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Ticket Pricing

TermDefinition
Price The amount of money charged for one unit. Ticket prices should reflect what customers are willing to pay.
Revenue The money collected in sales. Revenue is equal to (number of unit sales) × (price of each unit). A sports franchise has a number of revenue sources, including ticket sales, concessions, licensing, and sponsorship.
Demand The amount of goods or services that customers want to buy. Ticket prices for a sporting event should be determined by the demand that exists for that event.
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. Dynamic pricing is facilitated by the Internet and mobile technology.
Marginal Cost The cost of producing one additional good or making one more of a commodity (like a seat at a stadium) 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.
Created by: 417820
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