The Experience Economy implies that product development should not only focus on the product's functionality but also on the experience it provides to the customers. It suggests that companies should understand their customers' needs and preferences beyond the product itself. For instance, in the case of Rawlings, they realized that their customers are not just Major League players but also people who enjoy baseball and a good game of catch. Therefore, they need to consider these experiences in their product development process.
By customizing each part of a customer experience, a product or service increases in value. Using ke...
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