Geek.Zone sometimes sells tickets to meet the costs of its events. These costs could include;
* Transportation costs such as coach travel
* Venue hire
* Third party entrance fees
* Third party payment processing fees, such as
** [https://www.paypal.com/uk/webapps/mpp/paypal-fees|PayPal]
** [https://www.izettle.com/gb/pricing|iZettle]
** [https://www.eventbrite.co.uk/organizer/pricing/|Eventbrite]
* Logistics, such as van hire
In order to be financially sustainable, Geek.Zone also needs to make a ((profit|profit)) on each event, so that it can continue to improve, grow and reach other geeks like you!
!Formula
Here is how Geek.Zone calculates the price that a ticket should be sold at.
{EQUATION()}x ={EQUATION} total cost price of all expenses
{EQUATION()}y = 1.10 = {EQUATION} markup multiplier
{EQUATION()}z = {EQUATION} number of participants
{EQUATION()}m = xy = {EQUATION} total marked up price
{EQUATION()}i = \dfrac{m}{z}= {EQUATION} individual ticket non-rounded cost
{EQUATION()}t = ceil(i,10)-0.01 ={EQUATION} individual ticket final sale price
!Code
!!Spreadsheets
{CODE(colors=”spreadsheet”)}
=CEILING((SUM(x)*y)/z,10)-0.01{CODE}
Where ”x”, ”y” and ”z” are named ranges according to the above.
!!Python
{CODE(colors=”Python”)}from math import ceil
def gztickets(x, y, z):
t = (ceil(((sum(x) * y) / z) / 10) * 10) – 0.01
return (t){CODE}
Where
* ”x” is a list of the costs
* ”y” = 1.1
* ”z” is the number of participants as above
!Explanation
We first sum the price of all the costs involved to get {EQUATION()}x{EQUATION}. As above, there could be a variety of costs that need to be shared among the participants. Once we have all of these, the total cost price is increased by the percentage {EQUATION()}y{EQUATION} to get the total marked up price, {EQUATION()}m{EQUATION}.
The markup multiplier, {EQUATION()}y{EQUATION}, is currently set to an increase of 10%, as this ensures that all the payment processing fees are included in the final price, as well as a small bit of profit for Geek.Zone. If these costs increase, this figure may also have to change. In line with the [https://www.gov.uk/government/news/card-surcharge-ban-means-no-more-nasty-surprises-for-shoppers|card surcharge ban], this also ensures that nobody is peanalised for paying in the way that best suits them.
The total marked up price, {EQUATION()}m{EQUATION}, is then divided by the number of participants, {EQUATION()}z{EQUATION}. This could be expected if Geek.Zone is speculatively selling tickets for a ball, for example, or actual, if a deposit has been received from all those involved.
Finally, the individual ticket non-rounded cost, {EQUATION()}i{EQUATION}, is then rounded up to the nearest £10 and £0.01 is subtracted. According to an [https://link.springer.com/article/10.1023%2FA%3A1023581927405|MIT study], this can help to encourage sales, as well as helping to ensure a standard round price for all our events. In turn, this further helps to support your Geek.Zone even more!
!Example
For example, if 50 Geek.Zoners were to go to the amazing new theme park “”Example Kingdom””, Geek.Zone would need to hire a coach and pay the entry fees.
||Coach from Example Coach Tours|£578
Example Kingdom Group Ticket|£1378.53
Total|£1956.53||
This total is then increased by 10% to cover any fees incurred by third parties.
{EQUATION()}(1956.53)(1.1) = 2152.19{EQUATION}
We then divide by the total number of participants.
{EQUATION()} \dfrac{2152.19}{50}=43.04{EQUATION}
Finally, the number is rounded to the nearest £10 then £0.01 subtracted.
{EQUATION()}ceil(43.04,10)-0.01=49.99{EQUATION}
Therefore, the individual ticket final sale price, {EQUATION()}t{EQUATION} is £49.99.
!Pros & Cons
This method does ensure that the final price of Geek.Zone event tickets are always standardised. Rounding to the nearest £10, however, could make it a little unclear clear what percentage profit Geek.Zone is making on any one particular event. Remember, since all proceeds go to your Geek.Zone, not individuals, and since your Geek.Zone is hear to help you, you are ultimately still helping yourself!