U.S. patent application number 13/652322 was filed with the patent office on 2013-05-23 for automated price management system.
This patent application is currently assigned to Murphy Oil USA, Inc.. The applicant listed for this patent is Murphy Oil USA, Inc.. Invention is credited to Brian Alan Bates, Paul Christopher Wells.
Application Number | 20130132159 13/652322 |
Document ID | / |
Family ID | 32907852 |
Filed Date | 2013-05-23 |
United States Patent
Application |
20130132159 |
Kind Code |
A1 |
Wells; Paul Christopher ; et
al. |
May 23, 2013 |
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.
Inventors: |
Wells; Paul Christopher; (EI
Dorado, AR) ; Bates; Brian Alan; (EI Dorado,
AR) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Murphy Oil USA, Inc.; |
EI Dorado |
AR |
US |
|
|
Assignee: |
Murphy Oil USA, Inc.
EI Dorado
AR
|
Family ID: |
32907852 |
Appl. No.: |
13/652322 |
Filed: |
October 15, 2012 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
10375647 |
Feb 27, 2003 |
8306851 |
|
|
13652322 |
|
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Current U.S.
Class: |
705/7.35 |
Current CPC
Class: |
G06Q 20/20 20130101;
G06Q 30/0283 20130101; G06Q 30/06 20130101; G06Q 30/0201
20130101 |
Class at
Publication: |
705/7.35 |
International
Class: |
G06Q 30/02 20120101
G06Q030/02 |
Claims
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.
Description
CROSS-REFERENCE TO RELATED APPLICATION
[0001] This application is a continuation and claims the benefit of
U.S. patent application Ser. No. 10/375,647, filed Feb. 27, 2003,
which is incorporated herein by reference in its entirety.
FIELD OF THE INVENTION
[0002] The present invention relates generally to retail price
management and, more particularly, a retail price management system
that takes into account current competitor pricing and current
sales, automatically determines whether a price adjustment is
necessary and automatically adjusts the prices at the
point-of-sale. The invention is especially relevant to managing the
price of products that frequently fluctuate in price, such as the
sale of automotive fuel at retail service stations.
BACKGROUND OF THE INVENTION
[0003] For certain retail products, such as automotive fuel,
pricing adjustments occur on a frequent basis. It is not uncommon
to see fuels prices vary on a weekly and, sometimes, daily basis.
These pricing adjustments are dictated by many factors; foremost
are fuel costs and competitive pricing in the retail market.
[0004] In the retail fuel market in order to assess whether a price
adjustment is warranted the retail site must determine what the
current fuel price is at competitor sites. Traditionally, this has
meant that the retail site must survey their predetermined
competitors for current pricing information and report such data to
price administrator who determines whether a price adjustment is
warranted. A retail site representative will conduct a survey by
visiting the competitors in the area and noting the current fuel
prices. Surveys are typically conducted on a daily basis and the
information is then transmitted to the price administrator,
typically by an electronic means, such as electronic mail (email),
facsimile (fax) or the like. More recently, Internet or corporate
network based price survey mechanisms have been implemented to
convey current competitor pricing information from the retail site
to the price administrator.
[0005] The price administrator is typically located at a central or
corporate headquarters office and is responsible for determining
pricing of all or a percentage of the retail sites operated within
the corporation's chain of sites. Once the price administrator
receives the price survey information a manual determination is
made whether to adjust prices based upon the price survey, fuel
costs and other factors effecting fuel pricing. If a pricing change
is warranted the price administrator typically conveys the price
change, telephonically or by other electronic means, to the
district manager responsible for the retail site who then, in turn,
conveys the price change information to the retail site. The
current system and method relies on the manual determination of the
price administrator to determine if price adjustments are
warranted. These manual determinations are susceptible to human
error and reliance upon preconceived notions of which of the
competitor pricings are most significant. In addition, the manual
determination of pricing adjustments is an inefficient process that
relies on daily manipulation by the price administrators of pricing
information for each retail site to determine if price adjustment
is warranted.
[0006] Once the retail site has been notified that a price change
has been authorized, price changes are implemented by manually
changing the prices at the fuel pumps and on the fuel advertising
signs in the vicinity of the retail sites. Typically, price changes
are implemented at the beginning of the business day or at another
set time of day. Manually changing the prices at the fuel pumps and
associated advertising signs is an inefficient means of
implementing price changes for a commodity, such as retail fuel,
that changes price on a frequent basis.
[0007] A need exists to develop a price management system that is
instrumental in pricing products, such as retail fuel, that are
susceptible to frequent price fluctuation. The system should be
capable of automated price adjustment analysis that relies on
statistical data to determine whether a price adjustment is
required. Such an automated process will provide for efficient,
real-time determination of price adjustments that do not rely on
human bias or are susceptible to human error. In addition, the
desired pricing system should provide for an automated means of
changing prices at the point-of sale. In the retail fuel sale
context, this would mean automatically changing the prices at the
fuel pumps and at the associated advertising signs. Such automated
pricing changing, should be capable of being implemented at the
central pricing office or at the retail site. As such, pricing
changes would be implemented immediately upon a determination that
a price change is required and the central pricing office would be
immediately notified that the pricing changes has effectively
occurred.
[0008] The need exists to develop a price management system that
will take into account various sales factors, determine whether a
price adjustment is required for specific retail sites and
automatically adjust the price at the point of sale (i.e. at the
fuel pump and/or the retail site advertising signs). These sales
factors include, but are not limited to, competitor pricing, volume
of sales at retail sites, cost of the product being sold and state
and federal laws. In order for such a system to be successfully
implemented, the pricing adjustments must be determined and
implemented efficiently due to the unstable nature of cost of the
commodity and competitor pricing. Retail sites must be able to
provide current competitor pricing information and current sales
information to a centralized pricing unit, which uses this
site-specific information along with other site-specific and
generic pricing related information to determine whether a price
adjustment is warranted. Upon determination that a price adjustment
is necessary the centralized pricing unit must convey the
information to the retail site and affect an automatic adjustment
on the price at the point-of sale.
