- Hardcover: 272 pages
- Publisher: Harvard Business Press; 1 edition (Feb 1 2004)
- Language: English
- ISBN-10: 1578519535
- ISBN-13: 978-1578519538
- Product Dimensions: 22.9 x 15.2 x 3 cm
- Shipping Weight: 318 g
- Average Customer Review: 3.9 out of 5 stars See all reviews (8 customer reviews)
- Amazon Bestsellers Rank: #390,731 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Product Details |
Product Description
From Publishers Weekly
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.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Book Description
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. C. K. Prahalad is the Harvey C. Fruehauf Professor of Business Administration at the University of Michigan Business School and co-author of the landmark best seller, Competing for the Future. His research, for over twenty years, has consistently focused on "next" practices. 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. His research focuses on new frontiers in co-creating value.
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. C. K. Prahalad is the Harvey C. Fruehauf Professor of Business Administration at the University of Michigan Business School and co-author of the landmark best seller, Competing for the Future. His research, for over twenty years, has consistently focused on "next" practices. 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. His research focuses on new frontiers in co-creating value.
Inside This Book
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First Sentence
A PROFOUND, BUT SILENT, transformation of our society is afoot. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
A PROFOUND, BUT SILENT, transformation of our society is afoot. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most helpful customer reviews
5.0 out of 5 stars
must read for 21st century human,
By A Customer
This review is from: The Future of Competition: Co-Creating Unique Value With Customers (Hardcover)
Alvin Toffler has indicated customization is future trend. He is(was) right. The future of competition shows what, why, and how ( sometimes, who) about the future of product and service. What a corporation must do in order to integrate cusomter's experience into their production process and how to organize the company in order to do it. A must read book for 21st century human, why? because any interaction is an experience and if you extend the metaphor of product, any interaction is a 'product'. If you have been of good reputation, you will 'sell' well on whaterver you say or do. Because people 'buy' it.
2.0 out of 5 stars
a real disappointment,
By william Bollard (Tronto) - See all my reviews
This review is from: The Future of Competition: Co-Creating Unique Value With Customers (Hardcover)
I was left with the feeling that all of this has been said before in one form or another, Where it was ' new' there are other who have already explored the space ( eg The Suport Economy by Shoshana Zuboff) There are two many big words hidding little concepts. The case studies are simplistic and look to the past rather than casting light on the future. This will be another 'fad" and like all fads find its place in the dustbins of business books
5.0 out of 5 stars
A transforming and revolutionary wealth of insights,
By Midwest Book Review (Oregon, WI USA) - See all my reviews
This review is from: The Future of Competition: Co-Creating Unique Value With Customers (Hardcover)
Co-written by C. K. Prahalad (Harvey C. Fruehauf Professor of Business Administration, University of Michigan Business School) and Venkat Ramaswamy (Michael R. and Mary Kay Hallman Fellow of Electronic Business and Professor of Marketing, University of Michigan Business School), The Future Of Competition: Co-Creating Unique Value With Customers offers readers a stimulating look at a fascinating shift away from the firm-centric view of value creation, toward the possibilities opened by new technologies that allow consumers themselves to interact with and directly add value to their chosen product. Drawing upon real-life examples, and focusing on the key foundations of co-creation - dialogue, access, risk assessment, and transparency, The Future Of Competition offers a transforming and revolutionary wealth of insights into commercial and marketplace trends of the present and the near future.
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