Summary of B. Joseph Pine II & James H. Gilmore's The Experience Economy, With a New Preface by the Authors

By IRB Media

Please note: This is a companion version & not the original book.

#1 The actions of individual entrepreneurs prove the point that goods and services are no longer enough to foster economic growth and create new jobs. To realize revenue growth and increased employment, the staging of experiences must be pursued as a distinct form of economic output.

#2 The Geek Squad, a company that provides computer support, exemplifies the experience economy. The thematic costuming integral to the Geek Squad being the Geek Squad demonstrates the tangible value that can be created by treating services as the stage and goods as the props for staging engaging experiences.

#3 The economic doldrums experienced by much of the developed world after the 2008 financial crisis were caused by a failure to experientially innovate like each of these companies. The Industrial Economy has had its day.

#4 Four value-creating opportunities stand out regarding goods. First, more offerings should be mass customized: what is needed is not more production of physical goods, but more innovative methods for making those goods. Second, more companies should direct their employees to act.

• Language: English
• Publisher: IRB Media
• Release date: Apr 19, 2022
• ISBN: 9781669387497

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Insights on B. Joseph Pine II & James H. Gilmore's The Experience Economy, With a New Preface by the Authors

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 1

#1

The actions of individual entrepreneurs prove the point that goods and services are no longer enough to foster economic growth and create new jobs. To realize revenue growth and increased employment, the staging of experiences must be pursued as a distinct form of economic output.

#2

The Geek Squad, a company that provides computer support, exemplifies the experience economy. The thematic costuming integral to the Geek Squad being the Geek Squad demonstrates the tangible value that can be created by treating services as the stage and goods as the props for staging engaging experiences.

#3

The economic doldrums experienced by much of the developed world after the 2008 financial crisis were caused by a failure to experientially innovate like each of these companies. The Industrial Economy has had its day.

#4

Four value-creating opportunities stand out regarding goods. First, more offerings should be mass customized: what is needed is not more production of physical goods, but more innovative methods for making those goods. Second, more companies should direct their employees to act.

#5

Companies must recognize that their employees are onstage, and therefore must act in a way that engages their customers. Employees should be given roles to play, and managers should invest time in rehearsing them before placing them on the business stage.

#6

The fifth and final economic offering in the Progression of Economic Value is experiences, which should be charged for. This comes as no surprise to us, because we have always viewed the Experience Economy as a long-term structural shift in the fabric of advanced economies.

#7

The Experience Economy is not a metaphor, but a model for human performance in staging experiences. It is not a new economy, but an economic era that is based on experiences.

#8

The four E's — entertainment, education, escapism, and esthetics — are a means to avoid amusing ourselves to death. They are a way to transform all of life into a paid-for experience.

#9

The first criticism of The Experience Economy is that it lacks appreciation for the role of guests in creating their own experiences. The view is understandable, as our focus has been on the supply side of experiences. However, we agree that a supply of new experiences does encourage guests to want a more participatory role.

#10

The second valid concern is that we place too much emphasis on experiences as memorable events. However, no matter how it’s viewed, any dimension of enjoyment usually translates into the experience being more memorable.

Insights from Chapter 2

#1

The future is about experiences,