Tim Wood's Dynamic Pricing at the Place Case Study

937 Words4 Pages
Tim Wood Dynamic Pricing at The Place Case Study: Dynamic Pricing at The Place Tim Wood (Press and Marketing Manager, The Place), From an article by Tim Wood, Journal of Arts Marketing, Issue 7 (Arts Marketing Association, 2002, UK) The Place is a centre for contemporary dance in the middle of London. After fifteen months closed for refurbishment, we reopened our theatre in October 2001. It’s a 300 seat space, with around 150 performances each year. The work is, in broad terms, new or innovative dance, ranging from wellestablished companies of international repute to an annual platform season of brand new companies. Our audience is mostly youngish adult and includes lot of students and dance professionals, many of whom have low incomes. In the past we have always had single-price houses (or rather two prices: full price and a concession) which would vary; the more established the performers, the higher the price. At the time of our closing these prices ranged from £8 to £12. The single-priced houses landed us with this elegant but frustrating pricing paradox: research told us that those who bought tickets would have paid more for them, but other people would have bought tickets if prices were lower. Introducing price differentials, making some tickets cheaper and some more expensive, was the obvious solution. We couldn’t, however, apply these differentials based on where you sit – for one thing our seats have always been unreserved, a tradition that both our audiences and our front-or-house staff were keen to preserve. As we are a studio theatre, your experience doesn’t vary that much depending on where you sit. Insofar as it does, I would not want to be the one who decides which experience is better. You’re closest to the action in our front row, but you may find yourself in perilous proximity to sweat, saliva and occasionally other fluids. Rather like

More about Tim Wood's Dynamic Pricing at the Place Case Study

Open Document