System and method of determining a retail commodity price within a geographic boundary
First Claim
1. A method for calculating a retail commodity price within a geographic boundary, comprising:
- obtaining from one or more observation sources communicatively connected to a computer system on a network, observed retail prices (OP) on a commodity at each location of a plurality of locations within the geographic boundary;
obtaining from one or more third-party price-reporting sources communicatively connected to the computer system on the network, third-party reported retail prices (3PRP) on the commodity at the each location of the plurality of locations within the geographic boundary;
obtaining from one or more transaction sources communicatively connected to the computer system on the network, transaction prices (TP) on the commodity at the each location of the plurality of locations within the geographic boundary;
obtaining from one or more self-reporting sources communicatively connected to the computer system on the network, self-reported prices (SRP) on the commodity at the each location of the plurality of locations within the geographic boundary;
analyzing, by the computer system on the network, the OP to determine an analyzed OP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the OP comprises at least one of selecting a price based on recency, determining if a price falls within a price tolerance, checking a price for data entry errors, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source;
analyzing, by the computer system on the network, the 3PRP to determine an analyzed 3PRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the 3PRP comprises at least one of determining if a price falls within a price tolerance, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source;
analyzing, by the computer system on the network, the TP to determine an analyzed TP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the TP comprises at least one of determining if a price is representative of the regular price for a location, selecting a price based on recency, determining if a price falls within a price tolerance, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source;
analyzing, by the computer system on the network, the SRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the SRP comprises at least one of determining if a price is representative of the regular price for a location, determining if a company is fully reporting the prices at its locations, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source;
determining, by the computer system on the network, a confidence factor for each of the analyzed OP, the analyzed 3PRP, the analyzed TP, and the analyzed SRP for the each location, wherein the confidence factor is based on one or more of;
frequency of price reporting, volume of price reporting, stations identified with possible product coding errors, historical price volatility, current motor fuel price trends, if a price is representative of the regular price for a location, the amount of time in business of a location, traffic near a location, volume of a transaction at a location, number of competitors within a specified distance of a location, whether a location is independent or a franchise, geographic location of a location, services available at a location, the presence of car wash facilities at a location, the presence of full service operations at a location, businesses nearby a location, restaurants near a location, and/or shopping centers near a location;
generating, by the computer system on the network on a location-by-location basis, a composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary based on the analyzed OP, the analyzed 3PRP, the analyzed TP, the analyzed SRP, and all of their corresponding confidence factors; and
generating, by the computer system on the network, an aggregate composite retail price of the commodity for the geographic boundary based on the composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary.
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Accused Products
Abstract
Disclosed are a method and system for determining a retail price for a commodity within a geographic boundary. Retail prices for the commodity may be obtained from various sources, such as observers, third-party reporting, transactional data, and self-reporting. The retail price for each source may be analyzed to determine a risk factor. The retail prices from all sources associated with a location may be compared to determine a composite retail price for the location. The retail prices for all the locations within the geographic boundary may be analyzed to generate an aggregate composite price for the commodity within the geographic boundary. The analysis may include using a weighted formula. The analysis may include a volume proxy.
214 Citations
19 Claims
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1. A method for calculating a retail commodity price within a geographic boundary, comprising:
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obtaining from one or more observation sources communicatively connected to a computer system on a network, observed retail prices (OP) on a commodity at each location of a plurality of locations within the geographic boundary; obtaining from one or more third-party price-reporting sources communicatively connected to the computer system on the network, third-party reported retail prices (3PRP) on the commodity at the each location of the plurality of locations within the geographic boundary; obtaining from one or more transaction sources communicatively connected to the computer system on the network, transaction prices (TP) on the commodity at the each location of the plurality of locations within the geographic boundary; obtaining from one or more self-reporting sources communicatively connected to the computer system on the network, self-reported prices (SRP) on the commodity at the each location of the plurality of locations within the geographic boundary; analyzing, by the computer system on the network, the OP to determine an analyzed OP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the OP comprises at least one of selecting a price based on recency, determining if a price falls within a price tolerance, checking a price for data entry errors, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the 3PRP to determine an analyzed 3PRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the 3PRP comprises at least one of determining if a price falls within a price tolerance, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the TP to determine an analyzed TP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the TP comprises at least one of determining if a price is representative of the regular price for a location, selecting a price based on recency, determining if a price falls within a price tolerance, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the SRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the SRP comprises at least one of determining if a price is representative of the regular price for a location, determining if a company is fully reporting the prices at its locations, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; determining, by the computer system on the network, a confidence factor for each of the analyzed OP, the analyzed 3PRP, the analyzed TP, and the analyzed SRP for the each location, wherein the confidence factor is based on one or more of;
frequency of price reporting, volume of price reporting, stations identified with possible product coding errors, historical price volatility, current motor fuel price trends, if a price is representative of the regular price for a location, the amount of time in business of a location, traffic near a location, volume of a transaction at a location, number of competitors within a specified distance of a location, whether a location is independent or a franchise, geographic location of a location, services available at a location, the presence of car wash facilities at a location, the presence of full service operations at a location, businesses nearby a location, restaurants near a location, and/or shopping centers near a location;generating, by the computer system on the network on a location-by-location basis, a composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary based on the analyzed OP, the analyzed 3PRP, the analyzed TP, the analyzed SRP, and all of their corresponding confidence factors; and generating, by the computer system on the network, an aggregate composite retail price of the commodity for the geographic boundary based on the composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A non-transitory computer-readable medium storing program instructions executable by a computer system to perform the steps comprising:
