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Festival, Sports & Arts Business (FSAB) - Coggle Diagram
Festival, Sports & Arts Business (FSAB)
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Revenue Management
Demand forecasting
Demand forecasting predicts the various consumer demands over a certain time period using data.
To forecast, event planner leverage primarily on historical data such as past bookings they had in the previous year to forecast the demand for the upcoming event. This also helps to better estimate event space and quantity of supplies needed.
Benefit before price
event organisers tend to use " benefit before pricing" method to price their product (tickets). For instance, on websites that sells concert tickets, we could see footage of past concerts held by the artists. This creates a "wow " factor for the potential audience scrolling through the website. This approach is beneficial for consumers to assess the price and value of the event.
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