SUMMARY OF THE INVENTION
[0009] The present invention provides for an automated retail price
management system and methods for managing retail price. The
systems and methods for price management take into account current
competitor pricing and current retail site sales information to
automatically determine whether a price adjustment is necessary
and, if so, automatically adjusts the price at the point-of-sale.
The systems and methods are particularly relevant to managing the
price of products that frequently fluctuate in price, such as the
sale of automotive fuel at retail service station sites.
[0010] In one embodiment of the invention a system for price
management includes a plurality of first network communication
devices, such as desktop computers, each device associated with and
typically located at a retail sales site. The network device
implements a first price management module that receives inputs
related to current competitor pricing and inputs or imports data
related to current retail sales volume. The network device than
electronically transmits this information to a centralized pricing
office. Typically, the data is transmitted via satellite
communication although other forms of electronic data transfer used
in communication networks are also possible.
[0011] A second network communication device, such as a desktop
computer in communication with memory devices and servers, receives
the electronic communications from the plurality of first network
communication devices. The second network communication device is
associated with and typically located at a central pricing
unit/office. The second network communication device implements a
second price management module. The price management module is
capable of assessing the competitor pricing information, the retail
site sales information and other price related data to determine if
a site-specific price adjustment is necessary. If a price
adjustment is determined to be required, the price management
module determines the adjustment value based upon the competitor
pricing information, the retail site sales information and other
price related data, such as cost of the product, freight cost from
the source to the retail site, state and federal taxes, state and
federal laws and the like. Once a price adjustment is determined
the second network communication device electronically transmits
the price adjustment information back to one or more of the
plurality of first network devices. Upon receipt of the price
adjustment information, the first price management module
automatically changes the price at the point of sale and, in
certain embodiments the price is changed on retail site related
signs.
[0012] An additional feature of the price management system allows
for the central pricing system administrator to manually input
adjusted price information based upon competitor pricing, current
retail site sales information and other pricing related
information. In this manner, the system administrator can override
the automated feature of the pricing management module or adjust
pricing using price determining factors that are outside of those
considered in the automated feature.
[0013] In one of the more relevant embodiments of the invention the
price management system is employed in managing the pricing of
retail automotive fuel at retail service stations. A plurality of
first network communication devices, such as desktop computers, are
typically located at retail fuel service station sites. The network
device implements a first price management module that receives
inputs related to current competitor fuel pricing and inputs or
imports data related to current retail fuel sales. The network
device than electronically transmits this information to a
centralized pricing office.
[0014] A second network communication device, such as a desktop
computer in communication with memory devices and servers, receives
the electronic communications from the plurality of first network
communication devices. The second network communication device is
typically located at a central fuel pricing office, either
regional, national or global. The second network communication
device implements a second price management module. The second
price management module is capable of assessing the competitor fuel
pricing information, the retail site fuel sales information and
other price related data to determine if a site-specific price
adjustment is necessary. If a price adjustment is determined to be
required, the price management module determines the adjustment
value based upon the competitor fuel pricing information, the
retail site fuel sales information and other price related data,
such as cost of the fuel, freight cost from the source to the
retail site, state and federal taxes, state and federal laws and
the like. Once a price adjustment is determined the second network
communication device electronically transmits the price adjustment
information back to one or more of the plurality of first network
devices. Upon receipt of the price adjustment information, the
first price management module automatically changes the price at
the fuel pumps and, in certain embodiments the price is changed on
the retail site signage in the vicinity of the retail site.
[0015] In an alternate embodiment the invention is defined in terms
of a method for price management. The method includes the steps of
surveying the current prices being offered by predefined
competitors in the general vicinity of a retail site. Once the
survey is completed the results are inputted, along with current
retail site sales information, into a networked device that
implements a first price management module. The networked device
electronically transmits this information to a second networked
device that is associated with a central pricing function.
[0016] The second networked device implements a second price
management module and, upon receipt of the information from the
first networked device, determines whether a price adjustment is
required based upon the current competitor pricing information and
current retail sales information. If a determination is made that a
price adjustment is required, the amount of the price adjustment is
determined based upon current competitor prices, current retail
site sales information and other price related information, such as
cost of the product, freight costs, local/state/federal taxes and
laws. Upon determination of the price adjustment amount, the price
adjustment is transmitted electronically from the second network
device to the first network device and the first price management
module of the first network device implements the price adjustment
by automatically affecting the price change at the
point-of-sale.
[0017] Thus, the price management system of the present invention
is able to automatically or manually determine 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 instantaneously
and automatically be 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.
BRIEF DESCRIPTION OF THE DRAWINGS
[0018] FIG. 1 is a block diagram of a price management system
implemented in conjunction with retail automotive fuel pricing, in
accordance with one embodiment of the present invention.
[0019] FIG. 2 is a flow diagram of a method for price management in
a retail pricing environment, in accordance with one embodiment of
the present invention.
[0020] FIG. 3 is a depiction of a display monitor illustrating a
site information file of a price management module, in accordance
with an embodiment of the present invention.
[0021] FIG. 4 is a depiction of a display monitor illustrating a
store competitor file of a price management module, in accordance
with an embodiment of the present invention.
[0022] FIG. 5 is a depiction of a display monitor illustrating a
daily pricing filing of a price management module, in accordance
with an embodiment of the present invention.
[0023] FIGS. 6 is a depiction of a display monitor illustrating a
reporting file of a price management module, in accordance with an
embodiment of the present invention.
[0024] FIG. 7 is a depiction of a display monitor illustrating a
competitor prices web page of a price management module, in
accordance with an embodiment of the present invention.
[0025] FIG. 8 is a depiction of a price change input window of a
price management module, in accordance with an embodiment of the
present invention.
