DYNAMIC PRICING
What is 'Market Efficiency'
Like athletics, "the concert ticket market includes two sales markets"
What is 'the primary and secondary ticket markets'
Financial market "returns are unusually high prior to these days"
What are 'holidays'
"What customers compare your products to"
What are 'Substitutes' or 'Competitors'
"A perception in the minds of customers about products"
'What is Brand'
"The goal of dynamic pricing."
What is 'adjusting prices/maximize revenue in response to market demands"
"Time, fairness, seat location, and ticket demand
What 'influences the perceived value of a ticket'
"Consistent with market efficiency in securities markets, the duration of a price swing overreaction..."
What is 'doesn't last long - 7-13% less'
Term the author calls attributes that determine how your product measures up against rivals"
What are 'Characteristics'
"A common complaint by rock concert fans is this ubiquitous charge"
What are 'Convenience fees'
"Dynamic pricing revenue models are extensively used" in these 3 travel industries"
What is 'airline, hotel and car rental'
The greater "the amount of competition looking for market information the better the market..."
What is 'Market Efficiency'
"Total potential lost revenue for the five concerts"
"What is $32.6m"
A major variable in customers' ability to purchase a product
What is 'Income' or 'Price'
"An important characteristic that customers use to evaluate products pricing"
What is 'Quality'
"In an efficient market, the market price should be"
What is 'the Correct Price'
"Pearl Jam at Wrigley Field"
What 'concerts (did) the authors study'
Reason some artists purposely price their tickets below profit maximizing level"
What is 'wanting to be perceived as fair/avoid being seen as gouging fans'
Pricing varies due to changes in...
"Ways manufacturers distinguish their products to affect how customers value them"
What are 'Attributes'
Formula used by the authors to determine lost revenue"
'What is 'calculating the difference between initial selling prices (face value/primary market) and the average secondary market price'
Old sales cliche, "If you sell-out quickly"
What is 'not pricing tickets properly'
The "Reversal Effect on financial markets..."
What is 'poorly performing stocks tend to perform well in the next period and vice-versa'
"The number one theorem in pricing"
What is 'your competitor's price'
"For many customers, this aspect of a business strongly influences value"
What is 'Service' or 'Customer Service'