Patent ID: 7085734

Claim:
A machine-based method for price decision support comprising using a model to generate, automatically, an optimal price markdown scenario for a plurality of items of commerce, the optimal markdown scenario comprising recommendation for optimal markdown prices for each of the plurality of items of commerce, and being generated from historical information about demand behavior associated with prices of the plurality of items of commerce in accord with the relationship S ( t )= N o *N c *t λ *[e −(t/t pk ) α +C] where S(t) represents gross sales revenues of the item(s) for which optimal markdown prices are being generated, t is time; N 0 is a curve fitting parameter; N o is a demand multiplier representing an increase in sales that occurs when price is reduced; t pk is a time of peak sales; α and γ are curve fitting constants; and C is a residual sales rate at large values of t, displaying to a user, via a graphical user interface, a table showing the optimal price markdown scenario generated by the model, the table having rows, each of which identifies a respective item of commerce or group of items of commerce and which shows, for that respective item or group of items, a check-mark column for the user to indicate acceptance of a recommended markdown price, a status column that indicates a markdown status for the respective item or group of items, a column that shows an id for the respective item or group of items, a recommended marked-down price column, a marked-down price column that represents the price to which the respective item or group of items will be marked down, a current price column, and a cost of markdown column, having the user input, via the graphical display interface, proposed modifications to the markdown scenario shown in the table, displaying to the user, via the graphical user interface, an updated table showing an impact of the user-proposed modifications to the optimal price markdown scenario, the updated table having rows each of which identifies a respective item of commerce or group of items of commerce and which shows, for that respective item or group of items, a check-mark column for the user to indicate acceptance of a recommended markdown price, a status column that indicates a markdown status for the respective item or group of items, a column that shows an id for the respective item or group of items, a recommended marked-down price column, a marked-down price column that represents the price to which the respective item or group of items will be marked down, a current price column, and a cost of markdown column.