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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Chan, I., Fellows, R., & Liu, A. (2014) · International Journal of Architecture Engineering and Construction · doi:10.7492/ijaec.2014.010 · Cited by 14
“From DART model (Prahalad and Ramaswamy 2004b), the value co-creation process in construction can be articulated following the service-dominant logic: “Whereas goods-dominant logic sees services as (somewhat inferior to goods) units of output, servicedominant logic sees service as a process - doing…”
BackgroundMethodInfluential
Multi-Agent Reinforcement Learning for Value Co-Creation of Collaborative Transportation Management (CTM)
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“There are four elements of action in DART models (Figure 1) such as comprise of several activities; dialogue, access, risk assessment and transparency (Prahalad & Ramaswamy, 2004a; Mazur & Zaborek, 2014; Donato et al., 2017).”
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Seeking a Sustainable Competitive Advantage in Periods of Economic Recession for SMEs and Entrepreneurs: The Role of Value Co-creation and Customer Trust in the Service Provider
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Value co-creation and new product development success: the moderating effect of structural empowerment
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Short-term rentals’ supply-side structure and the struggle for rent appropriation: Insights from Andalusia, Spain
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“Early accounts of phenomena focused on the collaborative and democratising qualities of digital platforms (Oram, 2001; Prahalad and Ramaswamy, 2004; Ritzer and Jurgenson, 2010).”
Background
In search of a reciprocal relationship in dessert cafés: linking customer perceived innovativeness to value co-creation behavior
Ling, E. S. W., Chua, B., & Han, H. (2023) · Humanities and Social Sciences Communications · doi:10.1057/s41599-023-02353-y · Cited by 13

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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