Patent ID: 8412560

Claim:
A non-transitory computer-readable medium storing a program executable in at least one computing device, the program comprising: code that determines a plurality of current offers to sell an item from a subset of sellers in an electronic marketplace, each one of the subset of sellers being associated with a quantity of customer feedback ratings meeting a minimum quantity threshold and an average customer feedback rating meeting a minimum rating threshold; code that determines a plurality of past sale prices for the item being ordered through the electronic marketplace during a predefined time period; code that calculates an average past sale price for the item in a common one of a plurality of predefined item classifications using the past sale prices; code that calculates an average marketplace price for the item in the common one of the predefined item classifications using the current offers; code that blends the average past sale price and the average marketplace price to generate a normalized competitive price for the item; code that converts the normalized competitive price to a competitive price for the item in another one of the predefined item classifications; code that sets the competitive price to a price ceiling associated with the item when the competitive price is above the price ceiling; code that sets the competitive price to a price floor associated with the item when the competitive price is below the price floor; code that does not change the competitive price when the competitive price is not above the price ceiling and when the competitive price is not below the price floor; and code that offers the item for sale in the specified item condition at the competitive price.