MUMBAI, India, Aug. 22 -- Intellectual Property India has published a patent application (202421012544 A) filed by Tata Consultancy Services Limited, Maharashtra, on Feb. 21, 2024, for 'method and system for competitive pricing incorporating customer perception of competitor prices.'
Inventor(s) include Thirunavukkarasu, Jeisobers; Jujhala, Naga Krishna Kiran; Gopal, Dhanasekaran; Ellappasamy, Karthik; and Mukherjee, Jayanta.
The application for the patent was published on Aug. 22, under issue no. 34/2025.
According to the abstract released by the Intellectual Property India: "This disclosure relates generally to competitive pricing and more particularly to a method and system for competitive pricing using customer perception. Conventional methods for competitive pricing consider techniques such as research analysis, strategic decision making, marketing strategy and the like. However, these techniques do not provide accurate competitive pricing. Embodiments of the present disclosure considers customer perception by capturing ideal delayed response and ideal left-over effect of competitor price based on data captured during sales process of an item. Accuracy of estimation of competitor elasticity is maximized by applying specific dynamic weights to capture ideal delayed response and ideal left-over competitor price effect of the item. A customized model is developed for determining sales of the item and further to estimate yield of the item considering other miscellaneous factors. The disclosed method is used to find the ideal price of the item which provides business advantage to the retailer."
Disclaimer: Curated by HT Syndication.
