Co‐creating unique value with customers
Abstract
The traditional system of company‐centric value creation (that has served us so well over the past 100 years) is becoming obsolete. Leaders now need a new frame of reference for value creation. In the emergent economy, competition will center on personalized co‐creation experiences, resulting in value that is truly unique to each individual. The authors see a new frontier in value creation emerging, replete with fresh opportunities. In this new frontier the role of the consumer has changed from isolated to connected, from unaware to informed, from passive to active. As a result, companies can no longer act autonomously, designing products, developing production processes, crafting marketing messages, and controlling sales channels with little or no interference from consumers. Armed with new tools and dissatisfied with available choices, consumers want to interact with firms and thereby co‐create value. The use of interaction as a basis for co‐creation is at the crux of our emerging reality. The co‐creation experience of the consumer becomes the very basis of value. The authors offer a DART model for managing co‐creation of value processes.
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Value cocreation is viewed as an appropriate customer-centric mechanism for health care organizations in which value is created with customers rather than for customers.
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“Correspondingly, the communication between the provider and customer has evolved from sporadic, unidirectional and less transparent to frequent, bidirectional and transparent dialogue (Chathoth et al., 2013; Gustafsson et al., 2012; Prahalad and Ramaswamy, 2004a).”
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- Authors
- Prahalad, C. K., & Ramaswamy, V.
- Affiliations
- University of Michigan (US)
- Venue
- Strategy & Leadership
- Publisher
- Emerald
- Published
- 2004-06
- Volume
- 32
- Issue
- 3
- Pages
- 4-9
- ISSN
- 0094-064X (ISSN-L)
- 1087-8572
- OpenAlex
- W2046500054
- Cited by
- 2,463
- References
- 0
- Citations by year
- 2026: 131 · 2025: 166 · 2024: 167 · 2023: 149 · 2022: 165 · 2021: 160 · 2020: 130 · 2019: 167 · 2018: 159 · 2017: 144 · 2016: 153 · 2015: 138 · 2014: 148 · 2013: 139 · 2012: 92
- FWCI
- 38.45
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Strategy and Leadership (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Marketing › Service and Product Innovation
- Social Sciences › Business, Management and Accounting › Strategy and Management › Business Strategies and Innovation
- Social Sciences › Business, Management and Accounting › Strategy and Management › Innovation and Knowledge Management
- Keywords
- value co-creation, customer co-creation, consumer interaction, consumer empowerment, DART model, value creation, emerging economy, customer experience
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