[0026] FIG. 9 is a depiction a fastfax window of a price management
module, in accordance with an embodiment of the present
invention.
[0027] FIG. 10 is a depiction of an overall retail site database
window of a price management module, in accordance with an
embodiment of the present invention.
[0028] FIG. 11 is a depiction of an event log window of a price
management module, in accordance with an embodiment of the present
invention.
DETAILED DESCRIPTION OF THE INVENTION
[0029] The present invention now will be described more fully
hereinafter with reference to the accompanying drawings, in which
preferred embodiments of the invention are shown. This invention
may, however, be embodied in many different forms and should not be
construed as limited to the embodiments set forth herein; rather,
these embodiments are provided so that this disclosure will be
thorough and complete, and will fully convey the scope of the
invention to those skilled in the art. Like numbers refer to like
elements throughout.
[0030] Referring to FIG. 1, shown is a block diagram of an
automated pricing system, in accordance with an embodiment of the
present invention. As illustrated, the pricing system is used in
conjunction with fuel pricing and, specifically, fuel pricing at
service stations. However, it is possible to implement the pricing
system of the present invention in conjunction with the sale of
other products, typically products in which the pricing structure
is unstable and varies on a daily basis.
[0031] The pricing system of the present invention is implemented
at a centralized pricing office 10 and one or more retail sites 20.
A first pricing management module 22 is associated with the retail
sites and a second pricing management module 12 is associated with
the centralized pricing office. The pricing management modules are
executed by appropriate processing means, typically in
communication with a conventional desktop computer, server or the
like. The pricing management modules of the present invention are
adapted to be implemented via a communications network, such as the
Internet, a corporate intranet or the like. The first and second
pricing management modules function so as to automatically adjust
the prices at the various remote retail sites 20 based on inputs
from the remote retail sites. Price adjustments can be automated
based upon predefined conditions that are established by the
pricing management module or a pricing system administrator can
manually adjust the prices for the one or more remote retail sites.
Typically, conditions that will affect price will include cost of
the product being sold, competitor pricing, state minimum pricing
laws and the like.
[0032] As shown in FIG. 1, information is communicated from the
centralized pricing office 10 to the remote retail sites 20 via
satellite receivers/transmitters 30 located at the centralized
pricing office and the remote retail sites. Satellite
receivers/transmitters are shown by way of example only, other
means of electronic information transfer, both wireless and wired,
may also be implemented.
[0033] The centralized pricing office 10 communicates pricing
information to the remote retail sites 20. The first pricing
management module 22 is implemented by appropriate processing means
at the remote retail site 20. In the embodiment depicted in FIG. 1,
the first pricing management module is capable of receiving the
pricing information from the central pricing office and executing
automated price changes on the service station fuel pumps 24 and/or
the fuel pricing signs 26 located within the general vicinity of
the remote retail site. Once the pricing changes have been
implemented, at the service station fuel pumps and/or the fuel
pricing signs, a communication is sent by the first pricing
management module at the remote retail site to the centralized
pricing office to confirm that the pricing change is executed
properly. In this regard, the centralized pricing office receives
automated and real-time feedback that the price adjustment has been
implemented.
[0034] The first pricing management module 22 will typically be
configured such that pricing and sales information related to the
remote retail site is inputted manually by a retail site system
administrator or pricing and sales information is accessed from
associated databases. For example, a retail site system
administrator will survey competitor prices and manually input
competitor prices into the first pricing management module. Sales
data related to the retail site will be imported into the first
pricing management module from associated sales databases or
manually inputted into the first pricing management module by the
retail site administrator. Once the competitor prices and sales
data have been imported/inputted into the first pricing management
system module, the information is communicated to the centralized
pricing office 10. The second pricing management module 12
associated with the centralized pricing office receives the pricing
and sales related information and uses such to calculate the
necessary price adjustment for each individual remote retail
site.
[0035] The second pricing management module determines if the
competitor prices for specific retail site are within predefined
threshold. If the determination is made that competitor prices are
within the predefined thresholds, then the second pricing
management module would implement predefined pricing rules,
typically site-specific, to automatically execute a price change.
Pricing rules are set by various sales factors including fuel cost,
sales volume at the retail site, competitor pricing, etc. If the
predefined competitor price thresholds are exceeded it will result
in the retail site being placed in the manual review queue and
dictate that the system administrator at the centralized pricing
office determine the requisite price adjustment. Predefined
competitor price thresholds may be determined by implementing
competitor power ranking comparisons that based on price/demand
elasticity statistical analysis.
[0036] Additionally, automated pricing determinations may be
undertaken for a specific grouping of retail sites, referred to as
a price zone grouping, as opposed to individual retail sites. A
predefined pricing rule is applied to the price zone grouping and a
uniform automatic price change is implemented simultaneously for
all of the sites in the zone.
[0037] FIG. 2 depicts a flow diagram of a method for price
adjustment in accordance with an embodiment of the present
invention. At step 50, the remote retail sites surveys current
competitor pricing. In the fuel pricing embodiment this would
entail having a representative of the retail site visit the
predefined competitor sites to assess current fuel prices. At step
52, the retail site system administrator inputs current competitor
prices and inputs or imports retail site sales data into the first
price management module. The competitor pricing information and
sales information is then, at step 54, electronically transmitted
to the second pricing management module associated with the central
pricing office. In one embodiment of the invention the means of
electronic communication is satellite communication, however, other
means of electronic network communication may also be used without
departing from the inventive concepts herein disclosed.
[0038] At step 56, using the current competitor pricing information
and retail site sales information the second pricing management
module determines a price adjustment using other predefined
factors, such as, cost of the product, federal, state and local
taxes assessed on the product, minimum pricing laws and the like.
