The Experience Economy

Marketing is a very unique process that enables limitless methods or variations for an entity to appeal to a particular target market as well as to deter from a particular market. Marketing is used in more than just business; The kinds of clothes an individual wears and the attitude a person portrays can be used to market him or herself to the public for many reasons: Maybe to attract a woman a man is attracted to, possibly to impress the president of a company a person is interviewing for, and even to just create a base of his or her character in which other people will judge him or her by. Marketing is everywhere from the business side of the spectrum to relationships people have

Wine has been a popular beverage for many years amongst different societies. The process of winemaking is one of the most complex and detailed processes, where every step is meticulous towards ensuring the best quality wine is produced. However, different phenomena are able to affect the wine even after it is bottled and stored.

Ecological dimensions of wine production primarily centre on the use of organic viticulture. Since the earlier days of production, industries have realized they had used a devastating amount of agrochemicals and fertilisers to grow their wines. Today, as environmental views have changed, many wine producers have initiated or promoted the notion of organic viticulture. This involves the use of organic materials and using

The essence of marketing is value creation, where the goal is a long-term satisfaction by building relationships and attracting new customers by offering better value than the competition. Because marketing is based on exchanges where the objective is for all parties in the exchange to feel satisfied and gain some kind of value (Jobber and Ellis-Chadwick, 2013).

Normally wine is started in the fall when the ripe grapes arc harvested. It is not ready to be tasted until at least the following May-the origin of the young, and often very harsh, ‘May Wine.’ This time sequence coincides with the typical school year and thus provides an ideal opportunity to have a continuing demonstration. As the year passes and the course progresses, continued reference can be made to the various stages of the wine production….

In this documentary, PBS uncovers the evolution of marketing. Marketing has moved from targeting large groups, to targeting individuals and smaller segments. With so many messages being transmitted through the media, the line between what is being absorbed and what is not has become blurred. Getting through the clutter is difficult. Every thing is done to break through the clutter. Therefore, marketers need to market to only those who really want to hear the message, and to get those people that hear that message, to have an emotional response to it.

David J. and John F. 2009, Foundations of marketing, 3rd ed., McGraw-Hill higher Education,5: 120-122

Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the

Experience is the best way to connect with someone. With the fast changing technology, the growing market demands, and the customer varying needs, a company stands out from its competitors is through its customer service. The best approach to marketing is customer service and through this the customer would remember and be loyal to the company.

To be successful in business, "a consumer does not buy a whole of physical components of the product but it is usefulness, function, satisfaction of consumer's needs, solving the problem, etc" (Dubrouski, , p.1). "That is why the product is a whole of tangible and intangible components which means satisfaction of consumer's needs and desires, solving the problem"(Dubrouski, p.1). Companies and managers must learn to utilize marketing research, as well as, strategy skills to fulfill customers' satisfaction. Management has to focus on exclusive marketing challenges presented by the new era of the 21st century. Management has to be able to utilize inventive, dominant, and cost effective marketing techniques that will support the future success of the organization. Companies must meet,"the increasing importance of services as part of a product (offer, offering package) which cannot be neglected" (Dubrouski, p.1). Exploring the purpose of market research, as well as, evaluating the importance of such research, facilitates managers in realizing the importance of marketing to an organization's success and to be globally competitive.

For an organization to beat the competition, they need to understand what the consumer wants. Marketing concepts are based upon consideration on what the organization’s customers need and nourishing these needs better than the

In 1999 B. Joseph Pine II and James H. Gilmore published “The Experience Economy”, introducing the new term and its ideas. Until recently, this term was mostly used in the administration context, but now it has become a more important issue in business growth and development. This economy is described as something that is intangible - something more like a memory that the client appreciates indefinitely. It is an experience that incorporates the greater part of the five senses, and it cannot be experienced anywhere else (Pine & Gilmore 1999).

The Hospitality Industry is an industry that relies greatly on the Experience Economy. Today, receiving the product is no longer satisfactory to customers, and they need more than just the product, and that is where the Experience Economy comes into play. In this paper, the Experience Economy will be discussed and described. The discussion includes facts such as the introduction of the Experience Economy by Pine and Gilmore. In addition, an analysis on the impact that the Experience Economy has had on the Hospitality Industry will addressed, incorporating key concepts such as modern management, soft skills, and emotional experience.

The three most powerful marketing concepts are customer focus, marketing imagination, and market segmentation. Each of the three concepts when used alone establishes an intimate customer following (further described individually below); as they are aimed at satisfying a customer’s needs rather than persuading a customer that they need a certain product or service (“product”). When used in conjunction with one another, these concepts cultivate a relationship with customers that will lead to repeat business, word-of-mouth advertising, and brand loyalty; thus

5. How can we deliver the value of the new product to meet our customer expectation