Question
In: Economics
8) If most people prefer Sunday daytime football games, how can a football team increase revenue...
8) If most people prefer Sunday daytime football games, how can a football team increase revenue using different pricing strategies for games on other days?
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Expert Solution
Football team increase revenue using different pricing strategies for games on other days :-
Fuzzy if-then rules were generated for this purpose. Fuzzy logic is proven to be successful at forecasting. This study demonstrates that it provides competitive forecasting results for soccer games. The results were compared with real data and were found to be effective. In summary, it can be an alternative to classic regression models for forecasting attendance at sports games. Another contribution of this paper is the development of a mathematical model of dynamic pricing for soccer games. Almost all the dynamic pricing studies in sports attempt to explain the effective factors for dynamic pricing models and/or attempt to address dynamic pricing models from a managerial perspective.
Therefore, it is significant to introduce a new mathematical model. Two cases were considered, and their results were compared with the results of the static pricing strategy. The results show that the model assists in generating an increase of up to 8.95% in ticket sales revenue. Considering one hundred million dollars of match day revenue, even a 0.01% increase has substantial value. With a few modifications, the model can be implemented for other sports disciplines. An additional multiplier that reflects the characteristics of the game to ticket prices could be implemented for other sports disciplines .
Prices continually increase during the selling period and increase steeply towards the end of the selling period. Based on these studies, Kemper and Breuer [16] propose a mathematical model of dynamic pricing for the Bayern Munich, a soccer club in the German Bundesliga. According to the highlighted results, the ticket prices offered by the club are lower than the price that customers are willing to pay. The proposed dynamic pricing strategy generates more revenue than the static pricing strategy. Still, the lack of mathematical models for dynamic pricing in sports literature is apparent.
Rahul Sunny answered 1 year agoRelated Solutions
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