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The Future Of Competition: Co-Creating Unique Value With Customers

In this visionary book, C. K. Prahalad and Venkat Ramaswamy explore why, despite unbounded opportunities for innovation, companies still can't satisfy customers and sustain profitable growth. The explanation for this apparent paradox lies in recognizing the structural changes brought about by the convergence of industries and technologies; ubiquitous connectivity and globalization; and, as a conse...

Hardcover: 272 pages
Publisher: Harvard Business Review Press (February 18, 2004)
Language: English
ISBN-10: 1578519535
ISBN-13: 978-1578519538
Product Dimensions: 6 x 1.2 x 9.5 inches
Amazon Rank: 1319708
Format: PDF ePub TXT ebook

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“This book stresses that the traditional, firm centered view of value creation, is being tested by the very customers that the firm relies on. There is a wealth of information at our customer's finger tips. Customers no longer have to seek out an expe...”

uence, the evolving role of the consumer from passive recipient to active co-creator of value. Managers need a new framework for value creation. Increasingly, individual customers interact with a network of firms and consumer communities to co-create value. No longer can firms autonomously create value. Neither is value embedded in products and services per se. Products are but an artifact around which compelling individual experiences are created. As a result, the focus of innovation will shift from products and services to experience environments that individuals can interact with to co-construct their own experiences. These personalized co-creation experiences are the source of unique value for consumers and companies alike.In this emerging opportunity space, companies must build new strategic capital—a new theory on how to compete. This book presents a detailed view of the new functional, organizational, infrastructure, and governance capabilities that will be required for competing on experiences and co-creating unique value.