paul Christopher, Bates, Brian Alan
• Primary Examiner(s): Vetter, Daniel
• Application Number:
  US10/375,647
• Publication Number:
  US 20040172372A1
• Time in Patent Office: 3,540 Days
• Field of Search: 705/1, 705/16, 705/20, 705/28, 705/400, 705/413, 705/10, 705/7.35
• US Class Current: 705/7.35
• 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 at least one of a plurality of retail sales sites, including a first network communication device of a first retail sales site at a physical location;

a first price management module configured to operate on the first network communication device of the first retail sales site and configured to electronically transmit sales data of the first retail sales site and competitor price data of another retail sales site at a different physical location than the first retail sales site, wherein both the sales data and the competitor price data;

are for at least one retail sales commodity,

are transmitted from the first retail sales site to a central pricing site, and

are each site-specific to the physical location of the first retail sales site;

a second network communication device associated with the central pricing site; and

a second price management module configured to operate on the second network communication device, the second price management module further configured to electronically receive the data transmitted by the plurality of first network communication devices, determine if a site-specific price adjustment is required for a retail sales site based upon the data received from the plurality of first network communication devices, and, when the site-specific price adjustment is required for a retail sales site, electronically transmit the site-specific price adjustment to the first network communication device associated with the retail sales site of the site-specific price adjustment when a site-specific price adjustment is determined to be required,

wherein the first network communication devices associated with the retail sales sites are configured to receive site-specific price adjustments from the second price management module of the second network communication device associated with the central pricing site,

wherein the first price management modules of the first network communication devices associated with the retail sales sites are configured to automatically adjust a price for at least one of the retail sale commodities at the retail sales site of the first network communication device,

wherein the first retail sales site is the retail sales site of the site-specific price adjustment, wherein the first network communication device associated with the first retail sales site of the site-specific price adjustment is configured to receive the site-specific price adjustment, and

wherein the first price management module of the first network communication device associated with the first retail sales site of the site-specific price adjustment is configured to automatically adjust the price for at least one of the retail sale commodities at the first retail sales site.

2. The price management system of claim 1, wherein at least one retail sales site comprises a retail fuel service site with at least one fuel pump, wherein the first price management module of the at least one retail sales site is further configured to electronically transmit retail site fuel sales data and competitor fuel price data to the central pricing site, wherein the second price management module is further configured to determine if a fuel price adjustment is required, and wherein the first price management module is further configured to adjust the fuel price at the at least one fuel pump.

3. The price management system of claim 2, wherein the first price management module is further configured to adjust the fuel price at one or more fuel price advertisement signs located within the vicinity of a retail sales site that comprises a retail fuel service site.

4. The price management system of claim 1, wherein the second price management module determines if a site-specific price adjustment is required based upon a current competitor price and a current retail site price for at least one retail sales commodity.

5. The price management system of claim 4, wherein the second price management module determines if a site-specific price adjustment is required based additionally upon at least one of:

a supply acquisition cost of one or more products for sale, 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 4, wherein the second price management module determines if a site-specific price adjustment is required based additionally upon at least a supply acquisition cost of one or more products for sale.

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

8. The system of claim 1, wherein the site-specific price adjustment required for the first retail sales site is based at least in part upon the site-specific competitor price data for the first retail sales site.

9. The system of claim 1, wherein at least one first network communication device is associated with two retail sales sites, wherein the first price management module of the first network communication device associated with two retail sales sites is configured to electronically transmit site-specific retail site sales data and competitor price data for each of the two retail sales sites of which the first network communication device is associated.

10. A system for retail fuel price management, the system comprising:

a plurality of first network communication devices, each device associated with at least one of a plurality of retail fuel sales sites, including a first network communication device of a first retail sales site at a physical location;

a first price management module configured to operate on the first network communication device of the first retail fuel sales site and configured to electronically transmit fuel sales data of the first retail fuel sales site and competitor fuel price data of another retail fuel sales site at a different physical location than the first retail fuel sales site, wherein both the sales data and the competitor fuel price data;

are transmitted from the first retail fuel sales site to a central pricing site, and

are each site-specific to the physical location of the first retail fuel sales site;

a second network communication device associated with a central pricing site; and

a second price management module configured to operate on the second network communication device, the second price management module further configured to electronically receive the data transmitted by the plurality of first network communication devices, determine if a site-specific fuel price adjustment is required for a retail fuel sales site based upon the data received from the plurality first network communication devices, and, when the site-specific fuel price adjustment is required at a retail fuel sales site, electronically transmit the site-specific fuel price adjustment to the first network communication device associated with the retail fuel sales site of the site-specific fuel price adjustment when a site-specific fuel price adjustment is determined to be required,

