Porter visits Liverpool FC at Anfield | tutor2u Business

Liverpool FC supporters staged a mass walkout over the weekend with thousands of fans leaving Anfield on the 77 minute mark, including Liverpool legend Jamie Carragher. But why?

This was in protest over the announcement that as of next season ticket prices in the new Main Stand at Anfield would be priced at £77 per adult ticket. Liverpool supporters argued that this was far too high and inaccessible to a lot of supporters due to their socio-economic backgrounds.

So how have Liverpool FC’s owners, Fenway Sports Group, responded?

Today they issued a 937 word open letter to apologise for the distress caused by this announcement. They have admitted that their pricing strategy was “part of the ticketing planning we got wrong” and have decided to freeze ticket prices, with the top ticket price remaining at £59. They have also decided to freeze the price of season tickets.

Interestingly, they have also decided to keep tickets at the same price no matter who their home game is against – an interesting approach when considering Price Elasticity of Demand will most certainly change depending on the opposing team. Up until now the most desirable games have been priced more expensively due to higher demand, showing inelasticity, making this an interesting strategy for Liverpool FC to employ.

Another interesting point in their letter is the quote “a great many of you have objected strongly. Message received.” This clearly shows the Bargaining Power of Buyers in terms of Porter’s Five Forces, as Fenway Sports Group have had to respond to such a dramatic display by their fans and alumni.

One of Liverpool FC’s USPs for ticket sales is the atmosphere at Anfield, so without supporters surely this would be lost.

Have they done the right thing? I would love to read a BUSS4 essay argument on this one!

For more info visit BBC News.

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