Alternatively, the central pricing office system administrator may
manually adjust prices based upon factors outside of those
predefined in the second pricing management module. For example,
certain unforeseen conditions may warrant a concurrent increase or
decrease in price at all remote retail sites. If the pricing
management module or system administrator determines that a price
adjustment is warranted then, at step 58, the price adjustment is
electronically transmitted to the retail site. The first pricing
management module associated with the retail site receives the
price adjustment transmission and, at step 60, prices are
automatically adjusted at the point of sale. In the fuel pricing
embodiment this would entail automatically adjusting the price at
the fuel service pump and the automated pricing signs located on
the retail site.
Site Information File
[0039] FIG. 3 illustrates a display monitor depiction of a site
information file 100 implemented in accordance with the pricing
management module of the present invention. The site information
file provides the pricing management system with the background
information related to each remote retail site. The system
administrator associated with the centralized pricing office can
input or change the information in the site information file. The
input fields and the activation keys shown in FIG. 3 are by way of
example only. Other input fields and activation keys may also be
implemented as dictated by the application of the pricing system
without departing from the inventive concepts herein disclosed.
[0040] Located above the site information file 100 on the display
monitor are various header fields related to the remote retail
site. The header fields are typically created by the centralized
pricing office system administrator at the inception of the remote
retail site or the fields are updated automatically as information
is communicated to the centralized pricing office. The header
fields allow the system administrator to search for and find a
specific retail site. The header fields above the file folders
include the "store number" field 102, the "city" field 104, the
"state" field 106, the "open date" field 108, the "last called"
field 110, the "phone number" field 112, the "group" field 114 and
the "competitor report" field 116. The "store number" field
signifies the store number assigned by the home office, typically
in order of store opening or systematically by region. The "city"
and "state" fields indicate the location of the remote retail site.
The "open date" field indicates the date that the site first opened
for business and the "last called" field indicates the time and
date that the last communication was transmitted to or from the
remote retail site. The "phone" field indicates the phone number of
the remote retail site. The "group" field indicates a color coded
grouping for which this particular site is assigned. This grouping
allows for retail sites to be further segregated into groupings
based on predetermined conditions and provides data analysts a
further tool for distinguishing retail sites. For example, grouping
may be categorized according to historical fuel volumes sold at the
retail site. The "competitor report" field indicates whether a
competitor report exists in the pricing management module for this
particular remote retail site. The competitor report located in the
store competitors file and discussed infra. includes information
related to competitors in the general vicinity of the remote retail
site, the pricing guidelines used by these competitors and the
current prices charged by these competitors. The "price group"
field 118 allows for the sorting of retail sites based on price
grouping. For example, price grouping may be conducted based upon
the geographic location of the retail sites. The "sort-by" field
120 allows the administrator to sort the remote retail site by
information in the header fields, such as site number, competitor
price, open date, pool margin, last called, projected sales volume
and the like.
[0041] The "site information" file 100 comprises various
information fields related to a specific remote retail site. The
street address and zip code of the remote retail site are indicated
in the "address" field 122 and the "zip code" field 124. The "plus
spread" field 126 and the "premium spread" field 128 allow the
system administrator to set the price difference between regular
fuel and plus fuel and regular fuel and premium fuel for this
particular retail site. In this regard, when the regular fuel price
is adjusted the pricing management module knows how to
appropriately adjust the plus and premium prices based on the
spreads specified in the site information file. The "urban" field
130 allows the administrator to designate the site as "urban" if it
is located within a populous area or if the site is not designated
as "urban" it is deemed to be "rural". This designation further
distinguishes between remote retail sites and is used by other
reporting schemes and analysis tools implemented by the pricing
management module.
[0042] The "price group" field 132 allows the site administrator to
designate a remote retail site amongst various price groups. Price
groups are subsets of the overall remote retail sites and are
typically identifiable by a characteristic associated with the
remote retail site. In one embodiment of the invention the price
groups are assigned based upon geographic location of the remote
retail sites. By way of example, price group "1" is the east coast
region, price group "2" is the southeast region, price group "3" is
the southwest region, etc. By designating the remote retail sites
via price groupings it is feasible and within the inventive
concepts herein disclosed to allow for specific home office system
administrators to administer the pricing system for their assigned
price group.
[0043] The "best buy pricing" field 134 allows the system
administrator to designate the remote retail site as a best buy
price site. If the site is so designated the retail location will
purchase its fuel from the lowest cost source. If the site is not
designated as a best buy site, purchasing may be conducted based on
the closest, in proximity, supply point (typically dictated by
state law). Activation of the "supply point" key 136 provides for a
listing of all supply points that meet the designated criteria,
i.e., best buy or non-best buy. A supply point can then be chosen
from the supply list or a supply point can be manually typed into
the supply point fields. The supply point fields include 138, 140
and 142 the supply point number, the city and state of the supply
point and specific purchase arrangement with the supply point,
accordingly.
[0044] The "differentials" fields 144 indicate the plus or minus
amount applied to each fuel type based on supply point assigned to
the retail site and they assist in calculating the actual cost of
the fuel. The "sales ratio" fields 146 indicate the current sales
ratio of fuel types. For example, in the illustrated embodiment the
retail site is currently selling 88.43% unleaded, 6.52% plus, 5.05%
premium and negligible or no diesel sales. The sales ratio
information can be updated by engaging the "update sales ratios"
key 148 that accesses information either stored in a database
associated with the pricing management module or communicates with
the remote retail site to determine real-time sales ratios.
[0045] The "gas type" field 150 allows the administrator to
designate the fuel type for the site as being conventional (C),
oxygenated (O) or reformulated (R). In the illustrated embodiment
the diesel fields are designated as (N) signifying that no diesel
fuel is available at this location. The "discount" field 152 allows
the administrator to set a fuel discount for a specific site, if
the site has an ongoing, current buyer promotion related to fuel
pricing. The "gift card" field 154 is indicative of a loyalty
discount being applied to those purchases made by customers who
possess the gift card. In the embodiment shown the gift card
discount is $0.03 per gallon. The "freight" field 156 allows the
administrator to adjust the price of the fuel by adding the cost
related to transportation of the fuel from the source to the retail
site. The "federal tax" field 158, the "state tax" field 160 and
the "tax %" field 162 allows the administrator to adjust the price
of the fuel in accordance with the requisite federal and state
taxes. The federal tax is typically a fixed amount while the state
tax may be a fixed amount or it may be calculated as a percentage
of the price of the fuel.
