Patent ID: 8108246
Filing Date: 2012-01-31
Classification: G06Q

Abstract:
1. A method for establishing a price for a target product comprising: compiling and storing, by a computer, a listing of products that compete in a market for the target product; identifying and storing, by the computer, a listing of attributes that influence a purchase decision with respect to the target product and the products in the listing of products; establishing, by the computer, a weighting factor indicative of the influence of each attribute in the purchase decision; establishing, by the computer, a performance score for each weighted attribute for the target product and the products in the listing of products; compiling and storing, by the computer, purchase prices for the target product and the products in the listing of products; compiling and storing, by the computer, cost and benefit data in monetary value for the target product and the products in the listing of products; using the computer, calculating monetization coefficients, representing a worth associated with an incremental improvement in a performance score on each individual attribute; selecting, by the computer, a reference product; comparing, by the computer, the performance scores of the target product against the performance scores of the reference product, and calculating a difference value for each attribute; using the monetization coefficients, calculate a monetary value for the difference values; calculating an estimate, by the computer, of the worth of the target product from the price of the reference product, the net monetary value of any monetary difference values, and the net monetary value of the cost and benefit data; and using the estimated worth, by the computer, select a price for the target product for strategically positioning the target product in the market; establishing, by the computer, an average product having an average performance score on each attribute of the target product and the products in the listing of products and an average price of the target product and the products in the listing of products, and using the average product as the reference product.