Patent ID: 8051015
Filing Date: 2011-11-01
Classification: G06Q

Abstract:
1. An automated method of controlling pricing of a product, comprising: determining, using a computing system, a markdown profile associated with the product, the markdown profile including a plurality of proposed markdowns, wherein each proposed markdown in the plurality of markdowns is associated with a predetermined time period during a sales period of the product and wherein each proposed markdown is related to a difference between a target sales quota and an actual sales quota at the time period with which the proposed markdown is associated, and wherein the markdown profile is established prior to the sales period of the product; determining, using the computing system, an initial price of the product; monitoring, using the computing system, actual sales of the product at retail outlets; for each time period within the sales period, comparing, using the computing system, the actual sales of the product to target sales of the product associated with the respective time period; for one or more time periods within the sales period, determining, using the computing system, that the product is a slow selling product based on the comparison of the actual sales of the product to target sales of the product for the respective time periods; for each of the one or more time periods for which the product is determined to be a slow selling product, selecting, using the computing system, a proposed markdown from among the plurality of proposed markdowns of the markdown profile based on the comparison of the actual sales and the target sales and the determination that the product is a slow selling product; reconciling, using the computing system, a markdown budget based on the proposed markdown; adjusting, using the computing system, the initial price based on the proposed markdown during a selling season of the product based on the reconciliation using a computerized system for controlling pricing of the product; adjusting, using the computing system, a replenishment parameter for the product based on the determination that the product is a slow selling product; and storing, in a memory, at least one of an adjusted price and an adjusted replenishment parameter.