Co creation
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CO-CREATION. CO-CREATION . Definition- “Co-creation is an active, creative and social process, based on collaboration between producers and users, that is initiated by the firm to generate value for customers.". Prahalad and Ramaswamy (2000) :-

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CO-CREATION

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Co creation

CO-CREATION


Co creation1

CO-CREATION

Definition-

“Co-creation is an active, creative and social

process, based on collaboration between

producers and users, that is initiated by the

firm to generate value for customers."


Co creation

Prahalad and Ramaswamy (2000) :-

Customers from being a passive audience for a firm’s offerings to becoming active players and co-creators of knowledge and value.


Co creation

  • We see this process in services(e.g. hairstyling) but will increasingly see it for physical products. For example, in coming years, General Motors plans to allow customers to customize an automobile that will be manufactured to their specifications

  • The extent of co-creation marketing depends on how much customer knowledge a company is able to accumulate and use


Co creation

  • Enables and empowers customers to aid in product creation, pricing, distribution and fulfilment and communication.

  • Enhance customer loyalty and reduce the cost of doing business.

  • It means collaborating with and learning from customers by being adaptive to their individual and dynamic needs.


Steps in co creation

Steps in Co-creation

  • Defining clear objectives for the project.

  • Figuring out who are the right customers to involve in the process.

  • Working with the customers to find out what they really want to include in the product or service.

  • Selecting the partners to be included in your network .

  • Overcoming the internal resistance to change.


Limitations

Limitations

  • Markets , companies and people do not change.

  • Collaboration is much harder than competition.

  • To change the mind set of people within the company into the way that the external customer thinks is not easy .


Sunsilk co creation concept

Sunsilk Co-creation concept


Co creation2

Co-creation

50 lakh prize money and

1% on the turnover

NIKE ID-

Nike giving customers online tools to design their own sneakers


Co creation at the strategic level apple

Co-creation at the strategic level-APPLE

  • iPod- Generated a new environment to experience the Music (“Music Access and Listening” Experience Environment)

  • Through iTunes, Apple Has Opened Up the “Music Management and Downloading” Experience Environment

  • Through iMix and the sharing playlists, Apple allows music fans to interact with a community


The concept of co creation

The concept of co-creation


Co creation in marketing

Co-creation in Marketing

  • Dynamics of customer value perceptions

  • The link between customer education and participation

  • Consumer-centric innovation

  • Experience marketing and collective learning in business networks


Co creation in marketing1

Co-creation in marketing

  • Dynamics of customer value perceptions

  • The link between customer education and participation

  • Consumer-centric innovation


The dynamics and measurement of customer value

THE DYNAMICS AND MEASUREMENT OF CUSTOMER VALUE:

  • Customer participation and its impact on customer perceived value

    CUSTOMER EDUCATION AND PARTICIPATION:

    • Managing customer participation through customer education


Conclusion

CONCLUSION

  • Co-creation also enables organisations to listen to people and learn. Having an open door to the consumer allows you to gain greater insight and obtain feedback and views quickly so you can rely less on assumptions.


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