wherein the first network communication devices associated with the retail fuel sales sites are configured to receive site-specific fuel price adjustments from the second price management module of the second network communication device associated with the central pricing site,

wherein the first price management modules of the first network communication devices associated with the retail fuel sales sites are configured to automatically adjust a fuel price at the retail fuel sales site of the first network communication device,

wherein the first retail fuel sales site is the retail fuel sales site of the site-specific price fuel price adjustment, wherein the first network communication device associated with the first retail fuel sales site of the site-specific fuel price adjustment is configured to receive the site-specific fuel price adjustment, and

wherein the first price management module of the first network communication device associated with the first retail fuel sales site of the site-specific fuel price adjustment is configured to automatically adjust the fuel price at fuel pumps of the first retail fuel sales site associated with the site-specific fuel price adjustment.

11. The retail fuel price management system of claim 10, wherein at least one first price management module is further configured to adjust the fuel price at fuel price advertisement signs located within the vicinity of the retail fuel site associated with the at least one first price management module.

12. The retail fuel price management system of claim 10, wherein the second price management module determines if a site-specific fuel price adjustment is required based upon a current competitor fuel price and a current retail site fuel price.

13. The retail fuel price management system of claim 12, wherein the second price management module determines if a site-specific fuel price adjustment is required based additionally upon at least one of:

fuel supply acquisition 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.

14. The retail fuel price management system of claim 12, wherein the second price management module determines if a site-specific fuel price adjustment is required based additionally upon at least fuel supply acquisition cost.

15. The retail fuel price management system of claim 10, wherein the second price management module is further configured to permit a system administrator to manually input fuel price adjustments for one or more retail fuel sites and electronically transmit the price adjustments to the associated retail fuel sites.

16. The system of claim 10, wherein the second price management module implements predefined pricing rules.

17. The system of claim 16, wherein the predefined pricing rules include automatically matching changes in at least one competitor fuel price.

18. The system of claim 10, wherein the second price management module is further configured to perform a statistical price analysis and to display the results of the statistical price analysis.

19. The system of claim 18, wherein the statistical price analysis includes competitor ranking comparisons.

20. The system of claim 18, wherein the statistical price analysis includes an analysis of at least one predefined pricing rule.

21. The system of claim 18, wherein the statistical price analysis includes data related to prices for a plurality of retail sale commodities including at least one fuel grade.

22. The system of claim 10, wherein the central pricing site stores past competitor fuel price data.

23. The system of claim 10, wherein the second price management module is further configured to generate at least one report related to pricing and sales of at least one retail site.

24. A system for retail fuel price management, the system comprising:

a plurality of first network communication devices, each device associated with a respective one of a plurality of retail fuel sales sites having fuel pumps, including a first network communication device of a first retail fuel sales site at a physical location;

a first price management module configured to operate on the first network communication device of the first retail fuel sales site and configured to electronically transmit fuel sales data of the first retail fuel sales site and competitor fuel price data of another retail fuel sales site at a different physical location than the first retail fuel sales site, wherein both the sales data and the competitor fuel price data;

are transmitted from the first retail fuel sales site to a central pricing site, and

are each site-specific to the physical location of the first retail fuel sales site;

a second network communication device associated with the central pricing site; and

a second price management module configured to operate on the second network communication device, the second price management module further configured to electronically receive the retail fuel sales data and the competitor fuel price data transmitted by the plurality of first network communication devices, determine if a fuel price adjustment is required for any of the retail fuel sites based upon the received retail fuel sales data and the received competitor fuel price data, and, when a fuel price adjustment is determined to be required for any of the retail fuel sites, electronically transmit the required fuel price adjustment to the first network communication device of the respective retail fuel sales site,

wherein the first retail fuel sales site is one of the first network communication devices to which the second price management module transmits the required fuel price adjustment,

wherein the first network communication device associated with the first retail fuel sales site is configured to receive the required fuel price adjustment from the second price management module of the second network communication device associated with the central pricing site, and

wherein the first price management module of the at least one first network communication device is configured to automatically impose the required fuel price adjustment by adjusting the fuel price at the fuel pumps of the first retail fuel sales site.

25. The system of claim 24, wherein the required fuel price adjustment is associated with one or more specific retail fuel sales sites.

26. The system of claim 24, wherein the required fuel price adjustment is associated with a price zone group comprising more than one retail fuel sales site and less than all of the retail fuel sales sites.