Ticket Pricing Strategies for Maximizing Revenue
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Discussion Response #5 Prompt:
Congratulations! You have been recently hired as the direct of ticket sales at Miami University. Your first task is to price tickets for the upcoming 2021 football season. Using the actual upcoming 2021 football schedule, I want you to discuss ticket pricing strategies for maximizing revenue for the Miami Athletic Department.
Which games have the highest demand and which have the lowest? Who are your target markets? How could you use any of the following ticket pricing strategies: dynamic ticket pricing, variable ticket pricing, bundling, personal seat licenses? Would you practice price discrimination? How would you segment markets? Would you provide quantity discounts?
I will post the criteria on the next step. I think you need to included a citation on additional research to match the point. Do not worried about the citation on course material, I will cover that once I have the essay.
Discussion Response 5
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Discussion Response 5
The sale of tickets is one of the processes that requires a series of considerations. One critical consideration will be the price charged for the events. For example, even though high profits would earn more, it would likely drive most customers away. On the other hand, a cheaper price would make the institution earn less or even create a perception of low value, scaring away the fans. I will use value-based pricing to calculate the amount the individuals are willing to pay.
When calculating the price to be charged, it is critical to note that some games have higher demand than others. One reason that makes some games more valuable is the rivalry level. For instance, the games between the University of Miami and Massachusetts had the least rivalry since they had only played three games in the past. On the other hand, the games between the University of Miami and other Un...