the experience economy - monika kostera · the experience economy is an advanced management ida...
TRANSCRIPT
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THE EXPERIENCE ECONOMY
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The Importance of Markets…
• Financial markets
• Marketing, brands, products
• Competition, strategy, positioning
• Markets as culture
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A Style of Consumption
Culture of consumption: To find a style of consumption and „improve yourself” through consuming good and services
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Experience Economy
An economy of highly customized goods and products aimed at a mass market, dealing in experience rather than traditional goods and services
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Mass customization
The experience economy is an advanced management ida based on mass customization. The activities of suc organizations are like theatre, where goods and services are used as stage props (Pine & Gilmore, 1999).
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Organizations in the Experience Economy
Stage memorables experiences for their clients,
Memory itself is part of the product,
Advanced firms collect a high „transformative” fee for esthetic or educational values; often high value based on contact with high level specialists or artists
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Consuming Experience
“Clients do not consume products for their matereial usefulness but, rather, for their symbolic value expressed in images.” (Elliott, s. 2011); „Products to think, products to talk.” (Fiske, 1989); Symbolic capital of the consumer (Bourdieu, 1984): codes of taste, identity symbols.
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Symbolic value
Symbolic value is becoming more important for some consumers than material value or usefulness, •Consumers are identified people in serach for an identity and/or its creators (Saren, 2006). •Body and soul as consumption sites.
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Evolution of the Product
Pine & Gilmore:
Commodities
Goods
Services
Experiences
Transformation
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Stage Experiences
Deliver Services
Make Goods
Extract Commodities
Co
mp
eti
tive P
osit
ion
Need
s o
f C
usto
mers
Rele
vant
to
Irre
levant
to
Pricing Market Premium
Undiffe
rentiate
d
Diffe
rentiate
d
Source: Pine and Gilmore (1999)
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Extracting Commodities
• The simples form of market activity
• Undifferentiated
• Irrelevant to the needs of customers
• Market pricing
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Making Goods
• Dominant in the mass market age.
• Relatively undifferentiated
• Little relevance to the needs of customers
• Mostly market pricing
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Delivering Services
• Currently dominant form of sophisticated economic activity
• Differentiated
• Rather mindful of the needs of customers.
• Premium pricing
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Staging Experiences
• Economic transaction as a spectacle
• The most sophisticated form of market activity
• Highly differentiated
• Very mindful of the needs of customers.
• Premium pricing
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Leading Towards Transformation
Future market strategy
Consumption that helps to reach a higher state of mind or acquire higher values
Highly individualized; self-actualization
Premium pricing
Gourmet holidays Bon Appétit Brittany
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Experience Economy as a Process
Ethnographies of experience economy organizations show that there are wide implications and a great potential for improvization around the idea (Hjorth & Kostera, 2007), for example:
Art gallery (Katja Lindqvist)
Film festival (Senada Bahto)
Event industry (Marjana Johansson)
Sports (Hans Lundberg)
Even farming (Frederic Bill)
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Betamax Management Fashion?...
Not necessarily – experience economy teaches about the importance of culture projects:
• Makers, artists, projects of culture