3) What are the characteristics of good pricing strategy with respect to the case?
Pricing is something that has the highest and the quickest impact in maximizing the profits. The London Olympic Game ticket sales team used various pricing strategies for selling the tickets for their sports events.
Following are few strategies which were used by the sales team:
The committee decided upon to increase the number of pricing tiers for different sports which would keep some of the ticket prices low but achieve the same revenue targets. • The London 2012 Olympics became the first games where the tickets were booked via internet. This helped it enter the unchartered territories.
They considered it as “Everybody’s Games”, thus made it available to the majority of the crowd at an affordable price.
The committee came up with a new plan of providing “First Public Transport”, that is, the price of every ticket in the Olympic would include the use of London’s public transport network on the day of the event.
The committee also mentioned that higher prices of the tickets will provide the spectators with a better view for the game.
Ticket price plan included public transport which would reduce traffic congestion in and around the venues and increase participation. This would not only benefit the spectators but also the games.