Free «The London 2012 Olympic Games» Essay
Table of Contents
1. Characteristics of a Good Pricing Strategy
The pricing strategy should first consider the total amount of the revenue anticipated. After determining the intended total revenue, it is easier to do the pricing of the tickets. After making forecasts, the pricing organization should relate the total revenue with the size and capacity of the stadiums. A good pricing strategy should consider the government levies and charges. If the government taxes are high then the ticket prices are relatively higher.
For the pricing strategy to be fair, it has to consider the economic conditions of the country. The organization should consider the GDP of the country and the general economic conditions. The prices set should be affordable to both the average and the well-off citizens. The tickets ought to be affordable to every economic class. A good pricing strategy should be all-inclusive. The costs encountered in organizing the event considered in setting out the pricing. The organizing body should guarantee that the pricing ensures the recovery of all the expenses that accrued in setting up and organizing the events.
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A good pricing strategy should be profit oriented. The management should put in mind the gains they expect out of the selling of tickets because it is a business after all. Apart from breaking even, the pricing strategy should ensure that there are financial gains at the end of the all process. A good pricing strategy should also consider the market demands and expectations. Games and sport events that have higher demands by the public should have a bit higher prices than the normal games in order to ensure that there is maximization of the profit. A good pricing strategy should take advantage of the situation so that big games tickets such as the finals go for relatively higher prices. It is for a reason that these games have high demands and there are many people interested to watch. Games with high rivalries should have higher in order to utilize the high demand that comes with the game. Therefore, the pricing strategy should consider the expected turn out.
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A good pricing strategy should also consider time and location of the game. Strategically located stadiums should value their tickets higher. Therefore, people can easily access the venues and there is a higher turnout. With regard to time, games that happen during the weekdays out to have lower prices than the ones that happen over the weekends. A good pricing strategy is associated with good advertising and promotion of the ongoing event. In addition, it ensures that it attracts as many people as possible to the event. When the pricing is set to high, it discourages people from attending or paying for the events but it the prices are fair more people are attracted to attend. This should be the main agenda in formulating the pricing strategy.
2. What would you Recommend to Williamson and the LOCOG?
The recommendation given to Williamson and LOCOG derives its conclusion from four fundamental is achieved during the world Olympics games. These issues are tickets were very important element in the Olympic Games since people were required to possess them upon entering different arenas. They were seeking to find a way of maximizing the revenues obtained from the various tickets issued. The second issue that they wanted to achieve was to maximize the attendance of the people who would come to witness the games. In the previous times, the Olympics characterized by maximum attendance, squeezed at the opening ceremonies and the swimming finals. The main aim of the committee was to ensure that the same attendance retained even in other sporting events such as table tennis and handball. The third objective that they wanted to achieve was that the seats present in the arena filled with not just anyone but a person who was right and knew the essence of what was happening. When refereeing to the particular case, their target was knowledgeable fans who would add atmosphere and energy to the teams and the general event as a whole. The fourth and final objective was that they had to make the tickets available to everyone, from the elite to the average individuals who resided around the Olympic park.
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My recommendation to the Williamson and LOCOG would be as follows. When addressing the first objective, it becomes important to understand the fact that tickets gain sales if a sport is advertised. Moreover, the accessibility of the tickets to the people who reside in those regions becomes another fundamental necessity in the ticket sales. The first thing that I would recommend on the particular objective is that the games that were going to be played would be advertised and hyped to catch the attention of the citizens. It would raise their curiosity and in turn result in the massive buying of tickets. Secondly, making the tickets available to people may boost revenue and sales, especially in densely populated regions. They should understand that in order for them to obtain high revenue, and then they should be able to reach out to many people and make the tickets available for them to buy. Some of the people always fail to turn up to watch various sporting events due to lack of tickets. The tickets’ availability should be in large numbers to curb any forms of deficiencies.
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Upon the second objective, maximization of the attendance would rather be challenging but manageable task. Various strategies implemented ensure that the most boring sporting event in the Olympics becomes highly attended. I would recommend that the tickets to such events first become cheaper for affordability. Secondly, they would use the help of various renowned celebrities to attend these activities. They would attract fans to the event and, in turn, boost the attendance of these particular events.
In achieving their third objective, it was important that they obtained few details from the people wanted to purchase the tickets. Promotions and various campaigns conducted around the world in the search of the enthusiastic and knowledgeable fans. They would even have developed sponsorship programs to people who have prevented to be knowledgeable, are fun, and cheer lovers.
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The availability of tickets derives a solution in a variety of ways. One of the most common was to put the tickets in the supermarket where citizens conducting their shopping could easily access and purchase them. Another means is by setting up sensitization and knowledge campaigns to make the process easier for the promoters of the event.