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CO-CREATION

CO-CREATION. Prepared by – Kanisha Patel(BA0919) Md. Najmul Haque(BA0920) Murtuza Sethji(BA0921)

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CO-CREATION

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  1. CO-CREATION Prepared by – Kanisha Patel(BA0919) Md. Najmul Haque(BA0920) Murtuza Sethji(BA0921) Navneet Jain(BA0922) Neha Khare(BA0923) Neha Singh(BA0924)

  2. 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."

  3. 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.

  4. 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

  5. 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.

  6. 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.

  7. 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 .

  8. Sunsilk Co-creation concept

  9. Co-creation 50 lakh prize money and 1% on the turnover NIKE ID- Nike giving customers online tools to design their own sneakers

  10. 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

  11. The concept of co-creation

  12. 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

  13. Co-creation in marketing • Dynamics of customer value perceptions • The link between customer education and participation • Consumer-centric innovation

  14. 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

  15. 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.

  16. THANK YOU

  17. Question?????

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