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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.

Tabla de contenidos provista por Syndetics

• Preface(p. ix)
• Chapter 1 Co-Creation of Value(p. 1)
• Chapter 2 Building Blocks of Co-Creation(p. 19)
• Chapter 3 The Co-Creation Experience(p. 35)
• Chapter 4 Experience Innovation(p. 51)
• Chapter 5 Experience Personalization(p. 75)
• Chapter 6 Experience Networks(p. 93)
• Chapter 7 The Market as a Forum(p. 119)
• Chapter 8 Building New Strategic Capital(p. 137)
• Chapter 9 Manager as Consumer(p. 155)
• Chapter 10 Rapid Knowledge Creation(p. 171)
• Chapter 11 Strategy as Discovery(p. 195)
• Chapter 12 Building New Capabilities for the Future(p. 209)
• Aids to Exploration(p. 239)
• Index(p. 251)
• About the Authors(p. 257)

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Publishers Weekly Review

According to this turgid volume of business metaphysics, dwindling profit margins caused by intensified competition, a glut of commodity production and knowledgeable, web-empowered consumers will usher in "a new industrial system" characterized by "co-creating value through personalized experiences unique to the individual consumer." Under the new regime, headstrong consumers will "seek to exercise their influence in every part of the business system," and companies will accommodate them by, for example, allowing them to design their own individualized cosmetics and houseboats (an innovation whose benefits include "emotional bonding with... the company" and "a greater degree of self-esteem"). Rather than simply selling their products and services, companies will design "experience environments" that comfort the consumer in any contingency, such as General Motors' On-Star satellite communications system, which can summon help after an accident, open the car doors if the driver is locked out and direct motorists to the nearest Italian restaurant. Beneath the avant-garde terminology, the book mostly boils down to a medley of strategies to make business more consumer-friendly, like flexible pricing schemes, electronic gadgets that are easy to use instead of baffling, options and add-ons, meticulous market research and lavish customer service and support. But business professors Ramaswamy and Prahalad, coauthor of Competing for the Future, inflate this rather familiar "customer-is-king" approach to a level of abstraction and mystification-the health-care industry, for instance, is actually "a complex, evolving wellness space"-that is needlessly opaque and portentous. Managers who thought their job was to make or do something that people might want to buy will be scratching their heads over this book. (Feb.) Copyright 2003 Reed Business Information.

CHOICE Review

Prahalad and Ramaswamy explore why companies following traditional methods may not satisfy customers. This well-written book by two noted University of Michigan business school professors shows that the traditional company-centric view of how to create value and be successful does not work well in the modern age of globalization of business. They offer a new approach--a jointly created customer-company interaction--to increase and sustain value. Using company and other examples in each of the 12 chapters, the authors describe this new model, called DART (dialogue, access, risk assessment, and transparency), which may become a paradigm that will enable CEOs and executives to strategically manage their firms. The book's purpose is to guide business leaders in the search for new strategic capital. The authors explore in detail the changing role of the consumer, from isolated to connected and from passive to active. The models presented in this volume are valuable tools for a wide variety of firms. This future-oriented work will be of great benefit to CEOs and top executives. Additionally, business researchers and professors as well as advanced business students should find its ideas refreshing and enlightening. ^BSumming Up: Highly recommended. Upper-division undergraduate through professional collections. J. W. Leonard Miami University

Notas de autor provistas por Syndetics

Venkat Ramaswamy is the Michael R. and Mary Kay Hallman Fellow of Electronic Business and Professor of Marketing at the University of Michigan Business School.