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The Experience Economy, Updated Edition by James H. Gilmore, B. Joseph Pine II

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OVERSTOCKED! Undersold. Ten, 20, 30, 40 percent discounts. Half off everything! Buy one, get one free. Free financing for a year. Guaranteed lowest prices! Going out of business sale… . In a word: commoditized.

This book offers an escape from the all-too-easy practice of competing on the basis of price. While customers love a sale, businesses perish from relying on low prices as a means of hawking their offerings. That approach worked for years, indeed decades, as economies of scale associated with mass producing goods and services resulted in a corresponding cost savings with every successive price reduction. But in industry after industry, that system of competition no longer sustains growth and profitability. You ...

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