Co-creation experiences: The next practice in value creation
01 Jun 2004-Journal of Interactive Marketing (Wiley Subscription Services, Inc., A Wiley Company)-Vol. 18, Iss: 3, pp 5-14
TL;DR: The meaning of value and the process of value creation are rapidly shifting from a product-and firm-centric view to personalized consumer experiences as discussed by the authors, and consumers are increasingly co-creating value with the firm.
About: This article is published in Journal of Interactive Marketing.The article was published on 2004-06-01 and is currently open access. It has received 5141 citations till now. The article focuses on the topics: Business value & Consumer-to-business.
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TL;DR: The continuing convergence of the digital marketing and sales funnels has created a strategic continuum from digital lead generation to digital sales, which identifies the current composition of this digital continuum while providing opportunities to evaluate sales and marketing digital strategies.
Abstract: MKT 6009 Marketing Internship (0 semester credit hours) Student gains experience and improves skills through appropriate developmental work assignments in a real business environment. Student must identify and submit specific business learning objectives at the beginning of the semester. The student must demonstrate exposure to the managerial perspective via involvement or observation. At semester end, student prepares an oral or poster presentation, or a written paper reflecting on the work experience. Student performance is evaluated by the work supervisor. Pass/Fail only. Prerequisites: (MAS 6102 or MBA major) and department consent required. (0-0) S MKT 6244 Digital Marketing Strategy (2 semester credit hours) Executive Education Course. The course explores three distinct areas within marketing and sales namely, digital marketing, traditional sales prospecting, and executive sales organization and strategy. The continuing convergence of the digital marketing and sales funnels has created a strategic continuum from digital lead generation to digital sales. The course identifies the current composition of this digital continuum while providing opportunities to evaluate sales and marketing digital strategies. Prerequisites: MKT 6301 and instructor consent required. (2-0) Y MKT 6301 (SYSM 6318) Marketing Management (3 semester credit hours) Overview of marketing management methods, principles and concepts including product, pricing, promotion and distribution decisions as well as segmentation, targeting and positioning. (3-0) S MKT 6309 Marketing Data Analysis and Research (3 semester credit hours) Methods employed in market research and data analysis to understand consumer behavior, customer journeys, and markets so as to enable better decision-making. Topics include understanding different sources of data, survey design, experiments, and sampling plans. The course will cover the techniques used for market sizing estimation and forecasting. In addition, the course will cover the foundational concepts and techniques used in data visualization and \"story-telling\" for clients and management. Corequisites: MKT 6301 and OPRE 6301. (3-0) Y MKT 6310 Consumer Behavior (3 semester credit hours) An exposition of the theoretical perspectives of consumer behavior along with practical marketing implication. Study of psychological, sociological and behavioral findings and frameworks with reference to consumer decision-making. Topics will include the consumer decision-making model, individual determinants of consumer behavior and environmental influences on consumer behavior and their impact on marketing. Prerequisite: MKT 6301. (3-0) Y MKT 6321 Interactive and Digital Marketing (3 semester credit hours) Introduction to the theory and practice of interactive and digital marketing. Topics covered include: online-market research, consumer behavior, conversion metrics, and segmentation considerations; ecommerce, search and display advertising, audiences, search engine marketing, email, mobile, video, social networks, and the Internet of Things. (3-0) T MKT 6322 Internet Business Models (3 semester credit hours) Topics to be covered are: consumer behavior on the Internet, advertising on the Internet, competitive strategies, market research using the Internet, brand management, managing distribution and supply chains, pricing strategies, electronic payment systems, and developing virtual organizations. Further, students learn auction theory, web content design, and clickstream analysis. Prerequisite: MKT 6301. (3-0) Y MKT 6323 Database Marketing (3 semester credit hours) Techniques to analyze, interpret, and utilize marketing databases of customers to identify a firm's best customers, understanding their needs, and targeting communications and promotions to retain such customers. Topics
5,537 citations
TL;DR: The evolution in design research from a user-centred approach to co-designing is changing the roles of the designer, the researcher and the person formerly known as the "user" as discussed by the authors.
