How has Bansky used the marketing mix
He uses the marketing mix by using promotion, product, and place. He first picks out a place to put his artwork on, then he makes his product which is the artwork, and then he promotes it on his social media so others can find it.
How does the art market illustrate the time value of money concept?
One example of the time value of money is the one time where Bansky sold his artwork for 60$ each, and they weren’t worth very much at the start, but once people realized what they bought was made by Bansky, the artworks immediately went up in price.
How does Bansky effect the value to places that he tags?
When Bansky places his artwork on a building, that building will gain much more popularity because everyone is attracted to that. One example of someone recognizing this is when he painted on someone’s door and the owner had the door taken down and sold off. An example of someone not recognizing the value is when his painting was painted over because the owners did not recognize the value of the artwork and just thought it was some annoying graffiti.
Who are Bansky’s customers?
Bansky’s customers are his followers on his social media accounts, they are the one who go after his artwork and trying to find where the next artwork will show up. One example that shows Bansky valuing his customers is when he sold his artwork for cheap, that way they could get an artwork without spending a lot of money.
How does he promote his work during his residency in New York?
He promoted his work by being mysterious so that people would be engaged in the placement of his art, sending them on a scavenger hunt has everyone interested for longer.
Explain how Private Property, Economic Freedom, and Market Forces are all at play during his residency.
Bansky put his artwork on private property, like on shops, the wall of houses, or near some sort of private property. He was also able to freely show his art which represents economic freedom, he was able to reference political subjects and show his opinion of certain matters. He also has highly valued and one of a kind products making each piece highly valuable, that is an examples of market forces.
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