Final answer:
Dynamic pricing is the practice of adjusting ticket prices to ensure accessibility while maximizing revenue. Sport organizations like the Connecticut Sun of the WNBA employ dynamic pricing strategies to accommodate different market conditions.
Step-by-step explanation:
The practice of employing a variety of pricing strategies from time to time to ensure that tickets can be purchased by the broadest range of potential buyers while maximizing revenues is called dynamic pricing. Dynamic pricing involves adjusting ticket prices based on factors such as demand, supply, and other market conditions. Sport organizations, such as the Connecticut Sun of the WNBA, may use dynamic pricing to optimize ticket sales and revenue.
For example, during high-demand games or playoffs, the Connecticut Sun may increase ticket prices to reflect the increased demand. Conversely, during low-demand games or less popular matchups, they may lower ticket prices to attract a larger audience. By constantly adjusting prices, sport organizations can strike a balance between revenue generation and ensuring accessibility to a wide range of fans.