Abstract: Designers have been moving increasingly closer to the future users of what they design and the next new thing in the changing landscape of design research has become co-designing with your users. But co-designing is actually not new at all, having taken distinctly different paths in the US and in Europe. The evolution in design research from a user-centred approach to co-designing is changing the roles of the designer, the researcher and the person formerly known as the ‘user’. The implications of this shift for the education of designers and researchers are enormous. The evolution in design research from a user-centred approach to co-designing is changing the landscape of design practice as well, creating new domains of collective creativity. It is hoped that this evolution will support a transformation toward more sustainable ways of living in the future.
3,692 citations
Cites background from "Co-creation experiences: The next p..."
...(Prahalad and Ramaswamy 2004) Frank Piller also writes extensively about the co-creation of value between companies and customers....
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...” (Prahalad and Ramaswamy, 2004)....
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TL;DR: In this paper, the authors explore the nature of value co-creation in the context of service-dominant (S-D) logic and develop a conceptual framework for understanding and managing value cocreation.
Abstract: Central to service-dominant (S-D) logic is the proposition that the customer becomes a co-creator of value. This emphasizes the development of customer–supplier relationships through interaction and dialog. However, research to date suggests relatively little is known about how customers engage in the co-creation of value. In this article, the authors: explore the nature of value co-creation in the context of S-D logic; develop a conceptual framework for understanding and managing value co-creation; and utilize field-based research to illustrate practical application of the framework. This process-based framework provides a structure for customer involvement that takes account of key foundational propositions of S-D logic and places the customer explicitly at the same level of importance as the company as co-creators of value. Synthesis of diverse concepts from research on services, customer value and relationship marketing into a new process-based framework for co-creation provide new insights into managing the process of value co-creation.
3,114 citations
TL;DR: The authors explored the theoretical foundations of customer engagement by drawing on relationship marketing theory and the service-dominant (S-D) logic, and developed a general definition of CE, and distinguish the concept from other relational concepts, including participation and involvement.
Abstract: In today’s highly dynamic and interactive business environment, the role of “customer engagement” (CE) in cocreating customer experience and value is receiving increasing attention from business practitioners and academics alike. Despite this interest, systematic scholarly inquiry into the concept and its conceptual distinctiveness from other, associated relational concepts has been limited to date. This article explores the theoretical foundations of CE by drawing on relationship marketing theory and the service-dominant (S-D) logic. The analysis also examines the use of the term “engagement” in the social science, management, and marketing academic literatures, as well as in specific business practice applications. Five fundamental propositions (FPs) derived from this analysis are used to develop a general definition of CE, and distinguish the concept from other relational concepts, including “participation” and “involvement.” The five propositions are used in the development of a framework for future r...
2,390 citations
TL;DR: In this paper, the authors explore the nature and scope of consumer engagement in an online brand community environment and reveal that consumers exhibit enhanced consumer loyalty, satisfaction, empowerment, connection, emotional bonding, trust and commitment.
2,340 citations
References
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TL;DR: Porter as mentioned in this paper presents a comprehensive structural framework and analytical techniques to help a firm to analyze its industry and evolution, understand its competitors and its own position, and translate this understanding into a competitive strategy to allow the firm to compete more effectively to strengthen its market position.
