TAILIEUCHUNG - CO-CREATION EXPERIENCES: THE NEXT PRACTICE IN VALUE CREATION

The research detailed in this paper is used to question the utility of investigating the consumption of counterfeiting not through the lens of subcultures, ethics or legality, but as a more routine and situated practice. As such it draws upon broad survey data of consumers and non-consumers of counterfeit and pirated goods. It also details a range of consumer and leisure items to address the limitations of previous empirical research based upon smaller or more homogenous consumer samples (., Albers- Miller, 1999) or products (., Ang et al., 2001). The use of a broader sample exploring the frequency, distribution and. | CO-CREATION EXPERIENCES THE NEXT PRACTICE IN VALUE CREATION C. K. PRAHALAD AND VENKAT RAMASWAMY C onsumers today have more choices of products and services than ever before but they seem dissatisfied. Firms invest in greater product variety but are less able to differentiate themselves. Growth and value creation have become the dominant themes for managers. In this paper we explain this paradox. The meaning of value and the process of value creation are rapidly shifting from a product- and firm-centric view to personalized consumer experiences. Informed networked empowered and active consumers are increasingly co-creating value with the interaction between the firm and the consumer is becoming the locus of value creation and value extraction. As value shifts to experiences the market is becoming a forum for conversation and interactions between consumers consumer communities and firms. It is this dialogue access transparency and understanding of riskbenefits that is central to the next practice in value creation. 2004 Wiley Periodicals Inc. and Direct Marketing Educational Foundation Inc. JOURNAL OF INTERACTIVE MARKETING VOLUME 18 NUMBER 3 SUMMER 2004 Published online in Wiley InterScience . DOI C. K. PRAHALAD is the Harvey C. Fruehauf Professor of Business Administration at the University of Michigan Business School in Ann Arbor e-mail cprahalad@ VENKAT RAMASWAMY is the Michael R. and Mary Kay Hallman Fellow of Electronic Business and Professor of Marketing at the University of Michigan Business School e-mail venkatr@ This article is based on Prahalad and Ramaswamy 2004 The Future of Competition Co-creating Unique Value with Customers Harvard Business School Press. 5 INTRODUCTION The word market conjures up two distinct images. On one hand it represents an aggregation of consumers. On the other hand it is the locus of exchange where a firm trades goods and services with the consumer. Implicit in

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