Patent ID: 7191157
Filing Date: 2007-03-13
Classification: G06Q

Abstract:
1. A computer-implemented method for determining an optimal price, comprising: receiving a plurality of prices associated with a price-frequency mathematical distribution of competitor prices, utilizing an input device of a computer system; receiving a number of competitors, utilizing the input device of the computer system; receiving a business objective which is selected from the group consisting of maximizing revenue for the good or service, maximizing gross profit for the good or service, maximizing factory utilization for the good or service, achieving a market share goal for the good or service, and maximizing earnings before income tax (EBIT) for the good or service, utilizing the input device of the computer system; receiving a cost associated with a good or service, utilizing the input device of the computer system; calculating an optimal price based on the prices, number of competitors, business objective, and cost associated with a good or service, utilizing a processor coupled to the input device of the computer system; and outputting the optimal price for performing the business objective, utilizing an output device coupled to the processor of the computer system.