TY  - JOUR
AB  - The traditional system of company‐centric value creation (that has served us so well over the past 100 years) is becoming obsolete. Leaders now need a new frame of reference for value creation. In the emergent economy, competition will center on personalized co‐creation experiences, resulting in value that is truly unique to each individual. The authors see a new frontier in value creation emerging, replete with fresh opportunities. In this new frontier the role of the consumer has changed from isolated to connected, from unaware to informed, from passive to active. As a result, companies can no longer act autonomously, designing products, developing production processes, crafting marketing messages, and controlling sales channels with little or no interference from consumers. Armed with new tools and dissatisfied with available choices, consumers want to interact with firms and thereby co‐create value. The use of interaction as a basis for co‐creation is at the crux of our emerging reality. The co‐creation experience of the consumer becomes the very basis of value. The authors offer a DART model for managing co‐creation of value processes.
VL  - 32
IS  - 3
SN  - 1087-8572
DO  - 10.1108/10878570410699249
UR  - https://doi.org/10.1108/10878570410699249
AU  - Prahalad C.K.
AU  - Ramaswamy Venkat
PY  - 2004
Y1  - 2004/01/01
TI  - Co‐creating unique value with customers
T2  - Strategy & Leadership
PB  - Emerald Group Publishing Limited
SP  - 4
EP  - 9
Y2  - 2024/04/23
ER  -