Patent ID: 7996330

Claim:
A non-transitory machine readable media having stored therein instructions that, when executed, cause a processor to implement a method for controlling pricing of a product or service using a markdown profile, which comprises the steps of: selecting the markdown profile to be used for the product or service; selecting a price for the product or service; acquiring updated sales data regarding the product or service; determining a markdown planned budget, a cumulative markdown budget, and an exhausted markdown budget; determining a first markdown to be applied to the price from the markdown profile using the updated sales data; determining an available markdown budget based on the markdown planned budget, the cumulative markdown budget, and the exhausted markdown budget; determining a markdown cost based on the first markdown and a quantity of available products or services; determining that the markdown cost exceeds the available markdown budget; determining a second markdown based on the markdown cost exceeding the available markdown budget, wherein the second markdown is determined by applying predetermined rules regarding the available markdown budget; and when the second markdown exceeds the available markdown budget, adjusting the price of the product or service by the second markdown.