Premium Pricing Economics and SWOT Analysis of Cultural Markets
DOI:
https://doi.org/10.54097/c7evps59Keywords:
Premium Pricing, Market Scarcity, SWOT Analysis, Cultural ConsumptionAbstract
The study aims at examining the concept of premium pricing and characteristics of supply and demand as well as behavior of the consumers of culture-based products in economics and business perspectives. Through the study of the different types of violins and concert tickets, it identifies the premium pricing rate in the market by comparison through SWOT analysis. It is found that rareness of supply and price inelasticity are the two key factors affecting the premium of culture-based goods while identity of the consumer, aesthetic preference and marketing strategies are instrumental in determining the premium pricing.
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