PriceA single entry pass to Singapore Biennale 2008 is S$10 for adults. Full time students, senior citizens or children aged 3 and below get to enjoy a 50% discount off the actual price, that is S$5. (Refer to Appendix F for more details on pricing.)
Biennale 2008 had made use of the pricing mix to its advantage as ticket prices are priced affordable. In this case, the ticket price is elastic. If they were to price it at double the price, response might not be that overwhelming. As they aim to target the younger market segments this year, price would definitely be sensitive to them as they do not earn any income. Hence, this should be the reason why students get to enjoy 50% ticket admission. Thus the event is elastic as lowering the price would be able to increase demand.
However, not all costs to us are cash. Other costs incurred would be: Time, Physical efforts, Psychic costs and Sensory costs. Refer to Appendix G for more detailed explanation.
In conclusion, Singapore Biennale 2008 had made the pricing mix to its advantage as paying $5 is quite worthwhile to view so many pieces of art works and having fun at the same time. Although there were some unpleasant experiences involved (non cash cost), $5 is still worth it. However if I were made to pay $10, I might find it to be not worthwhile as I had to accommodate with the unpleasant experiences despite paying $10.
