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Ticket Pricing
Term | Definition |
---|---|
Price | Amount of money charged for one unit. Ticket prices should reflect what customers are willing to play. |
Revenue | Money collected in sales. Revenue is equal to (number of unit sales) x (price of each unit). |
Demand | Mount of goods or services that customers want to buy. |
Yield Management Pricing | Setting different prices for goods or services in an effort to maximize revenue when limited capacity is a factor. |
Dynamic Pricing | A system of fluid not fixed ticket prices that increase or decrease due to small and/or short-term changes in supply and demand. |
Marginal Cost | The cost of producing one additional good or making one more of a commodity available. |
Ticket Brokers | Individuals or companies who purchase tickets in bulk to artificially constrict demand and drive up prices. |
Ticket Agencies | Companies that stadium owners use to manage their ticket sales. |