Patent ID: 7447646

Claim:
A computer-implemented method for automated dynamic pricing of a product, comprising: determining a plurality of stages in a life cycle of the product; defining a plurality of pricing states, each pricing state correlating to at least one stage of the life cycle of the product; associating with each pricing state a pricing mechanism that determines the pricing of the product while the product is in the particular pricing state, wherein the pricing mechanism defines a process for determining the price of the product while in the pricing state; defining one or more triggers for each pricing state with at least one pricing state having multiple triggers that provide distinct transition paths to different pricing states, each trigger specifying one or more parameters that, when satisfied, cause the pricing of the product to automatically transition from one pricing state to another pricing state; automatically transitioning by a computer the pricing of the product, for the at least one pricing state having multiple triggers, from the at least one pricing state to one of a plurality of next pricing states along one of the distinct transition paths depending on which trigger of the multiple triggers is satisfied, wherein the pricing mechanism of the at least one pricing state is different from the pricing mechanism of the next pricing state to which the pricing of the product is caused to transition; and defining the pricing of the product based on the pricing mechanism of the pricing state currently applicable to the product.