The Future of Competition: Co Creating Unique Value With Customers

Consumers have greater product variety today then ever, yet they are less satisfied. top management has more strategic options, yet they deliver less value. what do these paradoxes suggest about the future of competition? C.K.Prahalad, coauthor of the landmark best seller competing for the future, and Venkat Ramaswamy argue that we are on the cusp of a very different world- one in which the distinct roles  of firm and consumer converge and the sources of value creation change grammatically.
prahalad and Ramaswamy show that the traditional, firm-centric view of value creation is being challenged by active, connected, and informed consumers- coupled with the mingling of Technologies and industries. no longer does value lie in products and services created by firms and delivered to customers. increasingly, says the authors, value is being jointly created by the consumer and the company. in this framework, consumer company interactions and personalised co-creation experiences- enabled by technical and social infrastructure- allow each consumer to co-create unique value with a network of Companies and consumer communities.