The Experience Economy Summary

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The Experience Economy by Joseph Pine II and James Gilmore
For those who believe that planning is not a basic instinct for both individuals and organizations, and those who believe in marketing the concepts and benefits of good planning, The Experience Economy by Joseph Pine II and James Gilmore is the appropriate book to read. The book was first published in 1998, but the authors have gone ahead to publish new editions. The book is also of great importance to people who are charged with the responsibility of ensuring economic development in the community and also to business persons. Pine and Gilmore assert, “The Service Economy is peaking. A new, energized economy is coming to the fore, one based on a distinct kind of economic output. Goods …show more content…

The quality of the experience offered will determine the charged price that clients will compensate for when purchasing the services. The authors claims, “Many goods encompass more than one experimental aspect, opening up areas for differentiation” They goes ahead to give an example of the experiences that can be offered by clothing manufacturers and this includes wearing experience, drawering experience or even cleaning experience. Manufacturers are advised to brace themselves and create memorable experiences that will add value to their esteemed customers. Pine and Gilmore claimed that any good can be inged. For instance, The Rawlings Sporting Goods Company of St. Louis introduced a radar ball that had a microchip that displayed the speed of the ball after every toss. Its price was significantly higher than the normal baseball, but clients preferred to pay for the experience that came with the radar ball. Rawlings Company applied technology that makes playing baseball attain a richer experience (p. 16-17).
Nevertheless, Pine and Gilmore explains five principles that develop a successfully themed experience to the clients. The principles are as follows: an engaging theme must adjust a guest’s sense of reality; the richest experiences apply themes that modify that sense of reality by influencing the experience of space, time and matter, engaging themes incorporate space, time and matter into a unified, representative whole, themes are reinforced by generating multiple places within a place, and finally a theme should fit the character of the enterprise staging the experience

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