Welcome to the Experienced Economy Article Notes

Topics: Economy, Economics, Cakes Pages: 2 (301 words) Published: June 7, 2013
TIM 304

Welcome to the Experience Economy Article notes

Changes that represents a step up in economic value
* Agriculture
* manufactured goods
* services

* Economic value is a way for producers to differentiate their products from increasing undifferentiated offerings from their competitives. * Staging experiences- looking for the next higher value in an economic offering * Companies will have to learn how to design, sell, and deliver experiences for customers * An experience occurs when a company uses:

* Service as a stage
* Goods as props
Any company stages an experience when it comes to engaging customers in personal and memorable ways Example of experience company: Walt Disney
1. Create a consistent theme- used throughout entire experience 2. Layer theme with positive cues (easy to follow signs)
3. Eliminate negative cues
4. Offer products or services for the user to remember this experience in the future 5. Engage all 5 senses (taste, touch, see, smell, hear) to heighten experience and make it more memorable How do economies change?

The entire history of economic progress can be recapitulated in the four stage evolution of the birthday cake * mothers made birthday cakes from scratch, mixing farm commodities (flour, sugar, butter, and eggs) that together cost mere dimes * As the goods-based industrial economy advanced, morns paid a dollar or two to Betty Crocker for premixed ingredients * Later, when the service economy took hold, busy parents ordered cakes from the bakery or grocery store, which, at $10 or $15, cost ten times as much as the packaged ingredients. * Now, parents neither make the birthday cake nor throw the party. Instead, they spend $100 or more to "outsource" the entire event to Chuck E. Cheese's, the Discovery Zone, the Mining Company, or some other business that stages a memorable event for the kids-and often throws in the cake for free
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