Monday, November 24, 2008
Price
Price mix refers to the combination of prices that consumers are offered to purchase a product.
There are various discounts available for different groups of people for this event. A single-entry pass costs $10, with a one-time entry to both the City Hall exhibition hall and South Beach Development exhibition hall. Visitors can use the pass to enter anytime, any day within the event dates, for once. They can also present this pass to the Singapore Flyer to enjoy the flight at a discounted rate. Hence, it was convenient for the visitors as some of them could not finish looking at all the exhibits in a day, and they can still visit it another day. Moreover, there are many discounts with the pass in hand when they visit Singapore Flyer. There is also a free copy of the exhibition’s short guide which can give them a more detailed explanation of the exhibits.
For full-time students, senior citizens and children above 3 years old, they can enjoy a 50% discount off the admission fees. These 3 groups are the lower income group and to attract them to come, the organizers gave them a 50% discount, with the same benefits as the full-price admission pass. Hence, as these groups are the more price-sensitive groups, lowering the price can attract them to come.
Limited edition collectables[16] are also available for sale, such as the Biennale t-shirts, the short guides (which is not available for the one-for-one complimentary ticket), books by artists and tote bags. The tote bag and short guide are sold for $6 each, which is quite affordable. Whereas the books are priced at $28/$128, depending on which book, which is mostly targeted at the art fans of the author.I feel that the planners have managed the price mix very well as they adjusted the price according to different market needs and wants. For the professionals, they do provide professional tours for them at a price too. They cater to different needs of the various markets so as to maximize the probability that they will purchase their product. They even have limited edition items available so as to attract the collectors to buy. Hence, I think they managed the price mix well in terms of the price and costing.