Experience Economy: Effects on Marketing - Coursework Example

Download file to see previous pages There is always a high pressure that the companies will undergo due to the needed change to improve and stay in sync with the changes in the markets (Brownlie, et.al, 1999). There are also a number of companies that fail to realize the new realities which lead to unwanted and dramatic consequences. The experience economy, in a number of ways, proposes the need for a change in the products in terms of design, promotion, and even consumption. This paper aims at understanding the various changes that companies need to undertake in terms of the marketing of these products. The paper will deal with in brief the various changes that are expected from the companies to change in the product in terms of design, promotion, and also consumption. Following which the marketing consequences will be discussed in detail.
With the growing change of economies and the various technological developments, there has also been a clear change that has been required from the companies as well. The needs of humans change over time and taking the example of Maslow’s Hierarchy of needs, it is clear that there is a strong connection between economic growth and personal choice in the current economy (Buchanan & Huczynski, 2004). In earlier days, the economy would be able to meet the people’s needs and requirements. The basic needs and Maslow’s Hierarchy’s first step of basic needs like food were easily provided and the growth of the industries led to provide the necessary goods to satisfy the other needs like the safety until the social acceptance and also status. However in recent ages, with the use of the World Wide Web and the internet, there have been a few changes in terms of the desire for knowledge, which were earlier satisfied by the information economy which provided for answers to the cognitive needs and also the desire for knowledge. There have been changes in almost every sector of the industry and the World Wide Web is now providing the companies with a strong base for the marketing and also for advertisements. The World Wide Web has led to a number of changes in the industry (Kotler, Armstrong, Wong, and Saunders, 2002). Also with the growing need to have everything compact and easily accessible, there have been a number of changes in the types of products that are sold and also the design along with the promotion, and also consumption plays a very important role in the current time. The introduction of the web to a great extent has disrupted the business as usual for a number of companies and the effects have been seen in the music, film, television, books publishing, software industries, and many more.  ...Download file to see next pages Read More