Patent ID: 8306851

Claim:
A system for price management, the system comprising: a plurality of first network communication devices, each device associated with at least one of a plurality of retail sales sites, including a first network communication device of a first retail sales site at a physical location; a first price management module configured to operate on the first network communication device of the first retail sales site and configured to electronically transmit sales data of the first retail sales site and competitor price data of another retail sales site at a different physical location than the first retail sales site, wherein both the sales data and the competitor price data: are for at least one retail sales commodity, are transmitted from the first retail sales site to a central pricing site, and are each site-specific to the physical location of the first retail sales site; a second network communication device associated with the central pricing site; and a second price management module configured to operate on the second network communication device, the second price management module further configured to electronically receive the data transmitted by the plurality of first network communication devices, determine if a site-specific price adjustment is required for a retail sales site based upon the data received from the plurality of first network communication devices, and, when the site-specific price adjustment is required for a retail sales site, electronically transmit the site-specific price adjustment to the first network communication device associated with the retail sales site of the site-specific price adjustment when a site-specific price adjustment is determined to be required, wherein the first network communication devices associated with the retail sales sites are configured to receive site-specific price adjustments from the second price management module of the second network communication device associated with the central pricing site, wherein the first price management modules of the first network communication devices associated with the retail sales sites are configured to automatically adjust a price for at least one of the retail sale commodities at the retail sales site of the first network communication device, wherein the first retail sales site is the retail sales site of the site-specific price adjustment, wherein the first network communication device associated with the first retail sales site of the site-specific price adjustment is configured to receive the site-specific price adjustment, and wherein the first price management module of the first network communication device associated with the first retail sales site of the site-specific price adjustment is configured to automatically adjust the price for at least one of the retail sale commodities at the first retail sales site.