Patent ID: 8463639

Claim:
An electronic price optimization system for recommending product price changes to a user, the electronic price optimization system comprising: at least one computer processor and storage; the storage storing a plurality of analytic modules that include software for calculating price recommendations for a product, the analytic modules including analytic modules functioning on baseline demand, sales promotion, volume margin, current competitor price, brand equity, category margin, and price per unit; the at least one computer processor configured to execute program code, the program code instructing the processor to perform operations comprising: executing the software of a first one of the analytic modules to calculate a first price recommendation for the product specific to the first analytic module; executing the software of a second one of the analytic modules to calculate a second price recommendation for the product specific to the second analytic module; determining a first loss value that associates a first loss with a deviation of the first price recommendation from a potential final recommended price for the product provided by the electronic price optimization system; determining a second loss value that associates a second loss with a deviation of the second price recommendation from the potential final recommended price; computing a sum of the first and second loss values; and calculating a final recommended price for the product that minimizes the sum of the first and second loss values.