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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 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."

slide3

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.

slide4

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
slide5

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 .
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
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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