Marketing in a Recession

Pricing strategy is always a “balancing act.” The organization does not want to seem desperate by looking like they are having a “fire sale.” However, in the purest sense of pricing, in this environment customers are seeking “value pricing.” They are willing to spend money if in return they get something which enhances their lifestyle or fulfills a need at what they consider to be an affordable price. Thus, I think symphony orchestras need to compare their pricing with that of other forms of entertainment — which might be perceived as comparable to attending a concert, including movies, sporting events, in-home entertainment as well as eating out at a restaurant — and set a price that reflects the value offered and the need satisfaction of the customer.