[0046] The "differential" field 164 allows the administrator to
adjust the minimum margin of the price of the fuel. The minimum
margin is defined as the minimum price per gallon that the retail
site must charge above cost as dictated by state laws. The "state
minimum pricing laws" key 166 provides the administrator access to
the minimum pricing laws for the state in which the retail site is
located so that the administrator assures that they are abiding by
applicable state law.
[0047] The "region" and "district" fields 168 and 170 provide for
further categorization of the retail site based on geographic
location of the site. The "district manager" key 172 and "division
manager" key 174 provide access to a complete listing of all
district managers and all division managers associated with the
retail sites. The "plan sales" field 176 and "non-fuel sales" field
178 are monthly goals for the site established by the system
administrator. The "plan sales" field denotes monthly fuel sales
goals in terms of gallons. The "non-fuel sales" field denotes
monthly non-fuel sales goals in terms of dollars.
[0048] The "telephone" field 180, "manager" field 182 and
"assistant manager" field 184 provide for site-specific contact
information for the retail site. Further retail site information
may be accessed by engaging the "store information" key 186, which
provides the site administrator with access to a composite profile
window of the information related to the retail site.
[0049] Additional activation keys disposed in the site information
file include the "import labor" key 190 that allows the system
administrator at central pricing office to access labor totals for
a specific pay period from an associated payroll module. The
"import sales information from factor" key 192 allows the system
administrator to access sales numbers from a secondary account to
validate accuracy between the separate sales reporting
functions.
Store Competitors File
[0050] FIG. 4 illustrates a display monitor depiction of a store
competitors file 200 implemented in accordance with the pricing
management module of the present invention. The store competitor
file provides the price management system with information related
to each competitor located within a predetermined competition
vicinity of a remote retail site. Either the system administrator
associated with the centralized pricing office or the administrator
at the remote retail site can input or change the information in
the store competitor file. The input fields and the activation keys
shown in FIG. 4 are by way of example only. Other input fields and
activation keys may also be implemented as dictated by the
application of the pricing system without departing from the
inventive concepts herein disclosed.
[0051] Located above the store competition file 200 on the display
monitor are various header fields related to the remote retail
site. The header fields allow the system administrator to search
for and find a specific retail site. The header fields above the
file folders include the "store number" field 202, the "city" field
204, the "state" field 206, the "open date" field 208, the "last
called" field 210, the "phone number" field 212, and the "group"
field 214. The "store number" field signifies the store number
assigned by the home office, typically in order of store opening or
systematically by region. The "city" and "state" fields indicate
the location of the remote retail site. The "open date" field
indicates the date that the site first opened for business and the
"last called" field indicates the time and date that the last
communication was transmitted to or from the remote retail site.
The "phone" field indicates the phone number of the remote retail
site. The "group" field indicates the assigned group to which the
retail site has been assigned. The "price group" field 216 allows
for the sorting of retail sites based on price grouping. For
example, price grouping may be conducted based upon the geographic
location of the retail sites. The "sort-by" field 218 allows the
administrator to sort the remote retail site by information in the
header fields, such as site number, competitor price, open date,
pool margin, last called, projected sales volume and the like.
[0052] The store competitor file 200 includes a competitor grid 220
that contains information related to a retail site's competitors.
The grid includes "competitor number" column 222 that provides for
a list of numbers associated with the competitors who are located
within a predetermined vicinity of the remote retail site. In the
example shown in FIG. 4, eight competitors exist for retail site
number 6766 (located in Windsor, Ga.). The "tier" column 224
provides for the competitors to be assigned a tier based upon major
brands and non-major brands. The tier system allows for the
competitors to be appropriately weighed for comparison purposes.
The "primary" column 226 indicates which competitors are currently
being used for price comparison surveying. The "competitor" column
228 lists the retail names of the competitors and other
distinguishing features. The "key competitor" column 230 allows the
administrator to identify the retail site's key competitor(s) for
analysis purposes.
[0053] The "print competitor sheet" key 232 allows the system
administrator to print out or directly fax a site specific
competitor work sheet to use when assessing the current fuel prices
being charged by the listed competitors. Remote retail sites will
typically assess competitors pricing on a daily basis and report
competitor pricing information back to the centralized pricing
office through the pricing system of the present invention. The
"update web page stores and competitors" key 234 allows the system
administrator to change the competitor listing to accurately
reflect the remote retail site's competitors. The "fast fax
competitor report" key 236 provides for the centralized pricing
office to automatically fax a site-specific competitor worksheet to
all remote retail sites. The "reset all selected stores for the
competitor report" key 238 automatically resets or deselects all of
the competitors to non-primary status (i.e., the primary column 226
will have all fields empty, indicating that no competitors are
currently be statused for price comparison).
[0054] The "graph comment" section 240 provides the system
administrator with an entry field where comments related to a
specific competitor may be inputted. For example, it may be
beneficial to note when a particular competitor opened or other
specific information related to a competitor.
Daily Pricing File
[0055] FIG. 5 illustrates a display monitor depiction of a daily
pricing file 300 implemented in accordance with the pricing
management module of the present invention. The daily pricing file
provides the system with information related to the daily pricing
of the remote retail site and the site's competitors. Retail site
prices and competitor prices are imported into the daily pricing
file of the price management system via a server interface. Either
the system administrator associated with the centralized pricing
office or the administrator at the remote retail site can input or
change the information in the daily pricing file. The input fields
and the activation keys shown in FIG. 5 are by way of example only.
