System and method for automatic updating and display of retail prices

Claim 2

A computer apparatus for pricing products and assisting a buyer in comparing competitors' prices for a product and purchasing the product, said apparatus having a central processing unit, a main memory medium, and data storage means for storing data records, said apparatus comprising: a database of data records, including product data, said product data including, for each product of a plurality of products sold by a seller, a product identification number, an active price and a market code; means for receiving and storing in said database a competitor's prices for products of said plurality of products, the competitor's prices based on the seller shopping at a predetermined intervals at a competitor's store at a competitor's store location and based on the seller obtaining a competitor's advertised prices for the products of the plurality of products; means for inputting a price change frequency pattern; means for searching said database and capturing the active price and the competitor's price for a selected product and for deleting expired prices; means for comparing the active price for the selected product with the competitor's price for the selected product and re-pricing the selected product to provide an updated active price according to predetermined rules responsive to a characteristic of the competitor's price; means for storing said updated active price in said database; means for retrieving from said database said updated active price and said competitor's price as a comparative product price set; and a computer terminal display having a monitor having a display screen for displaying said comparative product price set to the buyer at a point of sale, wherein said comparative product price set includes the updated active price for the selected product, and for each competitor, a competitor's name, the competitor's store location, the competitor's price and a date that the competitors store was last shopped.

Claim 3

The apparatus of claim 1, wherein said means for receiving and storing a competitors prices includes means for inputting product data, including the product identification number of a competitor's derivative product corresponding to a product in said database and a competitors price for said derivative product; and said means for comparing includes means for comparing the user's active price for a selected product to competitors price for said derivative product.

Claim 4

The apparatus of claim 2, wherein the competitor includes a plurality of competitors in a plurality of markets.

Claim 5

The apparatus of claim 3, wherein said comparative price set includes one or more competitor's prices for derivative products.

Claim 6

The apparatus of claim 3, further comprising means for generating price tags printed with said updated active price.

Claim 7

The apparatus of claim 3, wherein said product data further includes data describing financing terms and premium offered terms.

Claim 8

The apparatus of claim 3, further comprising price exception means, at the point of sale, for selling a selected product to the buyer for an exceptional price which is different from said active price, and means for repricing the selected product to provide said exceptional price as said updated active price.

Claim 9

The apparatus of claim 1, wherein said database is a relational database, and further comprising database management means for managing said relational data base including means for creating tables to contain the data records stored in said database, said tables including an ITEM table, an ITEM PRICE table, an ADVERTISED SKU table, an AD RESPONSE table, a CENT CODE table, a COMPETITOR table, a COMPETITOR LOCATION table, a COMPETITOR SHOPPED-ITEMS table, an ITEM DERIVATIVE table, a PRICE CHANGE table, a VALUE ADDED ITEM table, and a REASON table.

Claim 10

An enterprise-wide integrated computer system for storing, processing and reporting pricing information regarding a plurality of products sold a seller in a plurality of stores in a plurality of markets, comprising: a central processing unit, a main memory, data storage means for storing in a database, product data concerning each product sold by the seller, said product data concerning each product including a product identification number, and pricing data, said pricing data including, for each product, an active price, a market code, and one or more competitor's prices; means for managing the database, including means for modifying, storing, retrieving and manipulating said product data; a plurality of applications programs including a pricing software program; said pricing program comprising means for processing pricing data including means for communicating with the central processing unit, memory and data storage means, means for changing pricing data at predetermined intervals on the basis of a price change frequency pattern, said means for changing pricing data including means for accessing pricing data in the database on a product-by-product basis and a market-by-market basis, for capturing and deleting expired pricing data and for capturing, modifying and processing said pricing data to provide updated pricing data according to predetermined rules and storing said updated pricing data; said predetermined rules including selection of said active price of the product, comparison of said active price of the product with a lowest competitor's price of said one or more competitor's prices; calculation of a new active price to be lower than the lowest competitor's price, creation of a cent-coded price by changing an ending cent in said new active price in accordance with a cent code corresponding to a profit margin on the product, comparison of the cent-coded price with the lowest competitors price, calculation of an updated active price lower than or equal to the lowest competitor's price, and storage of the updated active price.

