Group Discussion 2 Week 3_Group 1

 

 Group 1

Au Ka Chun, Thad

Chau Yee Ki, Joyce

Wong Ying Kit, Alpha

Lam Chak Fung, Alex

Ng Hio Tong, Toby

Lai Ka Yin, Rika

Supply and demand curves

• concert ticketing
  • If only 1,000 tickets are selling, but there are 2,000 potential customers, the tickets are then sold at a higher price to make up for the initial cost.
  • It is a successful business for people who earn money by flipping concert tickets as the ticket amount for a famous concert is always in short supply.
  • Nevertheless, if the concert sponsor adds extra concerts, the ticket price might decrease due to the balance of supply and demand.

The long tail

• YouTube
  • YouTube provides a forum for unpopular artists who need million-dollar record company contracts to identify and reach their audience. Fans and clients could purchase their music and other works through YouTube.
  • It is a successful business because YouTube can match its offerings and consumers’ preferences by using a recommendation system and algorithm.