Marketing Seminar: Assistant Professor Kumar Rakesh Ranjan
The Process of Value Co-Creation
Enriched by the adoption of interactive technologies, the scope and diversity of empirical value co-creation activities has intensified in recent years. But not all co-creation activities are alike. An important distinguishing feature within such collaborations between firms and customers lies in differences associated with stages in the process of value co-creation. Seeking to inform the academic conversation and managerial practice, we investigate the value co-creation process. We begin by synthesizing the co-creation literature, identifying nine unique process stages. We examine the resulting model using a dataset of 677 critical incidents from empirical co-creation situations spanning 12 industries. Our data support our model, as we classify critical incidents according to process stages which start before the co-design of an offering and continue well after purchase and use. Mapping co-creation activity to key interactions between firm and customer, we expose important variation attributable to temporality within the process. From this perspective, we provide a foundation for future academic research. At the same time, we better inform firms interested in leveraging co-creation by more clearly describing the actual activities within, and explaining contingency across, the co-creative process.