MARKDOWN OPTIMIZATION SYSTEM USING A REFERENCE PRICE
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United States of America Patent
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Apr 25, 2013
app pub date -
Oct 19, 2011
filing date -
Oct 19, 2011
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Abstract
A system determines a markdown pricing sequence for a product. The system receives a sequence of future prices as a function of time for the product based at least on business rules. For each price in the sequence, the system determines a reference price for the product, and then determines an increase in revenue using a demand model. The demand model includes a price elasticity variable that uses the reference price instead of a full price. The system then determines if the sequence of future prices is an optimized sequence based at least in part on the determined increase in revenue.
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