From Marketing Mix to Relationship Marketing: Towards a Paradigm Shift in Marketing

Open Innovation: The New Imperative for Creating and Profiting from Technology

THE FUTURE OF COMPETITION: CO-CREATING UNIQUE VALUE WITH CUSTOMERSC.K. Prahalad & Venkat RamaswamyThe authors - C.K. Prahlad and Venkat Ramaswamy, are known for their non-traditional approach and that has made possible to bring out this path breaking book. Unlearning age old management practices and understanding the changes that is sweeping the business world and giving a framework to the still evolving concept of co-creation of value where customer is at the centre stage is indeed a tough task. And authors have accomplished that with aplomb.Our industrial system is generating more goods and services than before but customer satisfaction remains low in spite of having overwhelming choices, profit level of companies is shrinking though many more decision making tools are at its disposal. What is going wrong and how to set this right? Companies are grappling with these issues and trying to fathom these problems. With the emerging technologies, customers are well informed, well connected with their peer groups and very active in their domain. Now customers have started playing dominant role in the value chain through co-creation of experience which enhances the value.The book can be divided into three distinct parts covering twelve chapters, highlighting future of competition and the role to be played by consumers, markets and companies. First six chapters develop the framework of consumers' role in the changing scenario. Early chapters give a brief account of the change that is taking place; how autonomy of companies in creating product value and satisfying consumers, is slowly and surely giving way to consumer-centric approach? How consumer and firm interact and co-create value, and how the cocreation experience becomes the very basis of value? The authors develop the co-creation experience framework in the subsequent chapters very cogently and lucidly. It goes like this, the co-creation experience depends highly on individuals. Each person's uniqueness affects co-creation process as well as co-creation experience. Dialogue, access, risk assessment and transparency (DART) are the building blocks of value co-creation process and companies use this to engage customer effectively as collaborator. In the domain of competition, co-creation experience plays the most important role in decision making. This process further gains momentum in the later chapters of first part as co-creation experience is shaped by dimensions such as choice of channels, options made available, quality of transaction and price-experience relationship. This experience will vary from consumer to consumer due to the different traits of individual. To ensure that the transaction between the consumer and the firm produces positive co-creation experience, the presence of an appropriate environment is imperative, authors develop this concept very carefully. This environments accommodate the heterogeneity of consumer and facilitate a variety of co-creation experience. In the present day world, emerging technology acts as an experience enabler, facilitating innovation in experience environment. With intense competition, sky high consumer expectation; consumer looks for uniqueness which is possible only through personalized co-creation experience. …

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

While many researchers have made contributions to the now extensive literature on service quality, there is much less research on what constitutes delight in service quality and how organizations can delight customers. This article examines the differences between customer satisfaction and customer delight, notably the benefits of delighting rather than merely satisfying customers. It describes how to delight customers, outlines how to implement a successful customer delight program, shows how to measure customer delight, and discusses the potential pitfalls of doing so.

How to delight your customers

The Wealth of Knowledge: Intellectual Capital and the Twenty‐First Century Organization

Purpose – The purpose of this paper is to develop a new enriched approach regarding the prosumer concept and a framework for efficient managerial decision, making use of prosumer innovative potential. Design/methodology/approach – Based on relevant literature sources, this paper takes the prosumer concept one step further from usual interpretations suggesting its innovative potential for companies which adequately address this issue. Depending on their own objectives, the domain limitations and the creativity they are allowing regarding specific activities or campaigns, companies can open up and develop prosumer co-creation strategies. Findings – The authors develop a new prosumer understanding of value co-creation and design prosumer-oriented marketing strategies as a starting point for important decision making and complex marketing campaign creation in an always changing environment. Originality/value – The research contributes to the existing knowledge on prosumerism, being at the same time valuable f...

Prosumer engagement in innovation strategies : The Prosumer Creativity and Focus Model

The Impact of Human Resources and Total Quality Management on the Enterprise

Job Satisfaction Variables: A Grounded Theory Approach

In an extremely competitive global market companies strive for supremacy. The goal is to differentiate from competitors and the key element for success is innovation. But how to innovate in an always changing environment? How to maintain market position with such demanding, price sensitive and informed customers? It seems almost impossible. But nothing is impossible when organizations are making use of their main competitive advantage, their intellectual capital, for transforming passive consumers into prosumers. Prosumers are creative individuals who have a predilection for engaging in activities concerning firms or institutions with which they have a relationship with. They are valuable assets if fully engaged with a company. Therefore, the authors argue that human capital can stay in touch through structural capital with consumers and develop a consumer capital – a relationship with them. If this activity is creative and engaging, a number of consumers can change and become prosumers, providing feedback, creative ideas and information for innovation. Alongside prosumers companies can co-create value which differentiates their offer from competition and establish a relationship of trust and involvement which determines consumer recommendations and influence in the market. The proposed interrelated system can be managed with the scope of transforming consumers into prosumers for innovation purposes.

Transforming Usual Consumers into Prosumers with the Help of Intellectual Capital Collaboration for Innovation

For the last decade, companies have tried to survive in a continuous competitive global marketplace with informed and demanding customers for first-time-right delightful products and services. The ...

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Monica Izvercian

Papers

Prosumer engagement in innovation strategies : The Prosumer Creativity and Focus Model

The Impact of Human Resources and Total Quality Management on the Enterprise

Job Satisfaction Variables: A Grounded Theory Approach

Transforming Usual Consumers into Prosumers with the Help of Intellectual Capital Collaboration for Innovation

The HWWP, a refined IVA-Kano model for designing new delightful products or services