Co-Creation Experiences

Co-Creation Experiences

All three of the articles for the forth module deal with co-creation and the strategies for developing it in the market place. They all talk about the importance of consumer relationship experiences and how consumers are the key aspect in the co-creation of value process. They also discuss how the market is shifting to create a co-creation of value between consumers and firms.

The article that I would like to discuss in detail is titled: “Co-Creation Experiences: The Next Step In Value Creation.” This article discusses the co-creation concept and how it is the next step of the traditional value creation process. It talks about the concept of a market and how firms and consumers relationships are changing and transforming to create a co-creation of value. The value creation process is company-centric and is based off of the traditional concept of the market. It does not include value exchange and extraction, which are two primary functions that are performed by the market. Therefore, by going through these changes and adding the primary functions into the value creation, companies are allowing consumers to get more involved and creating the co-creation of value in the market. The article talks about how the focus of co-creation is consumer-company interaction and includes two points: Interaction is the locus of co-creation of value and economic value extraction by the consumer and the firm, and co-creation experiences are the basis of value. The firms that are allowing consumers to be more interactive and informed about their companies are allowing consumers to help increase the co-creation value of their firm. Co-creation of value is a huge shift in the market place and is allowing the market to be a forum for conversation between consumers and firms. There are four interaction building blocks for co-creation which are used as a guideline for firms to develop a system for co-creation of value, these steps include: Dialogue, access,...