Claim 11

An enterprise-wide integrated computer system for storing, processing and reporting pricing information regarding a plurality of products sold a seller in a plurality of stores in a plurality of markets, comprising: a central processing unit, a main memory, data storage means for storing in a database, product data concerning each product sold by the seller, said product data concerning each product including a product identification number, and pricing data, said pricing data including, for each product, an active price, a market code, and one or more competitor's prices; means for managing the database, including means for modifying, storing, retrieving and manipulating said product data; a plurality of applications programs including a pricing software program; said pricing program comprising means for processing pricing data including means for communicating with the central processing unit, memory and data storage means, means for changing pricing data at predetermined intervals on the basis of a price change frequency pattern, said means for changing pricing data including means for accessing pricing data in the database on a product-by-product basis and a market-by-market basis, for capturing and deleting expired pricing data and for capturing, modifying and processing said pricing data to provide updated pricing data according to predetermined rules and storing said updated pricing data; said predetermined rules including selection of said active price of the product, comparison of said active price of the product with a lowest competitor's price of said one or more competitor's prices; calculation of a new active price to be lower than the lowest competitor's price, creation of a cent-coded price by changing an ending cent in said new active price in accordance with a cent code corresponding to a profit margin on the product, comparison of the cent-coded price with the lowest competitors price, calculation of an updated active price lower than or equal to the lowest competitor's price, and storage of the updated active price.

Claim 12

The system of claim 9, further comprising a sales subsystem, a merchandising subsystem and a marketing subsystem, said sales subsystem comprising means for processing sales information including means for communicating with the central processing unit, memory and data storage means and means for accessing updated pricing data in the database on a product-by-product basis and a market-by-market basis, and means for capturing from said database and displaying a comparative price set of updated pricing data and competitors' prices for a selected product for a selected market to a buyer at a point of sale; said merchandising subsystem comprising means for processing merchandising information including means for communicating with the central processing unit, memory and data storage means and means for accessing updated pricing data in the database on a product-by-product basis and a market-by-market basis, means for maintaining and updating information on competitor's shopped prices and advertised prices, means for determining an advertisement response price responsive to competitor's advertised prices; said marketing subsystem comprising means for processing marketing information including means for communicating with the central processing unit, memory and data storage means and means for accessing updated pricing data in the database on a product-by-product basis and a market-by-market basis, means for creating, storing and maintaining information on all existing and new products of user and products of competitors, including means for creating, storing and maintaining a regular price for each product of said plurality of products, for creating, storing and maintaining an advertised price as needed for each product of said plurality of products, for creating, storing and maintaining competitors and products thereof to be shopped, and creating, storing and maintaining competitors' derivative models.

Claim 13

The system of claim 9, wherein said rules include changing said active price to an updated active price which is less than or equal to any competitor's price, said updated price determined according to whether said competitor's price is an advertised price, a shopped price or a value-added price.

Claim 14

The system of claim 9, wherein, in said pricing program, means for capturing, modifying and processing said product data includes means for re-pricing said active price to provide an exceptional price for a selected buyer and further means for changing said user's active price to said exceptional price.

Claim 15

The system of claim 9, further comprising reports subsystem, said reports subsystem comprising means for displaying, to the seller, a menu of types of reports; means for accepting, from the seller, a choice of a selected report; means for searching the database to locate product information data necessary to said selected report; means for displaying said selected report to the seller.

Claim 16

The system of claim 13, wherein said menu of reports includes a price change report, a flash price change report, a competitive shopping list and a competitor ad response report.

Claim 17

The system of claim 9, wherein said database is accessible by remote terminals in said plurality of said markets of said seller.

