The Economy Danai Giwa January 22 nd, 2014 EXPERIENC E.

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Presentation transcript:

The Economy Danai Giwa January 22 nd, 2014 EXPERIENC E

WHAT is the experience economy? The next economy following the agrarian economy, the industrial economy, and the service economy. Products need to create meaning, experience, and some sort of memory for consumers. The highest-value economic offerings are experiences

WHAT are experiences? “From a marketing perspective, experiences are defined as a type of offering that can be added to commodities, goods or services to create a fourth product category that satisfy and extract value from the desire of postmodern consumers” Source: Carù and Cova 2003; Schmitt 1999; Gupta and Vajic 2000; Pine and Gilmore, 1999

WHAT is the experience economy? B. Joseph Pine II and James H. Gilmore In their 1999 release The Experience Economy … Work is Theatre & Every Business a Stage Popularized by

WHAT is the experience economy?

HISTORICAL CONTEXT behind the experience economy “People in the future will be willing to allocate high percentages of their salaries to live amazing experiences” – Alvin Toffler, Future Shock, 1971 “We will aim to analyze how emotional experiences are linked to products and services” – Holbrook and Hirschman, "The Experiential Aspects of Consumption”, 1982 “I argue for the existence of the experience society” – Gerhard Schulze, The Experience Society,1992 Before Pine & Gilmore…

HISTORICAL CONTEXT behind the experience economy Post-war, the primary producers were transformed into the key consumers by an affluent capitalist society Full employment, wage increases, and more leisure time impacted consumer desires Consumers became a key facet of late capitalism Shift from occupational (class-based) forms of identification to lifestyle associations

HISTORICAL CONTEXT behind the experience economy Source: Pine and Gilmore, 1998

HISTORICAL CONTEXT behind the experience economy Source:

HISTORICAL CONTEXT behind the experience economy Type of Economic Offering CommoditiesGoodsServicesExperiences Economyagrarianmanufacturingserviceexperience Nature of Offeringfungibletangibleintangiblememorable Factors Influencing Demand characteristicsfeaturesbenefitssensations Source: Pine and Gilmore, 1998

FOUR REALMS of an experience Source: Pine and Gilmore, 1998

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

EXAMPLES of experiences

CONCLUSION/QUESTIONS?

SOURCES Carù and Cova 2003; Schmitt 1999; Gupta and Vajic 2000; Pine and Gilmore, 1999 Pine, B. Joseph, and James H. Gilmore. The Experience Economy Work Is Theatre & Every Business A Stage. Boston: Harvard Business School Press, eBook Collection (EBSCOhost). Web. 16 Sept Pine, B. Joseph, and James H. Gilmore. "Welcome to the experience economy." Harvard business review 76 (1998):

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