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Cited by 6,487

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

Co-creation experiences: The next practice in value creation

Open access
Prahalad, C.K., Ramaswamy, Venkat·2004·Journal of Interactive Marketing
DOI 10.1002/dir.20015
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Abstract

Consumers today have more choices of products and services than ever before, but they seem dissatisfied. Firms invest in greater product variety but are less able to differentiate themselves. Growth and value creation have become the dominant themes for managers. In this paper, we explain this paradox. The meaning of value and the process of value creation are rapidly shifting from a product- and firm-centric view to personalized consumer experiences. Informed, networked, empowered, and active consumers are increasingly co-creating value with the firm. The interaction between the firm and the consumer is becoming the locus of value creation and value extraction. As value shifts to experiences, the market is becoming a forum for conversation and interactions between consumers, consumer communities, and firms. It is this dialogue, access, transparency, and understanding of risk-benefits that is central to the next practice in value creation.

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Metadata

Authors
Prahalad, C. K., & Ramaswamy, V.
Venue
Journal of Interactive Marketing
Publisher
SAGE Publications
Published
2004-08
Volume
18
Issue
3
Pages
5-14
ISSN
  • 1094-9968 (ISSN-L)
  • 1520-6653
DOI
10.1002/dir.20015
OpenAlex
W2093505263
Cited by
6,487
References
2
FWCI
47.71
Type
journal article
Language
en
Open access
green

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.