Analysis of Experience Economy in Health Care Industry: Using An Experience-Economy-Based Anti-Aging Medicine Service Business Model as Case Study

The world economy transformed from agrarian economy to the industrial economy, and to most recent, service economy. Experience economy is described to be the next economy that follows, and is projected to be the brand new era in the world’s economy. The “consumer experience” is the biggest differentiation between service economy and experience economy. In service economy, the value of the products and customers are decided upon the provider. Through the transformation in experience economy, the determination of the value of products and services has transform to the hands of customers. The concept of experience economy has been proven over and over again ever since American scholars B. Joseph Pine II and James H. Gilmore published their article in 1999. In the time where customer service is consider the priority in most business, the business model in service economy can no longer satisfy customers’ needs and expectations. This thesis wish to explain why having customers to set their own expectation is the core value in experience economy, and how important it is to have the customers to set their own expectation. To further prove this concept from experience economy, this thesis will be using an experience-economy-based anti-aging medicine service as a case study. To use an existence practice to demonstrate how anti-aging medicine service could benefit and excel from adopting experience economy in their business model.