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The Analyst Magazine:
Experience Economy: Providing Competitive Edge
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Intel Chairman, Andrew Grove, once said, “We need to look at our business as more than simply building and selling personal computers. Our business is the delivery of information and lifelike, interactive experiences.” But delivery of interactive experiences is not merely entertaining customers. It goes beyond that—it is about engaging the customers,
in a personal, memorable way. These days, customers irrespective of their location— be it developed countries or developing countries want a company to help them, to treat them in a personal, caring way that would last in their memory forever. For example, Kaiser Permanente, the largest health maintenance organization in the US found out that it was the awful patient experience, which was the primary barrier for its poor growth and huge costs. After its stagnant sales and first ever quarter loss in December 2002, McDonald’s, known all over the world for its standardized interior decoration in all its food outlets, has allowed its franchisees to be innovative in designing the interiors of restaurants to provide a better customer experience.
In India, theme parks, food courts, movie halls, etc. have become an integral part of malls lately. The new Indian malls
are no longer just shopping areas, they have transformed into a place to avail a wholesome ‘experience’ from shopping to movies to eating. Presently, malls across the country are allocating between 10 and 30% of their total space for entertainment. Bookstores like Crossword and Landmark in India are trying to reverse the traditional concept of booking, buying and reading into a whole new experience. Creating such memorable experiences to fulfill the desires of the customers has become the main objective.

 
 
 
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