Welcome to the Experience Economy
Experience is explained as defined, having shape, not formless but indeed having a real offering as a result of a service, good or commodity. In today’s modern society, many marketers, promoters and relevant companies have warped this ‘experience’ to a whole new level, charging high prices for services with additional perks, elevated association of status and a symbol of luxury. Thus being able to command high prices for a product/service offering that costs significantly less. This is what makes the Experience Economy such an attractable investment for any entrepreneurs with high Gross Profit margins.
An Experience can be further dissected through the use of services as the stage for customers to interact with, with goods acting as props and staff all being the supporting cast. The experience very much takes the lead role whilst all other contributing facts aid in the molding of the service experience. For example if the staging was great but the props were terrible, it is likely to influence the performance (the experience). In this sense experience is not only applicable to the entertainment industry, but very much also to the catering, gaming, aviation, hospitality, simulation, exploration and many other industries. In fact what can be defined as an experience is that of a personal, memorable and engaging encounter.
Many a time when customers pay for services which involve the experience economy; they are not directly aware that is what they will be paying for. In fact it can take another form in the way of admission, commission and complimentary service charge. As the surrounding factors contribute greatly to the overall it is only natural that they benefit from the customers own beneficial experience. For example in some cases it may appear that you are paying for a good (i.e a ticket) but in actual fact that is not what you’ve paid the money for. Indeed the ticket is useful as it can be a prerequisite to getting...
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