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Hospitality in the Experience Economy

Hospitality in the Experience Economy

Aditya Ranjan, Shweta Chandra, Rohan Bhalla, Sumedha Agarwal
Copyright: © 2022 |Pages: 22
ISBN13: 9781799887751|ISBN10: 1799887758|ISBN13 Softcover: 9781799887768|EISBN13: 9781799887775
DOI: 10.4018/978-1-7998-8775-1.ch005
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MLA

Ranjan, Aditya, et al. "Hospitality in the Experience Economy." Planning and Managing the Experience Economy in Tourism, edited by Rui Augusto Costa, et al., IGI Global, 2022, pp. 85-106. https://doi.org/10.4018/978-1-7998-8775-1.ch005

APA

Ranjan, A., Chandra, S., Bhalla, R., & Agarwal, S. (2022). Hospitality in the Experience Economy. In R. Augusto Costa, F. Brandão, Z. Breda, & C. Costa (Eds.), Planning and Managing the Experience Economy in Tourism (pp. 85-106). IGI Global. https://doi.org/10.4018/978-1-7998-8775-1.ch005

Chicago

Ranjan, Aditya, et al. "Hospitality in the Experience Economy." In Planning and Managing the Experience Economy in Tourism, edited by Rui Augusto Costa, et al., 85-106. Hershey, PA: IGI Global, 2022. https://doi.org/10.4018/978-1-7998-8775-1.ch005

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Abstract

Experience economy plays a predominant role in the hospitality industry. Consumer experience has always been of great importance for the hospitality business. As consumer experience evolved, businesses needed and still need to find new ways to differentiate themselves. To remain competitive and stay in the market, hospitality firms are working towards creating outstanding and memorable experiences that exceed guest expectations. In the context of Pine and Gilmore's experience economy conceptual model, the chapter attempts to theorize and explain how hospitality businesses are curating consumer experiential encounters. Digital nomads are the ignition source of driving an experience economy. The chapter further highlights how technology would additionally ease hospitality enterprises to frame excellent strategies focused on supplying the value to the digital consumers and then expecting their customers to generate additional business.

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