Math, probability and game theory are one of my most favorite things to study.
Sometimes companies get too greedy and slip up.
Canada’s Wonderland decides they could make a bit of extra money by selling line by-pass tickets by offering a game for $5.
You could propel a ball and have it land to one of the price slots.
The problem? They were giving out tickets to paid rides, the Xtreme Skyflyer ticket alone was worth $70, not to mention the other rides like bumper cars.
Using some simple math, suppose the chance of getting the Xtreme Skyflyer was 2 in 10. Each spin costed $5 to pull. This means on average you will hit this Xtreme Skyflyer within 5 shots. A cost of $25 instead of the face price of $70.
You would also get a bunch of other line by-passes and tickets.
So what happened? Let’s just say we went on a bunch of rides that day and were able to help a few friends out experience a few fun rides that they otherwise would not be able to.
Xtreme Skyflyer ride:
As of 2019 unfortunately they have removed all of the rides that cost money as prizes. They have also doubled the price per spin to $10.
C’est la vie
Why do people line up to eat fast food over healthy food? The taste of instant gratification must be delicious.
A masterpiece that was written by me…
c. 2003, Toronto, Canada
It amazes me how much people will pay for a “quality product”. Look at the generic brand of Tylenol vs generic brand, or Reactin vs generic brand. What makes people pay premium, 3X, 5x or even more for the exact same product?
I have learned over the years to believe in the products and services you sell. People often want the blind confidence that you believe your product is superior even they know it’s the exact same.
Don’t give out unnecessary discounts. Don’t be needy and beg for business. Let the customers line up and come to you.
When you have a premium product, you deal with premium customers. No cheap people looking for a bargain, simply people looking for good value.
On the other hand, if you have an overpriced product that sucks, and horrible customer service.. well you’ll probably be out of business soon.
Often people say time is money – this principle holds true on so many levels. Most people get a job and they have to trade their time for money, on a linear scale.
Escape, don’t fall into the crowd of sheep.
Hello, Lanbo here, I had randomly checked this blog and noticed my last post was 7 years ago. A lot has changed since then, I am no longer in school, and I am focusing on working and growing myself.
Hi, this is my first post of my blog. My name is Lanbo, my name is actually spelt with a n; many people think it’s spelt with a m :P. My background is Chinese, but surprisingly, I have only been in China for about 8 months in my whole life! My name Lanbo, is Chinese. My name means “blue waves” in Chinese. I am currently 15 years old (turning 16 in June), I was born in Germany and as well as my brother, my dad had attended a university in Germany. When I was 3 years old, I moved to Saskatoon in Canada, and eventually moved to Toronto then Mississauga. I am currently attending Streetsville Secondary School in grade 10. I enjoy hanging out, biking, working out, going on the computer, and going swimming.