P7. Price

Price is a key influence on demand and an important aspect of an event’s marketing mix. It is one of the avenues for revenue from the event. However, as the National Arts Council of Singapore is trying to promote and develop Arts in Singapore, the prices charged, in my opinion, are non-profitable. Ticket prices are selling at $10 for adults, $7 for senior citizens and passion card holders, and $5 for students with valid student passes. With this kind of price, it is hardly that the organizers are making any money. At most, they are just recovering their cost for printing the tickets and guide books and brochures, as well as maintenance cost for the artworks.

Another reason for them to be charging a low rate would be because Art is still not very popular in Singapore. Although Singapore Biennale is deemed to be a huge event that attracts foreign tourists, we are not a country who is a pro at art. People would gladly travel to Venice to watch a biennale arts performance, but to come all the way to Singapore just to attend Biennale? I do not think so. We have the potential, but we are not there yet. Therefore, charging a high price may have a reverse effect of pushing people away instead of drawing them near. Careful and wise decisions were made when determining the price for this event.