- Usually marketers have a target market in mind before developing a marketing mix with the four P’s. Since observing Banksy’s pieces, it is clear that he wants to display a message through his work because most of it concerns social and political topics. He tends to attract quite a few people with his controversial pieces. This suggests that his target market are artists who have an interest in social and political views. Banksy started out as a typical street artist who got notoriety in Bristol, London for his art pieces that utilized stencils. He knew that more of his humorous, visually pleasing, and political pieces would get the most attraction, so that is what he was aiming for in his work. Banksy wasn’t going to set a price on any of his art. It was meant for the enjoyment of the people and for New Yorkers to go out and be more familiar with their city. On October 13, Banksy ended up selling small canvas pieces for $60 each.
- The art market uses the time value of money strategy not as often but for Banksy’s tour during the month of October, it was needed. The main part of Banksy that gives him the amount of followers is his surprise tactic. The popularity of his artwork only lasts for the first few months. Then, when everyone has had the chance to see the artwork, the hype around it dies down. That is why art vendors find the opportunity to get the art piece and sell it as fast as they can as long as it is relevant.
3. Banksy would usually try to find various different spots throughout New York, but each being of equal distance from the last. With that in mind, Banksy also thought about the potential free promotion to businesses in New York. Therefore, he started tagging places like restaurants and pubs where it would be easily seen by those who follow his blog. He promoted his work through his blog where he would post the new artwork he would have made daily and spread it on his social media outlets as well. Some appreciated his work and kept his murals on their properties because of the notice of crowds attracting. In the documentary, others would call in painters to paint over his artwork because they did not like the attention or vandalism. They weren’t actually appreciating the artwork and the attraction that it was bringing. Others would also take the opportunity to tag his artwork to promote their name in the art world.
4. Banksy’s customers are the companies who reach out to him and ask to work with him. His customers are also those who bring him attraction on his social medias, which lead him to get those deals with major brands. There also businesses who work in art galleries and art auctioning, and those people try to sell his paintings for a higher price range. He values his customers by giving them the oppurtunity to scope out his work and appreciate it. During the tour, he let the people of New York see his paintings for free and then proceeded to put a table and sell his artwork for $60.
5. Banksy promotes his artwork through his website. While he was doing the tour in New York, he kept track of all the art work he did for all 31 days, and would maybe put a caption to give his opinion on the piece. People would then go out and roam New York City to find the art work of the day. The objective for Banksy was to get the people of New York to explore their city more. He would also promote his artwork through the set up he had in the park, where he sold his canvas pieces. Banksy keeps in touch with his followers via Instagram and Twitter. He often promotes his art work through those social media outlets as well. He rarely sells his art work and his way of promotion is also rarely through other companies or art galleries. Social media was his main outlet for promotion.
6. Private property is at play because Banksy would take the opportunity in his residency to put his artwork up on businesses and buildings. This also became a matter of vandalism when the police got involved. With economic freedom, Banksy decided to do whatever he wanted to do during his residency, including selling his pieces in Manhattan Park and meeting with other interested art buyers for his more famous pieces. One of two of the market forces were used throughout, which are profit and supply and demand. The supply and demand of his art pieces increased and the profit for it increased as well.
https://docs.google.com/document/d/1BflX4YSMvxVM4y98ajndWrsmBokVYt8OzTUIOODbVUQ
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