Pricing Profit Analysis: Creating Winning Pricing Strategies in the Sports Industry

Department

Business

Document Type

Article

Publication Date

10-15-2024

Abstract

Students work as managers for a summer collegiate baseball team to determine the optimal pricing for T-shirts sold by the team. They make this decision using data from a survey implemented by the team, pricing information from a vendor, and other datasets that introduce concepts and formulas for students to make informed pricing decisions that are in the best interests of the organization. This includes helping them set the price of the T-shirt and decide whether they should do an end-of-the-season clearance sale for hats. This Data Challenge covers some pricing concepts and strategies to help ensure students’ success in managing the team store this first year and as they pursue careers in the sports industry. Prior to students completing the challenge, they should have a basic understanding of fundamental pricing terminology. This Data Challenge will help students better understand those concepts, apply them to a real-world example, and build their confidence in using these pricing strategies in the workforce.

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