Other input fields and activation keys may also be implemented as
dictated by the application of the pricing system without departing
from the inventive concepts herein disclosed.
[0056] Located above the daily pricing file 300 on the display
monitor are various header fields related to the remote retail
site. The header fields allow the system administrator to search
for and find a specific retail site. The header fields above the
file folders include the "store number" field 302, the "city" field
304, the "state" field 306, the "open date" field 308, the "last
called" field 310, the "phone number" field 312, the "group" field
314 and the competitor report field 316. The "price group" field
318 allows for the sorting of retail sites based on price grouping.
For example, price grouping may be conducted based upon the
geographic location of the retail sites. The "sort-by" field 320
allows the administrator to sort the remote retail site by
information in the header fields, such as site number, competitor
price, open date, pool margin, last called, projected sales volume
and the like.
[0057] The daily pricing file 300 includes a daily price grid 322
that displays dates and prices on those dates and a competition
price grid 324 that displays current competitor pricing.
Additionally, the daily pricing file includes a "competition
follows" field 326 provides the system administrator a pull down
menu by which the retail site can be designated according to
whether the competition follows fuel pricing changes. Typically
pull-down options will include "sometimes", "always" and "never".
The "go to price" fields 328 allows the site administrator to type
in new retail prices for unleaded fuel, plus fuel, premium fuel and
diesel fuel. The "print report" key 330 pulls up the price change
window (FIG. 8), which displays the "go to prices" or new prices in
addition to the current prices prior to activating the price
adjustment at the retail site. The "lowest legal price" field 332
displays the current lowest legal price that the retail site can
charge, according to state law, for unleaded fuel.
[0058] The daily pricing grid 322 provides a running list of sales
data and pricing for the remote retail site. In the embodiment
shown in FIG. 5, the last seven consecutive dates are displayed. It
is possible to display other dates by utilizing the scrolling
function to the right of the grid. The "date" column 334 indicates
the last seven consecutive calendar dates. The "gallons" column 336
indicates the number of overall gallons (i.e., unleaded, premium,
plus and diesel) sold at the retail site for the specified date.
The fields in the gallon column may be color coded to indicate
changes in rolling average sales percentages. For example, an entry
that is coded red may indicate that the sales for that date are
down 10% or more from a four-week average or a entry that is coded
blue may indicate that the sales for that date are up 10% or more
from a four-week average. The "gift card" column 338 provides daily
totals of the number of gallons that were purchased using a gift
card, otherwise referred to as a loyalty card or customer
appreciation card.
[0059] The "UL" column 340, the "plus" column 342, the "prem"
column 344, and the "diesel" column 346 indicate the price per
gallon charged on the date listed for unleaded, plus, premium and
diesel fuel. In the example shown in FIG. 4, a two cent decrease in
the price of fuel occurred on Aug. 11, 2002 and the site does not
offer diesel fuel. The "pool margin" column 348 indicates the total
amount of profit made per gallon for each sales date. Pool margin
is a weighted average of the fuel grades sold and is determined
based on supplier cost of the fuel and the retail price for which
the fuel was sold on a particular date.
[0060] The competition price grid 324 indicates current fuel sale
prices for the competitors listed in the store competitors file
(see FIG. 4). The "competitor number" column 350 indicates the
assigned competitor number, in this example; competitor numbers 1-8
have been assigned. The "tier" column 352 indicates the tier
assigned to the competitor. The use of the tier system provides for
the competitors to be assigned a tier based upon major brands and
non-major brands and allows for the competitors to be appropriately
weighed for comparison purposes. The "station" column 354 lists the
retail names of the competitors. The "unleaded" column 356, "plus"
column 358, "premium" column 360 and "diesel" column 362 list the
current reported sales prices for unleaded, plus, premium and
diesel fuel for each of the specified competitors. The current
prices listed in the competitor field may be color coded to
indicate increases or decreases in price. For example, a blue
colored entry may indicate that the price has undergone an increase
from the previous reporting period and a red colored entry may
indicate that the price has undergone a decrease from the previous
reporting period.
[0061] Additional information fields are also displayed in the
daily pricing file 300. The "projected fuel sales" field 364 is an
estimate of the projected fuel sales in gallons for the month. The
"% of plan" field 366 indicates how fuel sales for the retail site
are progressing versus the targeted or planned sales for the
current month. For example, in the example shown in FIG. 5, the
actual fuel sales are 0.93% above the targeted or planned sales for
the retail site in August. The "prior year" field 368 indicates the
fuel sales in gallons for the month in the preceding year. For
example, in FIG. 5, 296,978 gallons of fuel were sold at the retail
site during August of the prior year. The "non-fuel sales" field
370 indicates the previous day's non-fuel sales for the retail
site.
[0062] The fuel sales graph 372 provides lines graphs of the
current week and previous week fuel sales. Gallons in thousands are
indicated along the x-coordinate and days of the week are indicated
along the y-coordinate. It is also possible to access a four-week
graph, comprising four line graphs, by engaging the four-week
folder 374.
[0063] The "note" section 376 allows the system administrator at
the central office or at the retail site to input comments related
to sales, pricing or competitor pricing.
Reporting File
[0064] FIG. 6 illustrates a display monitor depiction of a
reporting file 400 implemented in accordance with the pricing
management module of the present invention. The reporting file
provides the individual accessing the file, typically the system
administrator, with various reporting functions. The activation
keys shown in FIG. 6 are by way of example only. Other activation
keys may also be implemented as dictated by the application of the
pricing system without departing from the inventive concepts herein
disclosed.
[0065] Located above the reporting file 400 on the display monitor
are various header fields related to the remote retail site. The
header fields allow the system administrator to search for and find
a specific retail site. The header fields above the file folders
include the "store number" field 402, the "city" field 404, the
"state" field 406, the "open date" field 408, the "last called"
field 410, the "phone number" field 412, the "group" field 414 and
the competitor report field 416. The "price group" field 418 allows
for the sorting of retail sites based on price grouping. For
example, price grouping may be conducted based upon the geographic
location of the retail sites. The "sort-by" field 420 allows the
administrator to sort the remote retail site by information in the
header fields, such as site number, competitor price, open date,
pool margin, last called, projected sales volume and the like.
