METHOD AND COMPUTER-READABLE MEDIUM FOR AUTOMATED DYNAMIC PRICING OF PRODUCTS WITH PARAMETER-DRIVEN STATE TRANSITIONS

The pricing of a product is programmatically managed by defining a plurality of pricing states for the product. Each pricing state has a pricing mechanism associated therewith. A pricing mechanism can be a variable pricing mechanism such as an auction. It can also be a fixed pricing mechanism for the sale, rental, or subscription of the product. One or more triggers are defined, each of which may include one or more trigger parameters, to enable the pricing of the product to transition from one pricing state to another pricing state. In this manner, the invention provides a seller with an automated, systematic approach to pricing management.