Prepared by –

Kanisha Patel(BA0919) Md. Najmul

Haque(BA0920) Murtuza

Sethji(BA0921) Navneet Jain(BA0922)

Neha Khare(BA0923) Neha Singh(BA0924)

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."

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.

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

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.

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.

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 .

Sunsilk Co-creation concept

Co-creation

50 lakh prize money and 1% on the turnover

NIKE ID-Nike giving customers online tools to design their own sneakers

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

The concept of co-creationWhat Co-creation IS NOT What Co-creation IS

Customer focus

Customer is king or customer is always right

Co-creation is about joint creation of value by the company and the customer. It is not the firm trying to please the customer

Delivering good customer service or pampering the customer with lavish customer service

Allowing the customer to co-construct the service experience to suit their context

What Co-creation IS NOT What Co-creation IS

Mass customization of offerings that suit the industry’s supply chain

Joint problem definition and problem solving

Transfer of activities from the firm to the customer as in self-service

Creating an experience environment in which consumers can have active dialogue and co-construct personalized experiences; product may be the same, but customers can construct different experiences

What Co-creation IS NOT What Co-creation IS

Product variety Experience variety

Meticulous market research Experiencing the business as consumers do in real time

Demand-side innovation for new products and services

Innovating experience environ-ments for new co-creation experiences

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

Co-creation in marketing Dynamics of customer value perceptions

The link between customer education and participation

Consumer-centric innovation

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

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.

THANK YOU

Question?????