WHAT IS THE MEANING OF THE EXPERIENCE FOR VALUE? – EXPERIENCE CO-CREATION AS ITS DETERMINANT

Abstract

At the end of the 20th century, the idea of experience management became inextricably associated with value as a core element of marketing. Moreover, the activity of a few evolved into the collaboration of many. Since value is co-constructed by different actors, one cannot neglect their subjective experiences. Therefore, this article aims to show the importance of the co-creation of experiences in the context of value, while providing insight into experiential marketing, focusing on its connection with value. The paper is organized as follows: first, it presents a brief explanation of the concepts of experience as such and value co-creation; this is followed by a brief historical outline of the evolution of the service into the experience. Then, it lists six arguments for experiential marketing as a determinant of value, selected based on a literature review and examined for their significance. Finally, it presents some important implications for management.