Product role analysis
First Claim
1. A computer implemented method for analyzing product roles, useful in conjunction with a pricing optimization system, the method comprising:
- receiving volume data for a plurality of products, wherein the volume data is sales volume for each product of the plurality of products over a given timeframe, and further wherein each product of the plurality of products is assigned to one of a plurality of product categories;
receiving elasticity values for the plurality of products;
comparing the elasticity value and the volume data for each product;
generating a role analysis, by a processor, for each product of the plurality of products utilizing the comparison of the elasticity value and the volume data, wherein the generating a role analysis includes calculating an image value for each product by applying at least one constant value to a combination of the elasticity value for said product divided by an average elasticity value for the product category corresponding to said product, and the volume of the product divided by an average volume for the product category corresponding to said product, and identifying at least one key value item of the plurality of products based upon the image value; and
generating, by a processor, a markdown plan including a set of prices, promotions and schedules based on the image values and demand coefficients, wherein generating the markdown plan includes;
monitoring processing of the processor generating the markdown plan to detect increased processing requirements; and
controlling processing time of the processor generating the markdown plan in response to detection of increased processing requirements by selectively adjusting performance of operations to produce the demand coefficients with a lesser degree of accuracy based on a quantity of products being processed to reduce the processing requirements, wherein the increased processing requirements generate the demand coefficients with more accuracy than the reduced processing requirements.
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Abstract
The present invention relates to a system and method for analyzing product roles. The system receives a listing of products for classification into roles. The system receives volume data for each item, as well as demand coefficient. Elasticity of the products may be determined from the demand coefficients. Product volumes and elasticities may then be compared against one another by graphing the product by its volume versus elasticity. From this comparison the products may be classified into one or more roles. These roles include image items, niche products, assortment completers, and profit drivers. The assortment completer role is populated with products which have high relative elasticity and low relative volume. Niche product role is populated with products which have low relative elasticity and low relative volume. The image item role is populated with products which have high relative elasticity and high relative volume. And lastly, the profit driver role is populated with products which have low relative elasticity and high relative volume. This comparison may also include generating an “image value” for the product.
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Citations
32 Claims
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1. A computer implemented method for analyzing product roles, useful in conjunction with a pricing optimization system, the method comprising:
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receiving volume data for a plurality of products, wherein the volume data is sales volume for each product of the plurality of products over a given timeframe, and further wherein each product of the plurality of products is assigned to one of a plurality of product categories; receiving elasticity values for the plurality of products; comparing the elasticity value and the volume data for each product; generating a role analysis, by a processor, for each product of the plurality of products utilizing the comparison of the elasticity value and the volume data, wherein the generating a role analysis includes calculating an image value for each product by applying at least one constant value to a combination of the elasticity value for said product divided by an average elasticity value for the product category corresponding to said product, and the volume of the product divided by an average volume for the product category corresponding to said product, and identifying at least one key value item of the plurality of products based upon the image value; and generating, by a processor, a markdown plan including a set of prices, promotions and schedules based on the image values and demand coefficients, wherein generating the markdown plan includes; monitoring processing of the processor generating the markdown plan to detect increased processing requirements; and controlling processing time of the processor generating the markdown plan in response to detection of increased processing requirements by selectively adjusting performance of operations to produce the demand coefficients with a lesser degree of accuracy based on a quantity of products being processed to reduce the processing requirements, wherein the increased processing requirements generate the demand coefficients with more accuracy than the reduced processing requirements. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A roles analysis system for analyzing the role of a product, useful in conjunction with a pricing optimization system, the roles analysis system comprising:
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a volume analyzer configured to receive volume data for a plurality of products, wherein the volume data is sales volume for each product of the plurality of products over a given timeframe, and further wherein each product of the plurality of products is assigned to one of a plurality of product categories; an elasticity analyzer, including a processor, configured to receive elasticity values for the plurality of products; a plotting engine, including a processor, configured to compare the elasticity value and the volume data for each product of the plurality of products, and wherein the plotting engine is further configured to generate a role analysis for each product utilizing the comparison of the elasticity value and the volume data, wherein the generating a role analysis includes calculating an image value for each product by applying at least one constant value to a combination of the elasticity value for said product divided by an average elasticity value for the product category corresponding to said product, and the volume of the product divided by an average volume for the product category corresponding to said product, and identifying at least one key value item of the plurality of products based upon the image value; and a markdown plan tuner, including a processor, configured to generate a markdown plan including a set of prices, promotions and schedules based on the image values and demand coefficients, wherein generating the markdown plan includes; monitoring processing of the processor of the markdown plan tuner to detect increased processing requirements; and controlling processing time of the processor of the markdown plan tuner in response to detection of increased processing requirements by selectively adjusting performance of operations to produce the demand coefficients with a lesser degree of accuracy based on a quantity of products being processed to reduce the processing requirements, wherein the increased processing requirements generate the demand coefficients with more accuracy than the reduced processing requirements. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer storage product for analyzing product roles comprising:
a non-transitory computer readable medium having computer readable program code embodied therewith, the computer readable program code comprising computer readable program code when executed by a processor configured to; receive volume data for a plurality of products, wherein the volume data is sales volume for each product of the plurality of products over a given timeframe, and further wherein each product of the plurality of products is assigned to one of a plurality of product categories; receive elasticity values for the plurality of products; compare the elasticity value and the volume data for each product; generate a role analysis for each product of the plurality of products utilizing the comparison of the elasticity value and the volume data, wherein the generating a role analysis includes calculating an image value for each product by applying at least one constant value to a combination of the elasticity value for said product divided by an average elasticity value for the product category corresponding to said product, and the volume of the product divided by an average volume for the product category corresponding to said product, and identifying at least one key value item of the plurality of products based upon the image value; and generate a markdown plan including a set of prices, promotions and schedules based on the image values and demand coefficients, wherein generating the markdown plan includes; monitoring processing of the processor generating the markdown plan to detect increased processing requirements; and controlling processing time of the processor generating the markdown plan in response to detection of increased processing requirements by selectively adjusting performance of operations to produce the demand coefficients with a lesser degree of accuracy based on a quantity of products being processed to reduce the processing requirements wherein the increased processing requirements generate the demand coefficients with more accuracy than the reduced processing requirements. - View Dependent Claims (24, 25, 26, 27, 28, 29, 30, 31, 32)
Specification