Reference no: EM132722606
Question - Brandon, Manitoba, is starting to build a reputation for attracting musical talent to play outdoor summer concerts. Jill Hill, a recent university graduate with considerable entrepreneurial drive, is determined to organize Rock Out, the biggest and best week-long outdoor concert festival that Brandon has ever seen, for the summer of 2020. She has been aggressively pursuing musical acts and is currently in negotiations with several big-name performers that, if they agree to perform, would comprise what she describes as a "dream lineup." As these performers are all quite successful, they can demand a large paycheque, and Jill estimates that performer fees alone will cost a total of $1.8 million.
To combat dehydration, numerous water stations will be set up on the concert grounds. The purpose of the water stations is to keep incidences of heat stroke to a minimum. A local water company, Aqua Pur, will set up the water stations and keep them filled throughout the concert. They will charge Jill $2 for every concert ticket sold
Cost and pricing estimates are based on data from outdoor concerts hosted in Brandon over the past three years, as well as additional research. Data for concerts that did not offer bar sales were not available, because outdoor concerts typically sell alcoholic beverages. W&W's assistance is needed in determining the price that should be charged for a ticket.
The volume of tickets sold is expected to fluctuate based on price. Prices of $60, $75, and $107.50 will result in sales of 55,000, 43,000, and 30,000 tickets, respectively, assuming consistency with previous Brandon concerts.
Copper Tan Inc. is a national sunscreen manufacturer heavily promoting its product in order to gain market share. The company is proposing distributing small tubes of its sunscreen to all attendees at the concert gates. This would cost Jill $2 per tube, which is well below the retail price. If ticket sales exceed 50,000, Copper Tan will provide Jill with all of the sunscreen tubes for free as long as the company is named as the concert's platinum sponsor.
1: What price should W&W charge for each ticket?
2: Provide an example of price bundling that Jill could incorporate into Rock Out.
3: Provide an example of price skimming that Jill could incorporate into Rock Out.
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