Abstract: Michael Porter presents a comprehensive structural framework and analytical techniques to help a firm to analyze its industry and evolution, understand its competitors and its own position, and translate this understanding into a competitive strategy to allow the firm to compete more effectively to strengthen its market position. The introduction reviews a classic approach to strategy formulation, one that comprises a combination of ends and means (policies), factors that limit what a company can accomplish, tests of consistency, and an approach for developing competitive strategy. A competitive strategy articulates a firm's goals, how it will compete, and its policies for achieving those goals. Competitive advantage is defined in terms of cost and differentiation while linking it to profitability. Part I, "General Analytical Techniques," provides a general framework for analyzing the structure of an industry and understanding the underlying forces of competition (and hence profitability). Five competitive forces act on an industry: (1) threat of new entrants, (2) intensity of rivalry among existing firms, (3) threat of substitute products or services, (4) bargaining power of buyers, and (5) bargaining power of suppliers. Looking at industry structure provides a way to consider how value is created and divided among existing and potential industry participants. One competitive force always captures essential issues in the division of value.There are three generic competitive strategies for coping with the five competitive forces: (1) overall cost leadership, (2) differentiation, and (3) focus. There are risks with each strategy. A firm without a strategy is "stuck in the middle." This framework for examining competition transcends particular industry, technology, or management theories. Building on this framework, techniques are presented for industry forecasting, analysis of competitors, predicting their behavior, and building a response profile. Essential for a competitive strategy are techniques for recognizing and accurately reading market signals. Implications of structural analysis for buyer selection and purchasing strategy are presented. Game theory provides concepts for responding to competitive moves. Using the concept of strategic groups, structural analysis can also explain differences in firm performance (profitability), provide a guide for competitive strategy, and predict industry evolution. Part II, "Generic Industry Environments," shows how firms can use the analytical framework to develop a competitive strategy in industry environments, which reflect differences in industry concentration, state of industry maturity, and exposure to international competition. These environments determine a business's competitive strategic context, available alternatives, and common strategic errors. Five generic industry environments are examined: fragmented industries (where level of industrial concentration is low), emerging industries, transition to industry maturity, declining industries, and global industries. In each, the crucial aspects of industry structure, key strategic issues, characteristic strategic alternatives (including divestment), and strategic pitfalls are identified. Part III, "Strategic Decisions," draws on the analytical framework to examine important types of strategic decisions confronting firms that compete in a single industry: vertical integration, major capacity expansion, and new business entry. Additional use of economic theory and administrative consideration of management and motivation helps a company to make key decisions, and gives insight into how competitors, customers, suppliers, and potential entrants might make them. Appendix A discusses use of techniques for portfolio analysis applied to competitor analysis. Appendix B provides approaches to conducting an industry study, including sources of field and published dat
12,533 citations
Journal Article•
TL;DR: The continuing convergence of the digital marketing and sales funnels has created a strategic continuum from digital lead generation to digital sales, which identifies the current composition of this digital continuum while providing opportunities to evaluate sales and marketing digital strategies.
Abstract: MKT 6009 Marketing Internship (0 semester credit hours) Student gains experience and improves skills through appropriate developmental work assignments in a real business environment. Student must identify and submit specific business learning objectives at the beginning of the semester. The student must demonstrate exposure to the managerial perspective via involvement or observation. At semester end, student prepares an oral or poster presentation, or a written paper reflecting on the work experience. Student performance is evaluated by the work supervisor. Pass/Fail only. Prerequisites: (MAS 6102 or MBA major) and department consent required. (0-0) S MKT 6244 Digital Marketing Strategy (2 semester credit hours) Executive Education Course. The course explores three distinct areas within marketing and sales namely, digital marketing, traditional sales prospecting, and executive sales organization and strategy. The continuing convergence of the digital marketing and sales funnels has created a strategic continuum from digital lead generation to digital sales. The course identifies the current composition of this digital continuum while providing opportunities to evaluate sales and marketing digital strategies. Prerequisites: MKT 6301 and instructor consent required. (2-0) Y MKT 6301 (SYSM 6318) Marketing Management (3 semester credit hours) Overview of marketing management methods, principles and concepts including product, pricing, promotion and distribution decisions as well as segmentation, targeting and positioning. (3-0) S MKT 6309 Marketing Data Analysis and Research (3 semester credit hours) Methods employed in market research and data analysis to understand consumer behavior, customer journeys, and markets so as to enable better decision-making. Topics include understanding different sources of data, survey design, experiments, and sampling plans. The course will cover the techniques used for market sizing estimation and forecasting. In addition, the course will cover the foundational concepts and techniques used in data visualization and \"story-telling\" for clients and management. Corequisites: MKT 6301 and OPRE 6301. (3-0) Y MKT 6310 Consumer Behavior (3 semester credit hours) An exposition of the theoretical perspectives of consumer behavior along with practical marketing implication. Study of psychological, sociological and behavioral findings and frameworks with reference to consumer decision-making. Topics will include the consumer decision-making model, individual determinants of consumer behavior and environmental influences on consumer behavior and their impact on marketing. Prerequisite: MKT 6301. (3-0) Y MKT 6321 Interactive and Digital Marketing (3 semester credit hours) Introduction to the theory and practice of interactive and digital marketing. Topics covered include: online-market research, consumer behavior, conversion metrics, and segmentation considerations; ecommerce, search and display advertising, audiences, search engine marketing, email, mobile, video, social networks, and the Internet of Things. (3-0) T MKT 6322 Internet Business Models (3 semester credit hours) Topics to be covered are: consumer behavior on the Internet, advertising on the Internet, competitive strategies, market research using the Internet, brand management, managing distribution and supply chains, pricing strategies, electronic payment systems, and developing virtual organizations. Further, students learn auction theory, web content design, and clickstream analysis. Prerequisite: MKT 6301. (3-0) Y MKT 6323 Database Marketing (3 semester credit hours) Techniques to analyze, interpret, and utilize marketing databases of customers to identify a firm's best customers, understanding their needs, and targeting communications and promotions to retain such customers. Topics
5,537 citations
"Co-creation experiences: The next p..." refers background in this paper
...In this perspective, the market, viewed either as a locus of exchange or as an aggregation of consumers, was separate from the value creation process (Kotler, 2002)....
