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CO-CREATION
FOR VALUE CREATION: A BASIS FOR PRODUCER-CONSUMER SYNERGY
CHAPTER ONE
1.1 Background To The Study
Co-creation
constitutes that initiative of organizational management initiative, or form of
economic strategy, which brings
different parties together such as the firm and its customers to collectively
produce a valued outcome mutually. The process elicits the contribution of new
ideas from the customers which is subsequently inculcated as a blend of new
ideas to the organization. The Value is co-created when the customer utilizes
his personal experiences in the firm's product-service proposition – to create
value best suited for the customer’s utility and which provides greater value
for the firms product-service investment in the form of increased revenue, new
knowledge, profitability and superior brand loyalty and value. Scholars C. K.
Prahalad and Venkat Ramaswamy (2000) Harvard Business Review article,
"Co-Opting Customer Competence”. They defined co-creation as “The
collective creation of value by the firm and its customer; allowing the customer
to inculcate their service experience to create the value which suit them
(Prahalad and Ramaswamy, 2004, p. 8). Co-creation Processes entails two
fundamental steps: Contribution which is the Submission of contributions by the
public to the firm and Selection where the best submissions are selected. The
term ‘value’ is viewed from different perspectives including the strategic
value, economic value or service customer, provider (Helkkula, Kelleher &
Philström 2012, 60)
Therefore,
the roles in value creation are imprecise and equal thus making all actors the
co-creators of value.
1.2 Statement of the Problem
Co-creation
of value involves the collective effort of both the firm and the customers.
Co-creation constitutes that initiative of organizational management
initiative, or form of economic strategy, which brings different parties together such as
the firm and its customers to collectively produce a valued outcome mutually.
The process elicits the contribution of new ideas from the customers which is
subsequently inculcated as a blend of new ideas to the organization. The Value
is co-created when the customer utilizes his personal experiences in the firm's
product-service proposition – to create value best suited for the customer’s
utility and which provides greater value for the firms product-service
investment in the form of increased revenue, new knowledge, profitability and
superior brand loyalty and value.Consequently significant challenges exist as
Successful co-creation requires two fundamental
steps which consist of
Contribution of ideas where: the firm is faced with the challenge of
convincing the customer to make contributions towards the creation of value to
a value proposition .However the
collection of contribution from
customers is not an easy task as many of this customers
have busy schedules to attend to the firms calls . As a result, most
co-creation efforts are not successfully
carried out .Secondly the challenge of the selection process is that most
submissions are not very useful, impractical of making the selection is
somewhat difficult to implement. Firms
are in a dilemma when many of the customer submission is on the negative side
of profiting the firm as the risk of possible fallout with the customer exist
if their opinion is rejected and not inculcated in the co creation process.
Consequently the process of Co-creation and direct interactions between the
customer and the firm is becoming more challenging in value creation. Therefore
the problem confronting the research is to appraise Co-Creation for Value
Creation: A basis for Producer-Consumer synergy
1.3 Objectives of the Study
To determine
Co-Creation for Value Creation: A basis for Producer-Consumer synergy
The process
elicits the contribution of new ideas from the customers which is subsequently
inculcated as a blend of new ideas to the organization. The Value is co-created
when the customer utilizes his personal experiences in the firm's
product-service proposition – to create value best suited for the customer’s utility
and which provides greater value for the firm’s product-service investment in
the form of increased revenue, new knowledge, profitability and superior brand
loyalty and value. Scholars C. K. Prahalad and Venkat Ramaswamy (2000) Harvard
Business Review article, "Co-Opting Customer Competence”. They defined
co-creation as “The collective creation of value by the firm and its customer;
allowing the customer to inculcate their service experience to create the value
which suit them (Prahalad and Ramaswamy, 2004, p. 8).
1.4 Research Questions
What is
co-creation and value creation?
What is Co-Creation for Value Creation: A
basis for Producer-Consumer Synergy?
1.5 Significance of the Study
The study
shall proffer appraisal of Co-Creation and Value Creation: A basis for
Producer-Consumer synergy
Co-creation
constitutes that initiative of organizational management initiative, or form of
economic strategy, which brings
different parties together such as the firm and its customers to collectively
produce a valued outcome mutually. The process elicits the contribution of new
ideas from the customers which is subsequently inculcated as a blend of new
ideas to the organization. The Value is co-created when the customer utilizes
his personal experiences in the firm's product-service proposition – to create
value best suited for the customer’s utility and which provides greater value
for the firms’ product-service investment in the form of increased revenue, new
knowledge, profitability and superior brand loyalty and value. Scholars C. K.
Prahalad and Venkat Ramaswamy (2000)
1.6 Research Hypothesis
Ho
Co-Creation for Value Creation as a basis for Producer-Consumer synergy is not
significant
Hi Co-Creation
for Value Creation as a basis for
Producer-Consumer synergy is significant
1.7 Scope of the Study
The study
focuses on the appraisal of Co-Creation for Value Creation : A basis for
Producer-Consumer synergy
1.8 Limitations of the Study
The study
was confronted by some constraint including logistics and geographical factor.
1.9 Definition of Terms
CO -CREATION
Co-creation
constitutes that initiative of organizational management initiative, or form of
economic strategy, which brings different
parties together such as the firm and its customers to collectively produce a
valued outcome mutually. The process elicits the contribution of new ideas from
the customers which is subsequently inculcated as a blend of new ideas to the
organization. The Value is co-created when the customer utilizes his personal
experiences in the firm's product-service proposition – to create value best
suited for the customer’s utility and which provides greater value for the
firms product-service investment in the form of increased revenue, new
knowledge, profitability and superior brand loyalty and value. Scholars C. K.
Prahalad and Venkat Ramaswamy (2000)
Value
Proposition
According to
Chandler and Lusch (2015, 6 - 8), This constitute invitation to engage in
service from one actor to another. This is the principle which is applied in
the process of value creation.
Value
creation
The
fundamental focus of value creation lies in the inculcation of the customers
experience together with the current and anticipated future visions (Helkkula
et al. 2012, 65).
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