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obtaining from one or more observation sources communicatively connected to the computer system on a network, observed retail prices (OP) on a commodity at each location of a plurality of locations within a geographic boundary; obtaining from one or more third-party price-reporting sources communicatively connected to the computer system on the network, third-party reported retail prices (3PRP) on the commodity at the each location of the plurality of locations within the geographic boundary; obtaining from one or more transaction sources communicatively connected to the computer system on the network, transaction prices (TP) on the commodity at the each location of the plurality of locations within the geographic boundary; obtaining from one or more self-reporting sources communicatively connected to the computer system on the network, self-reported prices (SRP) on the commodity at the each location of the plurality of locations within the geographic boundary; analyzing, by the computer system on the network, the OP to determine an analyzed OP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the OP comprises at least one of selecting a price based on recency, determining if a price falls within a price tolerance, checking a price for data entry errors, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the 3PRP to determine an analyzed 3PRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the 3PRP comprises at least one of determining if a price falls within a price tolerance, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the TP to determine an analyzed TP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the TP comprises at least one of determining if a price is representative of the regular price for a location, selecting a price based on recency, determining if a price falls within a price tolerance, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the SRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the SRP comprises at least one of determining if a price is representative of the regular price for a location, determining if a company is fully reporting the prices at its locations, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; determining, by the computer system on the network, a confidence factor for each of the analyzed OP, the analyzed 3PRP, the analyzed TP, and the analyzed SRP for the each location, wherein the confidence factor is based on one or more of;
frequency of price reporting, volume of price reporting, stations identified with possible product coding errors, historical price volatility, current motor fuel price trends, if a price is representative of the regular price for a location, the amount of time in business of a location, traffic near a location, volume of a transaction at a location, number of competitors within a specified distance of a location, whether a location is independent or a franchise, geographic location of a location, services available at a location, the presence of car wash facilities at a location, the presence of full service operations at a location, businesses nearby a location, restaurants near a location, and/or shopping centers near a location;generating, by the computer system on the network on a location-by-location basis, a composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary based on the analyzed OP, the analyzed 3PRP, the analyzed TP, the analyzed SRP, and all of their corresponding confidence factors; and generating, by the computer system on the network, an aggregate composite retail price of the commodity for the geographic boundary based on the composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A computer system comprising:
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a processor; and a computer-readable medium storing program instructions executable by the computer system to perform the steps comprising; obtaining from one or more observation sources communicatively connected to the computer system on a network, observed retail prices (OP) on a commodity at each location of a plurality of locations within a geographic boundary; obtaining from one or more third-party price-reporting sources communicatively connected to the computer system on the network, third-party reported retail prices (3PRP) on the commodity at the each location of the plurality of locations within the geographic boundary; obtaining from one or more transaction sources communicatively connected to the computer system on the network, transaction prices (TP) on the commodity at the each location of the plurality of locations within the geographic boundary; obtaining from one or more self-reporting sources communicatively connected to the computer system on the network, self-reported prices (SRP) on the commodity at the each location of the plurality of locations within the geographic boundary; analyzing, by the computer system on the network, the OP to determine an analyzed OP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the OP comprises at least one of selecting a price based on recency, determining if a price falls within a price tolerance, checking a price for data entry errors, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the 3PRP to determine an analyzed 3PRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the 3PRP comprises at least one of determining if a price falls within a price tolerance, determining if a price falls within a particular time frame, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the TP to determine an analyzed TP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the TP comprises at least one of determining if a price is representative of the regular price for a location, selecting a price based on recency, determining if a price falls within a price tolerance, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; analyzing, by the computer system on the network, the SRP for the commodity at the each location of the plurality of locations within the geographic boundary, wherein the analyzing the SRP comprises at least one of determining if a price is representative of the regular price for a location, determining if a company is fully reporting the prices at its locations, determining if a price is an outlier data value, and/or checking the consistency of a price with a price from another data source; determining, by the computer system on the network, a confidence factor for each of the analyzed OP, the analyzed 3PRP, the analyzed TP, and the analyzed SRP for the each location, wherein the confidence factor is based on one or more of;
frequency of price reporting, volume of price reporting, stations identified with possible product coding errors, historical price volatility, current motor fuel price trends, if a price is representative of the regular price for a location, the amount of time in business of a location, traffic near a location, volume of a transaction at a location, number of competitors within a specified distance of a location, whether a location is independent or a franchise, geographic location of a location, services available at a location, the presence of car wash facilities at a location, the presence of full service operations at a location, businesses nearby a location, restaurants near a location, and/or shopping centers near a location;generating, by the computer system on the network on a location-by-location basis, a composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary based on the analyzed OP, the analyzed 3PRP, the analyzed TP, the analyzed SRP, and all of their corresponding confidence factors; and generating, by the computer system on the network, an aggregate composite retail price of the commodity for the geographic boundary based on the composite retail price for the commodity at the each location of the plurality of locations within the geographic boundary. - View Dependent Claims (14, 15, 16, 17, 18, 19)
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Specification