Co-Creation of Value – Towards an Expanded Paradigm of Value Creation (2009)
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Written by Venkat Ramaswamy, Professor of Marketing and Hallman Fellow of Electronic Business at the Ross School of Business, University of Michigan, U.S.A for Marketing Review St. Gallen
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Description
Co-creation is the process by which products, services, and experiences are developed jointly by companies and their stakeholders, opening up a whole new world of value. Firms must stop thinking of individuals as mere passive recipients of value, to whom they have traditionally delivered goods, services, and experiences. Instead, firms must seek to engage people as active co-creators of value everywhere in the system.
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