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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“Communication between firms and clients (students) has an important influence in the cocreation process [33, 34] and constitutes one of the four building blocks (dialogue) identified by [35] in the DART model (dialogue, access, risk, and transparency).”
Background
Market resource gaps
Abendroth, L. J., & Pels, J. (2017) · Marketing Theory · doi:10.1177/1470593117702291 · Cited by 18
“While his theory is not entirely inconsistent with current marketing theory, it stops short of treating consumers as active players who jointly produce value with the firm (Humphreys and Grayson, 2008; Payne et al. 2008; Prahalad and Ramaswamy, 2004; Vargo and Lusch 2004).”
BackgroundMethod
Customer participation risk management: conceptual model and managerial assessment tool
Damali, U., Secchi, E., Tax, S. S., & McCutcheon, D. M. (2020) · Journal of service management · doi:10.1108/josm-05-2018-0147 · Cited by 20
Fostering Generative Partnerships in an Inclusive Business Model
Zhu, R., & Sun, S. L. (2020) · Sustainability · doi:10.3390/su12083230 · Cited by 19
Communities of practice at the center of circular water solutions
Fulgenzi, A., Brouwer, S., Baker, K. C., & Frijns, J. (2020) · Wiley Interdisciplinary Reviews Water · doi:10.1002/wat2.1450 · Cited by 23
“For instance, well-informed and active customers are increasingly recognized as a crucial external source of knowledge for innovation processes (Prahalad & Ramaswamy, 2004).”
Background
An attention-based view on managing information processing channels in organizations
Holm, D. B., Drogendijk, R. H., & Haq, H. U. (2020) · Scandinavian Journal of Management · doi:10.1016/j.scaman.2020.101106 · Cited by 22
“…to provide suggestions and have a realization that their voices will be heard, which depends on proper attention (both cognitively and through actual allocation of resources) being given to the customers by the top managers (see Khanagha, Volberda, & Oshri, 2017; Prahalad & Ramaswamy, 2004).”
Background
The relationship between personality, customer participation, customer value and customer satisfaction in tourism service
Wu, C. H., & Mursid, A. (2019) · European Journal of Tourism Research · doi:10.54055/ejtr.v23i.395 · Cited by 19
“This finding contributes to the body of knowledge of customer participation in value co-creation stimulated by Vargo and Lusch (2004) and Prahalad and Ramaswamy (2004), especially in articulating three positive factors among the Big Five personality traits, namely extraversion, agreeableness and…”
Background
How China’s internet commonweal platform improves customer participation willingness? An exploratory study of Ant Forest
Shen, X., Wang, L., Huang, X., & Yang, S. (2021) · Chinese Management Studies · doi:10.1108/cms-03-2020-0106 · Cited by 18
The Effect of Frontline Employee Co-creation on Service Innovation: Comparison of Manufacturing and Service Industries
Hsieh, J. (2016) · Procedia - Social and Behavioral Sciences · doi:10.1016/j.sbspro.2016.05.488 · Cited by 18
Mining social media for open innovation in transportation systems
Ulloa, D., Saleiro, P., Rossetti, R. J. F., & Silva, E. R. (2016) · IEEE International Conference on Intelligent Transportation Systems (ITSC) · doi:10.1109/itsc.2016.7795549 · Cited by 19
“Now, literature about innovation posits that this process lies in an altogether approach to value creation, based on an individual-centered co-creation of value between consumers and companies [1].”
Background
Co-Creation
Ertz, M. (2024) · Encyclopedia · doi:10.3390/encyclopedia4010012 · Cited by 18
Premises, practices and politics of co-creation for urban sustainability transitions
Frantzeskaki, N., Collier, M. J., Hölscher, K., Gaziulusoy, İ., Ossola, A., Albulescu, P., Bonneau, M., Borgström, S. T., Connop, S. P., Dumitru, A., et al. (2025) · Urban Transformations · doi:10.1186/s42854-025-00075-9 · Cited by 19
Promoting customer engagement in service settings through identification
Black, H. G., Jeseo, V., & Vincent, L. H. (2021) · Journal of Services Marketing · doi:10.1108/jsm-06-2020-0219 · Cited by 17
Enhancing brand experience in the online social media network context: a contingency perspective
Marmat, G. (2021) · Qualitative Market Research An International Journal · doi:10.1108/qmr-07-2020-0096 · Cited by 22

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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