Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with creating a sophisticated pricing strategy for Biltmore House admission similar to what Disney did to increase ticket sales with their theme

I need help with creating a sophisticated pricing strategy for Biltmore House admission similar to what Disney did to increase ticket sales with their theme parks.

ou have been hired by Biltmore Industries to manage guest services at their Asheville, NC attractions.The attractions include the Biltmore House, the Winery, shopping venues, restaurants, hotels, and various other add-on activities.By far, the main revenue component (and draw) is admission to the house.Guests typically are from middle to higher income demographics.Eighty percent of guests are from the US, and 20% are international travelers.About 25% of total guests are part of a tour group.Admission to the house only includes self-guided admission.Additional tours are available to special places in the house such as the roof/attic and behind the scenes (basement/etc) for additional fees.About 35% of total guests purchase additional tours.Somewhere around 70% of guests do eat at one of the restaurants.Approximately 30% of guests only visit the house and nothing else.About 20% of guests stay on property in one of two hotels.In the past, discounts have been given to house admission for age (kids are free) and occasionally time of year.During certain Spring (depending on flower bloom schedules) all attractions are over capacity.During winter months, except for Christmas, attractions are well under capacity.

One of your responsibilities is to create a more sophisticated pricing strategy for house admission similar to what Disney does with their theme park tickets.As the residual coronavirus travel decline takes hold in the coming year, management is especially concerned regarding revenues.Create a pricing strategy and offer your suggestions.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Macroeconomics

Authors: Robert C. Feenstra, Alan M. Taylor

Fourth Edition

1319061729, 978-1319061722

More Books

Students also viewed these Economics questions