[...]
Book•
01 Jan 1999
TL;DR: Pine and Gilmore as discussed by the authors argue that the future economic growth lies in the value of experiences and transformations, and that good and services are no longer enough to transform what they produce.
Abstract: Future economic growth lies in the value of experiences and transformations--good and services are no longer enough. We are on the threshold, say authors Pine and Gilmore, of the Experience Economy, a new economic era in which all businesses must orchestrate memorable events for their customers. The Experience Economy offers a creative, highly original, and yet eminently practical strategy for companies to script and stage the experiences that will transform the value of what they produce. From America Online to Walt Disney, the authors draw from a rich and varied mix of examples that showcase businesses in the midst of creating personal experiences for both consumers and businesses. The authors urge managers to look beyond traditional pricing factors like time and cost, and consider charging for the value of the transformation that an experience offers. Goods and services, say Pine and Gilmore, are no longer enough. Experiences and transformations are the basis for future economic growth, and The Experience Economy is the script from which managers can begin to direct their own transformations.
3,197 citations
"Co-creation experiences: The next p..." refers background in this paper
...Firms such as Disney and Ritz Carlton have found interesting ways to stage an experience for consumers (Pine & Gilmore, 1999)....
[...]
Book•
18 Feb 2004
TL;DR: The Convergence of Company and Consumer 1. Co-creation 2. Preconditions for co-creation 3. Experience Innovation 4. Personalized Experiences 5. Experience Network The Market as a Forum for Experiences Part Two: Co-Creating the Future 7. The Competitive Space 8. Manager as Consumer 10. Rapid Knowledge Creation 11. Strategy as Discovery 12. Building New Capabilities The Emerging Reality of Governance as discussed by the authors
Abstract: Introduction Part One: Convergence of Company and Consumer 1. Co-creation 2. Pre-conditions for Co-creation 3. Experiences in Co-creation 4. Experience Innovation 5. Personalized Experiences 6. Experience Network The Market as a Forum for Experiences Part Two: Co-Creating the Future 7. The Competitive Space 8. Creating New Strategic Capital 9. Manager as Consumer 10. Rapid Knowledge Creation 11. Strategy as Discovery 12. Building New Capabilities The Emerging Reality of Governance
1,962 citations
Book•
[...]
01 Sep 2002
TL;DR: The Free Press as discussed by the authors is a rationally argued essay explaining the origins of those influences and factors that make the press less than what it should be honest: fair, and independent.
Abstract: Hilaire Belloc, a great English essayist of the 20th century, takes an uncompromising look at the forces working against the freedom of the press. Targeting financial and political influences, along with the influence of advertising, Belloc exposes the powers and motives responsible for the suppression of news and the manufacturing of opinion. Neither pie-in-the-sky idealism nor an irrational conspiracy theory, The Free Press is a rationally argued essay explaining the origins of those influences and factors that make the press less than what it should be honest: fair, and independent. This is a topical work written almost a century ago. Times have changed, but the situation has gone from bad to worse, and thus this work is even more relevant today. This book will be of interest to anyone, particularly the student of journalism and its history, who is curious about the rise of the major papers and media networks, and about the forces both overt and semi-covert working to shape what is reported and which opinions are sanctioned.
1,853 citations