5 - Co-Creation

How companies and customers work together on new products and platforms

In The Future of Competition, Prahalad explains how power is shifting from a system where companies determine what customers need and are able to purchase towards networks of consumers who co-create value with producers. Prahalad wrote his book in a time when most executives would admit that the balance of power was shifting, leaving their company in an often uncomfortable, subservient role. But rather than advising a strategy for serving the empowered customer, Prahalad emphasized the need for a co-creation network in which companies and customers would work together as equal partners. He did not advise to do something different with the same infrastructure ...

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