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Inventory and price decision support
| Details |
Inventors: Woo, Jonathan; Levy, Michael; Bible, John;
Assignee: ProfitLogic, Inc. (Cambridge, MA)
Primary Examiner: Thomas; Joseph
Assistant Examiner: Morgan; Robert W.
Attorney, Agent or Firm: Powsner; David J., Nutter McClennen & Fish LLP
From data that includes prices and unit sales of an item of commerce for a succession of time periods during which the item was sold, a relationship is derived that represents variation of unit sales of the item as a function of price and time of sale. A maximum profit is predicted by optimizing the price or inventory or both over time in accordance with the relationship. The optimized price or inventory or both over time are used in connection with making price decisions or inventory decisions or both with respect to marketing the item of commerce. A group of the data is aggregated, the group being chosen so that the aggregated data for the group will have an enhanced signal-to-noise ratio with respect to information about sales trends. The aggregated data for the group is analyzed for use in making price decisions with respect to marketing the items of commerce. A series of charts illustrating variations in sales over time are generated automatically, different charts being for different selected sets of the data. |
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DETAILED DESCRIPTION 1.
Software stored on a machine-readable medium that configures a machine to do the following: from data that includes prices and unit sales of an item of commerce for a succession of time periods during which the item was sold, derive a relationship of the form where S(t) represents gross sales revenues of the item; t is time; No is a curve fitting parameter; Nc is a demand multiplier representing an increase in sales that occurs when price is reduced; tpk is a time of peak sales; α and γ are curve fitting constants; C is a residual sales rate at large values of t; and Nc is a function representing a demand multiplier that is a function of price, predict a maximum profit by optimizing the price or inventory or both over time in accordance with the aforesaid relationship and in accord with a relationship wherein profit is equal to sales revenues minus costs, and use the optimized price or inventory or both over time in connection with making price decisions or inventory decisions or both with respect to marketing the item of commerce.
2.
A system comprising means for deriving, from data that includes prices and unit sales of an item of commerce for a succession of time periods during which the item was sold, a relationship of the form: where S(t) represents gross sales revenues of the item; t is time; No is a curve fitting parameter; Nc is a demand multiplier representing an increase in sales that occurs when price is reduced; tpk is a time of peak sales; α and γ are curve fitting constants; C is a residual sales rate at large values of t; and Nc is a function representing a demand multiplier that is a function of price, means for predicting a maximum profit by optimizing the price or inventory or both over time in accordance with the aforesaid relationship and in accord with a relationship wherein profit is equal to sales revenues minus costs, and means for using the optimized price and sales data over time in connection with making price decisions or inventory decisions or both with respect to marketing the time of commerce
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Finance 