[0066] The reporting file 400 includes a plurality of access keys
that provide reports related to pricing and sales. The "imported
records will be dated" field 422 indicates the date that will be
displayed on all records/reports that are accessed by the reporting
file keys. Typically, the displayed date will be the current date,
however, the field allows the system administrator to predate or
postdate the report as the application may dictate.
[0067] The "get all web information " key 424 accesses and imports
all of the recently transmitted competitor price survey
information. The "update web page stores and competitors" key 426
transmits to the retail site changes to competitor listings or
other related site-specific information. The "print daily price
information" key 428 allows the system administrator to print daily
price information for each retail site. The "store number" field
430 indicates the store number for which the reports that are being
accessed pertain to. The "export last report to excel" key 432
allows the system administrator to export and automatically convert
the last report to a spreadsheet program, such as Microsoft.TM.
Excel.TM. or the like. The "import pricing information" key 434
allows the system administrator to communicate the retail site and
learn the current fueling costs that are being charged by the
retail site. The "check best buy information" key 436 allows the
system administrator to access supply point information for the
purpose of comparing supply point information.
[0068] The "competitor price report" key 440 allows the system
administrator to access the competitor pricing information, such as
the information noted in the competition grid 324 of FIG. 5. The
"sales report" key 442 provides access to the fuel sales
information for the site, such as the information noted in the
sales grid 322 of FIG. 5 and the like. In a similar fashion, the
"non-fuel" key 444 provides access to the non-fuel sales
information for the retail site. The "graphs" key 446 provides
access to various graphs, such as overall, regional or individual
retail site pricing versus competitor pricing, which can be broken
down based on tiers. The "plan sales" key 448 provides access to
the information related to the planned or targeted sales for the
retail site and graphs actual sales versus targeted sales.
[0069] The "average pool margin" key 450 is provided. The "print
margin report" key 452 provides access to the current margin for
the selected retail site. The "non-fuel trend report" key 454
provides access to daily trends in sales of non-fuel products at
the selected retail site.
[0070] The "key competition" key 456 provides access to a
competitor's pricing information that has been designated a key
competitor, such as a low-price leader competitor. The "key
competitor graphs" key 458 provides access to graphical comparison
data for a key competitor. The "pricing for carriers" key 460
provides information on freight prices charged by carriers to
deliver the fuel from the source to the retail site. The "gift card
percentage" key 462 provides access to the percentage of sales,
either daily, monthly or other period, that were conducted with a
customer appreciation or gift card. The "stores by open date" key
464 provides sales and pricing information for all retail sites
categorized by the date that the retail site opened for
business.
[0071] The "14 day total sales" key 466 provides sales data for the
previous 14 day sales period. The "Update PMS system" key 468
updates an auxiliary reporting and sales management module with
current pricing and sales information. The "find missing info" key
470 queries the database, identifies missing information or
incorrect information and locates the missing or acceptable data.
The "price spread" key 472 is an analysis tool that allows the
administrator to ascertain margins if different price spreads are
implemented between unleaded, plus and premium fuel grades. The
"legal prices" key 474 provides a listing of any retail sites that
may be currently operating in non-compliance with state minimum
pricing laws.
Competitor Price Update Web Page
[0072] FIG. 7 illustrates a display monitor depiction of a
competitor price update web page 500 implemented in accordance with
the pricing management module of the present invention. The
competitor price update web page is typically accessed by the
retail site administrator and provides a means for updating the
current fuel prices being offered by competitors. The retail site
administrator accesses the web page, inputs necessary updates into
the pricing fields and the information is communicated
electronically via the network to the central office site where the
data is stored in SQL databases for subsequent implementation by
the price management system of the present invention.
[0073] The retail site system administrator accesses the web page
by inputting an assigned web address into the address field 502.
The web page will typically exist on a company specific intranet,
however; other forms of network communication, including the
Internet, are also possible and within the inventive concepts
herein disclosed.
[0074] The competitor price web page includes a "competitor" column
504 that lists all of the retail sites competitors. The listings
are in the form of activation keys that upon activation allow the
retail site administrator to change fuel prices accordingly. The
competitor price grid also includes a "regular price" column 506, a
"plus price" column 508, a "premium price" column 510 and a "diesel
price" column 512. The competitor pricing information is
transmitted to the central pricing office by activating a "transmit
pricing info" key.
[0075] The keys disposed to the left of the competitor price grid
allow the retail site administrator access to site-specific
information and reports. The "current price" key 514 provides the
retail site with the current prices that the site is charging (or
should be charging). The "daily sales" key 516 provides the retail
site administrator access to a window for importing or manually
inputting the prior day sales totals into the price management
module and subsequently transmitting this data to the central
pricing office. The "competitor prices" key 518 provides access to
the competitor price input window shown in FIG. 7. The "target
worksheet" key 520 provides the retail site administrator access to
a worksheet that tracks actual retail site performance (fuel sales,
non-fuel sales, employee hours, etc.) versus the planned site
performance.
[0076] The "deliveries" key 522 provides access to information
concerning upcoming planned fuel deliveries to the retail site. The
"audit reports" key 524 provides access to retail site accounting
records. The "cigarette survey" key 526 provides a competitor
cigarette pricing survey input form. The "DiMRS" key 528 provides
for a district manager tracking system and the "pump volume" key
530 provides the retail site with information concerning the volume
of fuel sold by any one fuel pump. The "pump volume" key allows the
site administrator to determine fuel pumps that are malfunctioning
and require service.
