The experience economy perspective proposes to change the way products Essay

The experience economy perspective proposes to change the way products are, designed, promoted, and consumed. What are the marketing consequences of adopting this approach - Essay Example ys 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 leads 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 which 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 the economic growth and the personal choice in the current economy (Buchanan & Huczynski, 2004). In the earlier days, the economy would be able to meet us to 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 the 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 w hich 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