Automated Price Management System

Abstract

A price management system that is capable of automatically or manually determining price adjustments based on current competitor pricing, retail site sales and other price related factors, such as cost of the product, freight charges, state and federal laws and state and federal taxes. Once price adjustments are determined they are able to be instantaneously and automatically implemented at the point of sale. In one of the most relevant applications, retail automotive fuel pricing, the system is able to automatically adjust and display prices on the fuel pumps as well as the advertising signs in the vicinity of the retail site. This system and methods provide for a comprehensive and efficient means of determining price adjustments and implementing the price adjustments in real-time fashion at the point-of-sale.

1 . (canceled) 
     
     
         2 . A price management system comprising:
 a first network communication device of a first retail sales site at a physical location, the first network communication device comprising a first module configured to:
 electronically transmit sales data of the first retail sales site; 
 electronically transmit competitor price data of another retail sales site at a different physical location than the physical location of the first retail sales site; and 
 automatically adjust a sales price for a retail commodity at the first retail sales site of the first network communication device; and 
   a second network communication device located remotely from the first network communication device, the second network communication device comprising a price management module configured to:
 electronically receive data transmitted by a plurality of network communication devices, including the sales data and the competitor price data transmitted by the first module of the first network communication device; 
 determine, based on the sales data and the competitor price data, whether a site-specific price adjustment is required for the first retail sales site; and 
 in response to determining the site-specific price adjustment is required, electronically transmit the site-specific price adjustment to the first network communication device associated with the first retail sales site, wherein the site-specific price adjustment is configured to be used by the first network communication device to automatically adjust the sales price of the retail commodity at the first retail sales site. 
   
     
     
         3 . The price management system of  claim 2 , wherein:
 the first retail sales site is a retail fuel service site;   the retail commodity is fuel; and   the sales data is fuel sales data.   
     
     
         4 . The price management system of  claim 3 , wherein the competitor price data is a fuel price charged by a competitor retail sales site located across the street from the first retail sales site. 
     
     
         5 . The price management system of  claim 3 , wherein the first module is configured to automatically adjust a fuel price in response to receiving the site-specific adjustment transmitted by the price management module. 
     
     
         6 . The price management system of  claim 2 , wherein the price management system module is configured to determine whether the site-specific price adjustment is required based upon other predetermined pricing factors in addition to the sales data and the competitor price data. 
     
     
         7 . The price management system of  claim 6 , wherein the other predetermined pricing factors are chosen from the group consisting of cost of the retail commodity being sold, applicable state sales taxes, applicable federal sales taxes, freight costs from supplier to retail site, and applicable state minimum pricing laws. 
     
     
         8 . The price management system of  claim 2 , wherein the price management module is configured to have a system administrator manually input price adjustments for one or more retail sites associated with the plurality of network communication devices and electronically transmit the price adjustments to the one or more retail sites. 
     
     
         9 . The price management system of  claim 2 , wherein the price management module is further configured to determine whether the site-specific price adjustment is required for the first retail sales site based on the data transmitted by the plurality of network communication devices. 
     
     
         10 . The price management system of  claim 2 , wherein the price management module is further configured to determine whether a plurality of site-specific price adjustments are required for a plurality of retail sales sites based on the data transmitted by the plurality of network communication devices. 
     
     
         11 . The price management system of  claim 2 , wherein the price management module is further configured to determine whether a plurality of site-specific price adjustments are required for a plurality of retail sales sites based on the sales data and the competitor price data from the first retail sales site. 
     
     
         12 . A method of retail price management comprising:
 electronically transmitting, by a first processor, sales data of a first retail sales site from a physical location;   electronically transmitting, by the first processor, competitor price data of another retail sales site at a different physical location than the physical location of the first retail sales site;   electronically receiving, by a second processor, data transmitted by a plurality of network communication devices, including receiving the sales data and the competitor price data transmitted by the processor;   determining, by the second processor and based on the sales data and the competitor price data, whether a site-specific price adjustment is required for the first retail sales site;   in response to determining the site-specific price adjustment is required, electronically transmitting the site-specific price adjustment to a device associated with the first retail sales site; and   automatically adjusting a sales price for a retail commodity at the first retail sales site.   
     
     
         13 . The method of  claim 12 , wherein the automatically adjusting the sales price comprises automatically adjusting the price of fuel at a fuel service site. 
     
     
         14 . The method of  claim 13 , wherein electronically transmitting the competitor price data of another retail sales site at a different physical location comprises transmitting a fuel price charged by a competitor retail sales site located across the street from the first retail sales site. 
     
     
         15 . The method of  claim 13 , wherein automatically adjusting the sales price comprises automatically adjusting a fuel price. 
     
     
         16 . The method of  claim 12 , wherein determining whether the site-specific price adjustment is required is further based upon other predetermined pricing factors in addition to the sales data and the competitor price data. 
     
     
         17 . The method of  claim 15 , further comprising choosing the other predetermined pricing factors from the group consisting of cost of the retail commodity being sold, applicable state sales taxes, applicable federal sales taxes, freight costs from supplier to retail site, and applicable state minimum pricing laws. 
     
     
         18 . The method of  claim 12 , further comprising receiving, by the second processor, information representative of what a system administrator manually input for price adjustments. 
     
     
         19 . The method of  claim 12 , wherein determining whether the site-specific price adjustment is required is further based on the data transmitted by the plurality of network communication devices. 
     
     
         20 . The method  claim 12 , further comprising determining whether a plurality of site-specific price adjustments are required for a plurality of retail sales sites based on the data transmitted by the plurality of network communication devices. 
     
     
         21 . The method of  claim 12 , further comprising determining whether a plurality of site-specific price adjustments are required for a plurality of retail sales sites based on the sales data and the competitor price data from the first retail sales site.