Chapter Seven
THE MARKET AS A FORUM
IN THE NEW co-creation paradigm, the individual consumer is at the heart of co-creation. While firms can create experience environments and build the supporting experience network for a large number of consumers to co-construct their own experiences, firms cannot autonomously create value to be exchanged. What does this mean for the concept of a market?
The Concept of a Market
The word market conjures up two distinct images. On the one hand, it is the locus of exchange where a firm trades goods and services to the consumer for money. On the other hand, the market is an aggregation of consumers. Both of these images of the market are challenged by the concept of co-creation of value.
The Traditional Concept ...
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