Book Reviews

The Future of Competition, Co-Creating Value with Customers

By: C.K. Prahald and Venkat Ramaswamy

The Future of Competition, Co-Creating Value with Customers

The best way to start this book review is with a quote from the book.

I expect in a moment you will process the premise and begin to feel an itch that needs scratching.

“Companies can no longer act autonomously, designing products, developing production processes, crafting marketing messages, and controlling sales channels with little or no interference from consumers (customers). Consumers (customers) now seek to exercise their influence in every part of the business system. Armed with new tools and dissatisfied with available choices, consumers (customers) want to interact with firms and thereby co-create value. The use of interaction as a basis for co-creation is at the crux of our emerging reality.”

Building collaborative structures that promote quality interaction are at the core strategic differentiation. If you are feeling competitive pressure, price or otherwise, you might consider designing a new structure that features co-creating of value – get sticky.

*Written by Melanie Garza