The Future of Competition: Co-Creating Unique Value With Customers

by C.K. Prahalad, Venkat Ramaswamy

In this visionary book, C. K. Prahalad and Venkat Ramaswamy explore why, despite unbounded opportunities for innovation, companies still can't satisfy customers and sustain profitable growth. The explanation for this apparent paradox lies in recognizing the structural changes brought about by the convergence of industries and technologies; ubiquitous connectivity and globalization; and, as a consequence, the evolving role of the consumer from passive recipient to active co-creator of value. Managers need a new framework for value creation. Increasingly, individual customers interact with a network of firms and consumer communities to co-create value. No longer can firms autonomously create value. Neither is value embedded in products and services per se. Products are but an artifact around which compelling individual experiences are created. As a result, the focus of innovation will shift from products and services to experience environments that individuals can interact with to co-construct their own experiences. These personalized co-creation experiences are the source of unique value for consumers and companies alike.

In this emerging opportunity space, companies must build new strategic capital—a new theory on how to compete. This book presents a detailed view of the new functional, organizational, infrastructure, and governance capabilities that will be required for competing on experiences and co-creating unique value.

Genres: Business, Management

272 pages, Hardcover

First published February 1, 2004

About the author

was the Paul and Ruth McCracken Distinguished University Professor of Corporate Strategy at the Stephen M. Ross School of Business in the University of Michigan, USA.

Reviews

[Vince · Rating 3 out of 5]

Figuring out how to effectively participate in the experience economy can burn a lot of brain cells. Prahalad and Ramaswamy offer guide-posts, perhaps the definitive set.

Unfortunately, the examples haven't aged all that well across the past 8 years. The text is somewhat opaque. The good news is that the tables and diagrams present powerful summaries of the book's main arguments.

[Lori Grant · Rating 4 out of 5]

A should-read book on competition for knowledge workers who want to be in executive role and entrepreneurs.

[Bùi Ngọc Liên · Rating 4 out of 5]

the theory is really good. but it take a long time

[Sunil Choudhary · Rating 5 out of 5]

What people are doing currently is co creating with their customers.

I was pleasantly surprised that this was explored so early by CK prahalad and Venkat both of them excellent professors and management thinkers.

[Deepak · Rating 5 out of 5]

This is a great book giving lot of insight into business strategy and why we need to be innovative to keep on winning.

[Ioannis Ofakoglou · Rating 5 out of 5]

MY BIBLE!!!!!!!!