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Summary Economy of Experiences
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Hereby you have a summary of the book "Economy of Experiences" with the chapters 1,2,3,4,5 and 7.
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Summary Economy of Experiences
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Economy of ExperiencesSummary
Content
Chapter 1- The development of the experience economy.....................................................................2
Chapter 2: Value Creation: The Arenas...................................................................................................5
Chapter 3: The process of experience, the logic of feeling.....................................................................7
Chapter 4: Shifts in society...................................................................................................................11
Chapter 5: New forms of value creation...............................................................................................16
Chapter 7: Design principles for experience co- creation process........................................................18
1
,Chapter 1- The development of the experience
economy
1.1 Origin and relevance: an inventory
1.1.1 Experience economy: the origins?
Experience economy is as old as you can imagine (the Greeks and Romans were
already earning money on this and kept their people calm and satisfied)
In the 70´s new markets are being developed at a rapid pace
There is less focus based on political preferences, class and belief, but more on
interests, values, experience and hobbies
Pine and Gilmore are seen as the pioneers of the experience economy
Stages of marketing a product or service:
-A commodity business charges for undifferentiated products.
-A goods business charges for distinctive, tangible things.
-A service business charges for the activities you perform.
-An experience business charges for the feeling customers get by engaging it.
-A transformation business charges for the benefit customers (or "guests") receive
by spending time there.
1.1.2 The economic and management sciences (re)discover the experience economy
In 1999 Pine and Gilmore released their first book. Not only in the modern west
there is interest in this new approach, but also in Asian countries like China and
Japan
Experiences are a new source of value creation and this requires a lot of creativity
from the market, they see it as one "Fourth economic proposition"
When prosperity grows in a country, attention shifts from services and goods to
experiences, the supply continues to grow making the products become cheaper
there is more competition your product must add something extra, something
personal, something unique, which people also want to pay for
2
, 1.1.3 How the hype took off
Business is being changed by the growth of digital technology
Michael Wolf: the key differentiator in the economy is the entertainment value of a
product
Rolf Jensen: the surroundings of a product will play an important role (story)
Diane Nijs and Frank Peter: concept of Imagineering (Disney concept), a combination
of imagination and engineering for creating imaginary worlds
Susanne Piët: looked in depth at emotions and mood management emotional
needs are translated to markets in form of security, romance, authenticity,…
Davenport & Beck: everything revolves around the need to grab people´s attention
Kotler concludes that not every customer needs an experience
People want attention and the more personal, the better. This is also good to lead
back to companies that deal a lot with business customers, this is also called
'customer experience management'. Try to appeal to customers with an experience,
not just with business terms. In an ideal case the customer will become an
ambassador for your company
1.2 A new look at the experience economy
Too many companies see the consumer as a passive part, which they must attract
If nothing changes, the value of culture and human experience runs the risk of being
a victim, becoming of flattening and commercialization. Everything is viewed from
the company, it's running still have as much revenue as possible, but now with
experiences
Pine & Gilmore also note that people are increasingly in need of authenticity. It is
now being pretended that everything is completely personal, but actually everything
is set up virtually
It does not have to be about what the company thinks the consumer needs, but it
has to be about people, and not just seeing them as (potential) customers. The
product must be a supplemented on their lives. In today's society there is no room
for a party that determines all the rules and that the other party obeys. Everyone
involved in the process should get the chance to be a director in his own life and to
be able to communicate about this. The choices are coming from the inside, what do
I need, and which external party fits in here? Because of the better accessibility of
information from companies nowadays, the consumer is able to make a decision
easier.
3
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