Value-as-experience is an insight from Austrian economics. Value is not inherent in objects or even in services. Value is not derived from functional use, but is the good feeling the consumer experiences during consumption. Consistent with the Austrian understanding of the market as a process, value is a process. It plays out in time in the consumer’s mind. Consumers learn what is valuable to them in the process of choosing and consuming and evaluating.

These insights add some under-appreciated marketing considerations to a firm’s capabilities, such as an appreciation of situational traits and of the importance of context. Irene Ng provides the E4B podcast audience with a set of contemporary tools to design new experiences and even create new markets in the era of the "Internet of Things" (IoT).

Show notes: https://mises.org/library/irene-ng-designing-new-consumer-experiences-era-iot

"Designing New Consumer Experiences in the Era of IoT" (PDF): https://Mises.org/E4B_124_PDF

"The Internet of Things: Review and Research Directions" by Irene Ng and Susan Wakenshaw" (PDF): https://Mises.org/E4B_124_Paper1

"Service Ecosystems: A Timely Worldview" by Irene Ng (PDF): https://Mises.org/E4B_124_Paper2

"Mimicking Firms: Future of Work and Theory of the Firm in a Digital Age" by Irene Ng (PDF): https://Mises.org/E4B_124_Paper3

Value & Worth: Creating New Markets in the Digital Economy by Irene Ng: https://Mises.org/E4B_124_Book
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https://www.youtube.com/watch?v=j4NoqO18lFU