Cited by 2,463Service and Product InnovationBusiness Strategies and InnovationInnovation and Knowledge Management

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Co‐creating unique value with customers

Prahalad, C.K., Ramaswamy, Venkat·2004·Strategy & Leadership

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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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“Access Indicators Not many guidelines are offered in the DART conceptual articles on how to define and operationalize Access; and what is offered there could be summarized by the phrase that “Access begins with information and tools” [Prahalad and Ramaswamy, 2004b].”
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“* The creation of a value perspective shifts the focus from value creation by the firms alone to value co-creation (Prahalad & Ramaswamy, 2000, 2004; Vargo & Lusch, 2004, 2008).”
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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
DOI: 10.1108/10878570410699249
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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