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on Marketing |
| By: | Atanu Adhikari (Indian Institute of Management, Kozhikode) |
| Abstract: | Pine and Gilmore (1998) defined experience as a bundle of sensory memorabilia that engages customers’ five senses and delivers a sensory feeling. When a customer buys an experience product, she pays for associating herself with a series of memorable events that an experience provider stages. The main objective of the chapter is to communicate how organizations can develop an independent experience product and offer it in the market. Successful development of experience product requires understanding consumer’s esteem level needs. Consequently, supplier is required to design the product mix considering several aspects of such needs and consumer behavior for the attributes which has emotional component. It further requires engaging the consumers in the process of delivery so that they are associated with the offering. The chapter focuses on the process of developing experience product. The chapter deals with several components of experience product development, the role of experience product in stimulating consumer’s hedonic behavior and multi-sensory component of experience product mix. |
| Keywords: | Experience product, consumers’ sensory feelings, and emotional product. |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:iik:wpaper:327&r=all |
| By: | Akana, Tom (Federal Reserve Bank of Philadelphia) |
| Abstract: | The Consumer Finance Institute hosted a workshop in August 2018 featuring Michael Marx, senior director at Visa, Inc., to discuss recent data from the Visa Payment Panel, highlighting the evolution of consumer payment preferences since the Great Recession and the passage of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. A number of intriguing trends were discussed. Debit card adoption and growth have shown signs of slowing, even as regulatory changes have increased its prevalence recently among younger consumers. Credit card usage continues to grow and has shifted largely to rewards-based products. Payment preferences for younger consumers appear to be influenced by the availability of financial products (driven by social and regulatory influences) as well as the advent of mobile wallets and person-to-person (P2P) technologies. This paper summarizes Marx’s presentation along with additional research. |
| Keywords: | Consumer payments; credit cards; debit cards; P2P; CARD Act |
| JEL: | D14 G28 |
| Date: | 2019–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpdp:19-01&r=all |