The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Apr. 20, 2021
Filed:
Apr. 24, 2018
Skyline Products, Inc., Colorado Springs, CO (US);
Brendan S. Doner, Golden, CO (US);
Skyline Products, Inc., Colorado Springs, CO (US);
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.