Understanding the Value of Experience Economy in Present World

Definition of Experience Economy: -

Experience Economy can be defined as the manufacturing procedure, distribution as well as consumption of knowledge based products or services, in the new as well as primitive form of businesses.

The term "experience economy," at tiles also referred as exponomy in short, was first coined by B. Joseph Pine 2 and James H. Gilmore, in the book entitled "The Experience Economy," in the year 1998, where the term was referred as the next economy, after the agrarian, industrial as well as service economy! Thus, experience economy refers to the most recent form of business, usually.

Experience economy often becomes an additional advantage for business, and they tend to charge more for the transformation value, added by experience gained, as in the case of an educational sector. With several years of operation in the industry and gradual progression, business company earns the extra value because of the experience! It is ideally recommended that business owners must set up special events for the customers so that memory turns into a product or the experience among people.

Initially, the concept of Experience Economy was generated in the business sector, today it is also used in the tourism, hospitality, architecture and several other fields. In fact, it is the basic factor behind the concept of customer experience.

Textbooks on Experience Economy: -

Some of the informative textbooks, on the experience economy are:

• The experience economy,B oswijk, A., Thijssen, T., Peelen, E. and Johnston, T. (2007). 1^st
• Handbook on the experience economy, Sundbo and Sørensen, n.d. 2013.

Examples of Experience Economy: -

These days, manufacturing products or service delivery are no longer enough to sustain a business organization! With gaining of experience, the economic institution gradually ensures economic growth in the upcoming years. This is why successful companies, having several years of experience, will develop the policies for engaging the customers personally! A common example can be stated from the Snapple tea suppliers today, who supply around 50 variations of tea, juices, as well as flavored waters for meeting with the changing customer tastes.

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