Co-creation experiences: The next practice in value creation. Prahalad, C., K. & Ramaswamy, V. 2004. abstract bibtex The word “market” conjures up two distinct images. On one hand, it represents an aggregation of con- sumers. On the other hand, it is the locus of exchange where a firm trades goods and services with the con- sumer. Implicit in this view is a critical assumption that firms can act autonomously in designing products, developing production processes, crafting marketing messages, and controlling sales channels with little or no interference from or interaction with consumers.1 Consumers get involved only at the point of exchange. Firms aggregate consumers into “meaningful seg- ments” for ease of exchange. Both of these images of the market are being challenged by the emergence of connected, informed, empowered, and active con- sumers. Consumers now seek to exercise their influ- ence in every part of the business system. Armed with new tools and dissatisfied with available choices, con- sumers want to interact with firms and thereby “co-create” value (Prahalad&Ramaswamy, 2004). The changing nature of the consumer-company interaction as the locus of co-creation (and co-extraction) of value redefines the meaning of value and the process of value creation. In this article, we discuss how the concept of a market is undergoing change and transforming the nature of the relationship between the consumer and the firm.
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abstract = {The word “market” conjures up two distinct images. On one hand, it represents an aggregation of con- sumers. On the other hand, it is the locus of exchange where a firm trades goods and services with the con- sumer. Implicit in this view is a critical assumption that firms can act autonomously in designing products, developing production processes, crafting marketing messages, and controlling sales channels with little or no interference from or interaction with consumers.1 Consumers get involved only at the point of exchange. Firms aggregate consumers into “meaningful seg- ments” for ease of exchange. Both of these images of the market are being challenged by the emergence of connected, informed, empowered, and active con- sumers. Consumers now seek to exercise their influ- ence in every part of the business system. Armed with new tools and dissatisfied with available choices, con- sumers want to interact with firms and thereby “co-create” value (Prahalad&Ramaswamy, 2004). The changing nature of the consumer-company interaction as the locus of co-creation (and co-extraction) of value redefines the meaning of value and the process of value creation. In this article, we discuss how the concept of a market is undergoing change and transforming the nature of the relationship between the consumer and the firm.},
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author = {Prahalad, C. K. and Ramaswamy, Venkat}
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