Is a
Patent attributes
Patent Applicant
Patent Jurisdiction
Patent Number
Patent Inventor Names
Brendan S. Doner0
Date of Patent
January 16, 2024
0Patent Application Number
170271600
Date Filed
September 21, 2020
0Patent Citations
...
Patent Primary Examiner
Patent abstract
A method for price optimization for a product or service at a store using machine learning is disclosed. The method includes determining a price through a reaction model, positioning model, and a forecast model. The reaction model includes determining the probabilities of a competitors' pricing reaction due to the store's price changes. The positioning model includes determining conditional probabilities for attaining an objective and/or sub-objective based on store and competitor's data. The conditional probabilities are used for generating a price proposal for achieving the objective and/or sub-objective. The forecast model provides a forecast for factors such as volume sale using machine learning.
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