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For this assignment, you will be asked to compare a dynamic pricing model and a variable pricing model for the Detroit Tigers to help increase its revenue from ticket sales. There will be a video discussing this assignment as well as ticketing. Please watch this to help you with this assignment.
Using (https://www.mlb.com/tigers), review the Detroit Tigers’ upcoming schedule for all home games at Comerica Park from July 8 – 14, 2024 (Cleveland and LA Dodgers). Note: just because the Tigers play the same team in a 3- or 4-game series, the dates, times and other factors matter (playing on a Wednesday at night may be different than playing the same team on a Saturday during the day, or different promotions on a Wed. than a Sat., different weather, etc.).
You should do some research on the roster of the Tigers as well as Cleveland and the LA Dodgers. This is important to learn about their popularity (and why) entering this season.
Variable Pricing:
Please develop for each home game from July 8 – 14, 2024 a price for Section 104 (Bleachers) based on pre-season (e.g., before the start of the season). At this time, you would not know how the Tigers will perform, or any other factors affecting the Tigers this year. This price will not change after you select it.
Consider the Tigers’ record, their opponent’s performance in 2023 (that is all you have to go on), as well as 2024 dates, times, promotions, star players, and ANY other considerations (events in Detroit, possible weather, holidays, etc.).
You can also see what the stats and attendance were for the Detroit Tigers in 2023 against similar opponents and similar dates by visiting here: https://www.baseball-reference.com/teams/DET/2023-schedule-scores.shtml
Dynamic Pricing:
After you develop your variable pricing, change your pricing for each home game in Section 104 (Bleachers) from July 8 – 14, 2024. Consider all of the data and demographics from variable pricing, but extend this research to include the use of the most recent data in 2024 from the Tigers as of the time you complete this assignment. Also, for this part of the exercise, we will assume the following factors will be factual entering July 2024:
Detroit will enter July 8, 2024 on an 8-game winning streak.
Detroit will enter July 8, 2024 with the best record in the American League (AL).
Detroit’s best pitcher will be hurt in June 2024 and on the disabled list.
July 2024 will be the hottest month in history in Detroit, with temperatures averaging in the 90s during the day and 70s-80s at night all month.
How to present:
It is up to you to select which variables are important to you to determine variable and dynamic pricing for each opponent at each home game during July 8-14, 2024. You must have at least three (3) variables from 2023 and at least three (3) more for 2024.
Everything on these following links are clickable, so navigation is easy. Make sure you scroll down on each page, there is significant information:
https://www.baseball-reference.com/teams/DET/2023-schedule-scores.shtml
https://www.baseball-reference.com/leagues/majors/2023.shtml’
Use Excel to lay out your variables, and develop both a variable and dynamic price (see example attached). I don’t expect you to use only the same variables as in the example; choose a few different variables that you think of that would impact how you set prices. Again, you must have at least 3 variables from 2023 and at least 3 for 2024. Use Google, any other online source, and the links provided to assist with your data collection.
After you are finished, write a short (two-paragraph) summary of the key reasons for the differences (or similarities) you chose in the variable price and the dynamic price for each game. Who are you trying to appeal to sell the most tickets in that section (e.g. what is your target audience) and make the most revenue? Why? Explain why you made changes in the ticket price from variable to dynamic pricing, and point to which variables or other factors impacted you… and why?
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