Definition of Experience Economy
Experience Economy can be defined as the most modern form of economy after service economy. Various businesses try to orchestrate memorable happenings for their customers, and that memory specifically becomes the “Experience” as a product to cherish. The concept of Experience Economy was born within the field of business, and now it has started being utilized in sectors such as Tourism and Urban Planning. This is also a services marketing concept that is utilized as a backbone for Customer Experience Management.
Experience Economy is, usually, abbreviated as Exponomy with a huge focus over it within the Hospitality Management Programs taking place in the US and Europe.
Textbooks on Experience Economy
Experience Economy is a topic that marketers may need to work hard upon as it is one of the latest forms of economic trends across the globe. Hence, marketers can refer to some details of textbooks based on Experience Economy that are listed as follows:
- The Experience Economy by Joseph Pine and James H. Gilmore (Published by Harvard Business Press – Year 2011).
- Entrepreneurship and the Experience Economy edited by Daniel Hijorth and Monika Kostera (Published by Copenhagen Business School Press DK – Year 2007).
Examples of Experience Economy
Example 1: An example of Experience Economy can be a commodity-related business. The evolution of products takes place in a commodity related business when the business charges its customers for undifferentiated products or services.
Example 2: Another interesting example of Experience Economy can be a Transformation related business. The evolution of products takes place in a transformation related business when the business charges its customers for the benefits that are received by them by spending some time at the business venue.
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