From a strategic point of view the concepts from The Experience Economy might be crucial for companies in order to obtain the consumers’ loyalty. This thesis seeks to clarify the concept of The Experience Economy by developing a conceptual framework based on the author’s own thoughts on the subject, inspired by theorists working with this field. Selected parts of the framework have been subject to statistical analysis in order to determine whether the framework was applicable to the telecom market or not. The theoretical framework states that an experience is created by the perception of the consumer and builds on the three following elements: Expectations, Situation and Evaluation. Furthermore the consumers need to be co-creators of the experience in order to make the experience memorable. This can be attained if companies are able to infuse the consumers with one or more of the following experience based components: Affective, Cognitive, Physical, Sensory and Social. The social component was subject to a thorough statistical study in order to determine how the social component affected loyalty and the consumer’s perception of Brand Personality. The statistical work showed the emergence of a new consumer type that focuses on hedonism, is highly involved and very knowledgeable, which is opposite to the traditional consumer type. This has significant implications on how companies should segment their customers by consumer type, because of a big difference between aforementioned consumer types in terms of being able to co-create experiences. The insights gained in this thesis concerning the Possibility Matrix and the segmentation on the traditional- and emerging consumer types will provide a knowledge base for working hands-on with customer experiences. However there is more work to be done in terms of identifying what components can trigger the buttons that will make The Experience Economy the path to sustainable loyalty with the consumers.
|Educations||MSc in Economics and Marketing, (Graduate Programme) Final Thesis|
|Number of pages||265|