A veteran in the field of hospitality management, Dietmar Wertanzl, President of CMI Leisure, a hospitality management company serving the luxury and expedition cruise sectors, is very familiar with the experience economy.
A concept created by B. Joseph Pine II and James H. Gilmore, who published an essay articulating the idea in a 1998 issue of the Harvard Business Review, the experience economy theory argues that experiences should not be lumped in with services. Instead, they should be considered a completely separate economic offering with a separate value.
The duo argued that experiences were becoming more desirable to consumers and that businesses were responding by shifting their energies to the promotion and design of experiences. They also identified experiences as being the next step in their model of the “progression of economic value,” in which experiences were highlighted as a premium service that differentiates a company from its competitors.
A concept created by B. Joseph Pine II and James H. Gilmore, who published an essay articulating the idea in a 1998 issue of the Harvard Business Review, the experience economy theory argues that experiences should not be lumped in with services. Instead, they should be considered a completely separate economic offering with a separate value.
The duo argued that experiences were becoming more desirable to consumers and that businesses were responding by shifting their energies to the promotion and design of experiences. They also identified experiences as being the next step in their model of the “progression of economic value,” in which experiences were highlighted as a premium service that differentiates a company from its competitors.