Price Change Input Window
[0077] FIG. 8 illustrates a display monitor depiction of a price
change input window 600 implemented in accordance with the pricing
management module of the present invention. The price change input
module is typically accessed by the central office system
administrator to change prices manually. This window is accessed
from the daily pricing file (FIG. 5) by activating the "print
report" key 330. In certain embodiments of the invention pricing
updates will be done automatically based upon predefined price
change conditions defined in the price change management system
module of the present invention.
[0078] The price change input module 600 provides for a "retail
site address" field 602 that provides for the retail site number
and city/state of location. The "effective date and time" field 604
provides for the new prices to be implemented immediately or allows
for the changes to be implemented at a future date and time. The
module provides for the current prices, shown as "regular" field
606, "plus" field 608, "premium" field 610 and "diesel" field 612.
These fields denote the current prices per gallon for regular
unleaded, plus, premium and diesel fuels. The "regular gift card"
field 614, "plus gift card" field 616, "premium gift card" field
618 and "diesel gift card" field 620 indicate the current prices
per gallon for regular unleaded, plus, premium and diesel fuels for
customers using the requisite gift card.
[0079] In addition, the module provides for new prices, shown as
"regular" field 622, "plus" field 624, "premium" field 626 and
"diesel" field 628. These fields denote the new prices per gallon
for regular unleaded, plus, premium and diesel fuels. The "regular
gift card" field 630, "plus gift card" field 632, "premium gift
card" field 634 and "diesel gift card" field 636 indicate the new
prices per gallon for regular unleaded, plus, premium and diesel
fuels for customers using the requisite gift card.
[0080] The price override fields 638 provide for an indication that
the new prices are to be executed at the retail site. If the price
override fields remain unchecked than the new prices will not be
implemented unless the current prices shown in the price change
window of FIG. 8 match the actual prices currently being charged at
the retail site. The change pumps only fields 640 provide for the
price on the service fuel pumps to be changed but not the price on
the site's signs if the field is checked. If the field(s) are not
checked the price will be changed on the service fuel pumps and on
the site sign(s). The "ok" key 642 executes the price change and
the "cancel" key 644 cancels the implementation of the new prices
and returns the pricing to the current prices.
Fast Fax Competition Survey Form
[0081] FIG. 9 illustrates a display monitor depiction of a fast fax
competition survey form module 700 implemented in accordance with
the pricing management module of the present invention. The fast
fax option allows the central office system administrator to fax a
site-specific competition survey form to one or more remote retail
sites. This window is accessed from the store competitor file by
engaging either the print competitor sheet key 232 or the "fastfax
competitor reports to all stores" key 236. Typically, the central
office system administrator will be able to fax all of the sites a
specific competition survey form concurrently via electronic fax
submittal.
[0082] The fast fax competition survey form module provides for
sender fields including "name" field 702, "company/department"
field 704, and "fax number" field 706. The recipient fields include
"name" field 708, "company" field 710, "fax number" field 712,
"address" field 714 and "country" field 716. The recipient
information is listed in the recipient list 718 which provides for
a list of all recipients that will receive the sent fax. The
competition survey form 720 is a separate document that is faxed to
all of the listed recipients. Upon receipt of the competition
survey form the retail sites use the form to survey the competitors
within their competition vicinity to assess the competitors current
fuel prices.
Retail Site Database Window
[0083] FIG. 10 illustrates a display monitor depiction of the
overall retail site database window 800 implemented in accordance
with the pricing management module of the present invention. The
overall retail site database is typically accessed by the central
office system administrator. This is a background module that is
used by the price management module to import data related to
retail sites. The overall retail site databases is sortable by all
of the field headings that are located across the top toolbar.
These fields include "store number" field 802, "city" field 804,
"state" field 806 and "district field" 808. The header fields also
include the "date opened" field 810, the "current regular fuel
price" field 812, the "current plus fuel price" field 814, the
"current premium fuel price" field 816 and the "current gift card
discount" field 818. The listing also provides for a heading for
"current connection status" 820, which indicates if the retail site
is currently connected to the price management system or whether an
error condition prevents a current connection from being
established. The "version" field 822 indicates the current version
of the pricing management system that the retail site is currently
implementing. The "store time" field 824 indicates the current
local time for each retail site. The "price date" field 826 and
"price time" field 828 indicate the last date and time that price
changes were implemented at the retail site.
[0084] Additionally, from the display of the retail site database
the system administrator may change the fuel prices, accordingly.
By checking the "go to price" field 830 the administrator is able
to adjust the actual price of regular, plus or premium fuel or the
gift card discount price. By checking the "price change" field 832
the administrator is able to adjust the increment by which the
price for regular, plus or premium fuel will be adjusted.
[0085] The "effective date and time" field 834 allows the system
administrator to change the prices immediately or to define an
effective date and time for implementation of the change in the
future. The "send price change" key 836 allows the system
administrator to confirm and send the price changes to the remote
retail site for immediate pricing update or future pricing update.
The "today's pricing changes" key 838 provides for access to
information related to the sites that have undergone price changes
as of the current date.
Event Transaction Log
[0086] FIG. 10 illustrates a display monitor depiction of the event
transaction log 900 implemented in accordance with the pricing
management module of the present invention. The event transaction
log keeps a running list, by date and time, of the
transactions/events that have occurred within the pricing
management system. For example, price changes that have been
successfully implemented are logged, the importation of pricing
data from a retail site is logged and other events that occur
between the retail sites and the central office are also
logged.
[0087] As described above, the price management system of the
present invention is able to automatically or manually determine
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
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.
[0088] Many modifications and other embodiments of the invention
will come to mind to one skilled in the art to which this invention
pertains having the benefit of the teachings presented in the
foregoing descriptions and the associated drawings. Therefore, it
is to be understood that the invention is not to be limited to the
specific embodiments disclosed and that modifications and other
embodiments are intended to be included within the scope of the
appended Claims. Although specific terms are employed herein, they
are used in a generic and descriptive sense only and not for
purposes of limitation.
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