Awards for Excellence

Citation

Prahalad, C.K. (2005), "Awards for Excellence", Strategy & Leadership, Vol. 33 No. 6. https://doi.org/10.1108/sl.2005.26133faa.003

Awards for Excellence

C.K. PrahaladUniversity of Michigan Business School, Michigan, USA

and

Venkat RamaswamyUniversity of Michigan Business School, Michigan, USA

are the recipients of the journal's Outstanding Paper Award for Excellence for their paper

"Co-creating unique value with customers"which appeared in Strategy & Leadership, Vol. 32 No. 3, 2004

AbstractThe 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.