Unit 1 Quiz- The Experience Economy

What are the two dimensions of an "experience" described by the author.

• Customer Participation • Customer Connection

Know the sequence of the "progression of economic value" (four economic offerings) highlighted on the chart of the same name.

• Extract Commodities • Make Goods • Deliver Services • Stage Experiences

While prior economic offerings were external to the buyer, what are "experiences" to the buyer, and at what levels are they engaged.

Experiences are inherently personal. Engaging on an emotional, physical, intellectual, or even spiritual level

If commodities are fungible, and goods are tangible, services and experiences are ___(1)__ and __2__, respectively

1. Intangible 2. Memorable

To realize the full benefit of staging _______(1)______, businesses must deliberately design engaging experiences that command a ___(2)__.

1. experiences 2. fee

An "experience" occurs when a company... (looking for three key words.)

Uses services as a stage, Goods as props, To engage customers and create a memorable event

Be able to list the five key experience-design principles, and be able to identify examples of each.

• Theme the Experience- Hard Rock Café • Harmonize impressions with positive cues- Rainforest Café "You adventure is about to begin" • Eliminate negative cues- "Overservicing" • Mix in Memorabilia- buying a souvenir from every new golf course • Engage all five senses- baseball game