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The Experience Economy can significantly affect pricing strategies. In an Experience Economy, businesses are not just selling products or services, they are selling experiences. This means that pricing strategies need to take into account the value of the experience being provided, not just the cost of the product or service. This can often lead to higher prices, as consumers are willing to pay more for a unique or high-quality experience. For example, a company like Rawlings might charge more for a baseball that is used in a Major League game, because the experience of using that baseball is perceived as being more valuable.
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The Experience Economy isn't just about adding value; it's about transformation. The example of how the Rawlings company transformed baseball is a good way for readers to understand this game-changing concept. For a company that is the exclusive baseball manufacturer to the Major Leagues, the thought of improving upon a seemingly perfect product seems like a waste of time. But Rawlings realized that most of its customers aren't Major League players, they are people who enjoy baseball and a good game of catch.
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By customizing each part of a customer experience, a product or service increases in value. Using key points from theater and stage, the book teaches...
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