Claim 24

A computerized system for assisting a retail buyer with a buying decision, said system comprising: a point of sale computer terminal having a monitor having a display screen, said point of sale terminal having an input device and means for generating a product identification display for each of a plurality of products sold by a seller in a plurality of stores in a plurality of markets, in response to a query by a retail buyer, said product identification display for each of the plurality of products including a comparative price information set which includes an active price for the product queried, one or more competitors' prices for the product including a competitors name, the competitor's store location, and a date that the competitor's store was last shopped, said active price and competitors' prices indicative of a market at which the point of sale terminal is located; a database system coupled to said point of sale terminal, said database system comprising a database for storing changeable product data for each product of a plurality of products, said product data including a product identification number, the active price, competitor(s) prices and a market code; and a database management program, coupled to said database, for selectively accessing said database, including retrieving current values of said product data, and receiving updates to the values of said product data at predetermined intervals; means for compiling competitor price information from a plurality of competitors in a plurality of markets to determine for each competitor, a competitor price; said means including, for each product of the plurality of products, shopping means for shopping at a predetermined intervals at a competitor's store at a competitor's store location to determine a competitor's shopped price, analyzing means for reviewing competitor's advertisements to determine a competitors advertised price; said shopping means and said analyzing means for further determining a competitor's value-added price, said competitor price being a shopped price, an advertised price or a value-added price; a pricing program for pricing and re-pricing products, said program, operatively communicating with said database management program, for accessing, for a selected market code, the active price and competitor(s) prices in the database, for capturing and deleting expired price data and for capturing and modifying said active price responsive to said competitor(s) prices to provide an updated active price and storing said updated active price in the database, said pricing program having predetermined pricing rules comprising determination of, for each competitor, the competitor's price from competitor shopped price data, from new competitor's advertised price data and competitor value added price data, determination of a lowest competitor price in the market of said one or more competitors prices, selection of said active price of the product, comparison of said active price with the lowest competitor's price; calculation of a new active price to be lower than the lowest competitor's price, creation of a cent-coded price by changing an ending cent in said new user's price in accordance with a cent code corresponding to a profit margin of the product, comparison of the cent-coded price with the lowest competitor's price, calculation of a updated active price lower than or equal to the lowest competitor's price, and storing said updated active price; and a database query program coupled to said point of sale terminal for outputting comparative pricing data, said program, operatively communicating with said database management program, for retrieving said updated active price and said competitor(s) prices on a product-by-product and market-by-market basis to provide a comparative price set, and displaying, for a selected product in a selected market, said comparative price set to the retail buyer to facilitate the buyer's buying decision.

Claim 25

A computerized system for assisting a retail buyer with a buying decision, said system comprising: a point of sale computer terminal having a monitor having a display screen, said point of sale terminal having an input device and means for generating a product identification display for each of a plurality of products sold by a seller in a plurality of stores in a plurality of markets, in response to a query by a retail buyer, said product identification display for each of the plurality of products including a comparative price information set which includes an active price for the product queried, one or more competitors' prices for the product including a competitors name, the competitor's store location, and a date that the competitor's store was last shopped, said active price and competitors' prices indicative of a market at which the point of sale terminal is located; a database system coupled to said point of sale terminal, said database system comprising a database for storing changeable product data for each product of a plurality of products, said product data including a product identification number, the active price, competitor(s) prices and a market code; and a database management program, coupled to said database, for selectively accessing said database, including retrieving current values of said product data, and receiving updates to the values of said product data at predetermined intervals; means for compiling competitor price information from a plurality of competitors in a plurality of markets to determine for each competitor, a competitor price; said means including, for each product of the plurality of products, shopping means for shopping at a predetermined intervals at a competitor's store at a competitor's store location to determine a competitor's shopped price, analyzing means for reviewing competitor's advertisements to determine a competitors advertised price; said shopping means and said analyzing means for further determining a competitor's value-added price, said competitor price being a shopped price, an advertised price or a value-added price; a pricing program for pricing and re-pricing products, said program, operatively communicating with said database management program, for accessing, for a selected market code, the active price and competitor(s) prices in the database, for capturing and deleting expired price data and for capturing and modifying said active price responsive to said competitor(s) prices to provide an updated active price and storing said updated active price in the database, said pricing program having predetermined pricing rules comprising determination of, for each competitor, the competitor's price from competitor shopped price data, from new competitor's advertised price data and competitor value added price data, determination of a lowest competitor price in the market of said one or more competitors prices, selection of said active price of the product, comparison of said active price with the lowest competitor's price; calculation of a new active price to be lower than the lowest competitor's price, creation of a cent-coded price by changing an ending cent in said new user's price in accordance with a cent code corresponding to a profit margin of the product, comparison of the cent-coded price with the lowest competitor's price, calculation of a updated active price lower than or equal to the lowest competitor's price, and storing said updated active price; and a database query program coupled to said point of sale terminal for outputting comparative pricing data, said program, operatively communicating with said database management program, for retrieving said updated active price and said competitor(s) prices on a product-by-product and market-by-market basis to provide a comparative price set, and displaying, for a selected product in a selected market, said comparative price set to the retail buyer to facilitate the buyer's buying decision.