Creative industries in Slovakia and their pricing strategies as the part of their marketing mix

Abstract

The aim of this article is to contribute to the understanding of the possibilities of application of selected pricing strategies in the conditions of the creative industries in Slovakia. A creative product has interesting economic aspects, which are conditioned by its specific parameters. The economic potential of a creative product is a way of returning the investment in its creation, as well as a way of generating profit. In this case, the economic potential is the set of economic utility – uniqueness, intellect, knowledge, talent and skills added by each participant in the process of product creation. These characteristics make the products of the creative industries fundamentally different from those of traditional manufacturing. The added value of a creative industry product is not determined by the amount of work invested in its creation, but by the subjective perception of consumers, insofar as its consumption satisfies their personal needs. Pricing in creative industry enterprises results from a number of factors that determine the strategic direction of the enterprise and its output. This fact in turn influences the strategy of conceiving and creating individual prices. These play an important role in the strategic marketing of creative industry enterprises, despite their specificities (zero price or free entry, voluntary, list-based). It should be noted that prices are set differently in the non-profit sector and in the for-profit sectors producing in the creative industries. This means that in terms of the marketing mix of each tool, the pricing functions need to be taken into account.