Electronic Marketing System for Commodity Price Monitoring
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Solution Overview
Problem
Current online methods for buying or selling energy commodities do not allow users to be notified when the product price matches user-set target criteria, tied to an active exchange market.
Innovation Solution
A system that allows users to set target prices for commodity products, receive notifications when those prices are met, and propose contracts for delivery at approved locations, with prices updated in real-time from an exchange like the New York Mercantile Exchange, enabling users to take advantage of buying opportunities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If users manually monitor exchange market prices continuously, then they can identify buying opportunities, but this consumes significant time and manual effort
Solution Approach 1:
The system enables itself to automatically monitor exchange market prices and compare them against user-defined target prices without requiring continuous user intervention. The automated notification system sends alerts when price criteria are met, allowing the system to serve itself in the price monitoring task.
Solution Approach 2:
The system implements a feedback mechanism where exchange market prices are continuously monitored, compared against stored target prices, and automatically trigger notifications when price criteria are satisfied. This closed-loop feedback system eliminates the need for manual monitoring while maintaining precise price tracking.
2Ease of operation
If the system provides comprehensive price monitoring and notification features, then user decision-making is improved, but the system complexity increases
Solution Approach 1:
Users pre-define their target prices and notification criteria before entering the market. The system stores these parameters and automatically executes the monitoring and notification functions based on pre-set conditions, eliminating the need for complex real-time decision-making interfaces.
Solution Approach 2:
The system acts as an intermediary between the exchange market and the user, automatically filtering and processing price information according to user-defined criteria. This intermediary function simplifies the user's interaction by presenting only relevant information when price targets are met, rather than requiring the user to navigate complex market data.
Data Source
AI summary
A system and method of marketing commodity products over an internet connection, in which the product price is continuously correlated to a publicly traded exchange price and in which a customer may be notified if the product price reaches a previously selected target price set by the customer.