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What is economics all about? And, It's Importance
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Dec 31, 2021
1:23 AM

Definition of Experience Economy


The prospect of experience economy is mainly defined as the economy in which several goods or even the services are being sold by the focus on the effect it could have on the lives of the people. Experiences are their respective category like the goods as well as the services. The commercial experiences are gaining plentiful in their respective right as the product offering as well as in the conjunction with the services as well as the products as the means for providing the added value to the consumers.


Significant time back, the researchers introduced the new method of thinking regarding connecting with the customers as well as then securing the loyalty of the customers. Due to the existence of the experience economy, billions of the customers are in placed in the control like never before.


Moreover, major businesses are missing the main mark. For closing the gap as well as succeed in any of the experience economy, the businesses are required to redefine the entire methods by which the customers are being understood by them, with not just the personas but as the people for forming the improved relationships as well as developing the closed bonds of the trust.


Importance of Experience Economy


The term experience economy could be denoted as the phrase that helps in describing the shift in the method by which the consumers interacts with the businesses as well as encapsulates this particular shift is forcing the companies for innovating the service and the product offerings for accommodating the various set of the customer expectations. Visit: Economics Homework Help


In the overpopulated world, that is stuffed with the ever increasing stockpile of the products, the offline experiences have become the key for the personal fulfillment. While the earlier people are choosing to spend their money on the desirable experience over significantly something material, the trend primarily extends beyond the young people for each of the age bracket as well as the socioeconomic classes.


Finally, the shit to the experience economy possesses the power of not solely to alter the process by which the money and time is being spent, but it also helps with the promotion of the inclusion as well as democratize happiness.


Experience economy in tourism


In the experience economy, which is unique from service economy, the industry revenue mainly increases according to extent to which the consumers enjoys the experience. The tourism as well as the hospitality industry has presently emerged as one of the crucial drivers of the growth between the services sector of the country.


The tourism in any country has the significant potential considering rich cultural as well as the historical heritage, the variety in the ecology, the terrains as well as the places of the natural beauty spread across the country. The tourism industry is considered to be the largest employment generator beside the significant source of the foreign exchanges in any country.


The commercial experiences are gaining plentiful in their respective right as the product offering as well as in the conjunction with the services as well as the products as the means for providing the added value to the consumers. The experience economy in the tourism sector is mainly based on the experiences gained by the customers who are on tours.


Advantages & Disadvantages of Systematic Sampling


Systematic sampling could be considered to be the simpler as well as increasingly straightforward than the random sampling. It could also be increasingly conducive for covering the vast area of study. On other hand, the systematic sampling introduces the specific arbitrary parameters within the data.


This could lead to the under or even over representation of the specific patterns. The systematic sampling is significantly popular with the researchers due to the simplicity. The researchers commonly make the assumption that the results are completely representative of the majority of the normal populations.


The main advantages of the systematic sampling are the ease of execution as well as understanding, control along with the sense of the process, elimination of the clustered selection, and the decreased risk factor. The most beneficial strength of the systematic sampling is the low factor.


Examples of experience economy


The experience economy could be considered as the idea that the services as well as the products could by the creation of the experience that is being valued by the customers.


Usability: The mobile device that is significantly pleasing as well as productive to use needs the higher price and it enjoys the increased sales volumes than any competition have the similar technical specifications but are lower usable.


Customer service: A restaurant with the friendly as well as the diligent staff helps in developing the loyal customers base as well as thrives on the slow nights when the competitors struggles.


Luxury: Any hotel that possesses the character as well as the superior services might achieve the increased rating and the occupancy rates in spite of the high prices.


Status: Any brand that the customers views as the status symbol like the symbol of the wealth or even the membership in the group.


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Source: https://igbochat.com/read-blog/585_what-is-economics-all-about-and-why-is-it-important.html

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