Transcript Co-Creation - Central University of Jammu

Copyright Gowhar Rasool , Central University of Jammu
VALUE CREATION THROUGH
CUSTOMER CO-CREATION
INRODUCTION
What is co-creation ???
Traditionally in the markets company was at the
centre focus but now co-creation has changed
this inequality wherein customer is as much as
part of the market as is the company.
This is happening .. Yes we Know it .. But how is it
happening
?? Rasool , Central University of Jammu
Copyright Gowhar
DART
Dialog
Access
Risk-benefits
Transparency
Source :Prahalad, C.K., & Ramaswamy, V. 2004. “The Future of Competition: CoCreatingCopyright
Unique Gowhar
Value with
Customers”.
Boston:
Harvard Business School Press.
Rasool
, Central University
of Jammu
How companies are re-creating 4P’s of marketing with the
innovative usage of Information Technology.

How can simulation model be used to understand interactions
of co-created 4P’s in accurate forecasting company’s profit

Copyright Gowhar Rasool , Central University of Jammu
Information Technology & Co-Creation
Made for each other

Using the research question a guide, a literature study was
conducted resulting in conceptual framework
Source: R. Gowhar , 2014
Copyright Gowhar Rasool , Central University of Jammu
Proposition 1
CO-CREATING “Product” USING TECHNOLOGY
Product
Cocreation
Copyright Gowhar Rasool , Central University of Jammu
Argument 1
Tanishq, the jewelry arm of the Tata Group, has launched a
co-creation dialogue with customers called as ‘My
Expression’, which invites consumers in a co-creation activity
Humara CD .com an online website which gives customers
an option to co-create the CD which suits the tastes and
preferences of the customers. Humara CD gives customer
choice of designing Mp3 upto 200 minutes or 40 songs @
Rs. 199 Or CD upto 76 minutes @ Rs. 275
Copyright Gowhar Rasool , Central University of Jammu
Proposition 2
CO-CREATING “Price” USING TECHNOLOGY
Price
Cocreation
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Argument 2
Humble Bundle works on concept what is called as
PWYW (pay what you want) giving customers an option
to determine their own price that suits them. Usually the
price range is given between 10$ to 100$ and
customer can choose to pay anything between these
.
prices
Total payments:
$334,670.47
Number of
purchases:
53,979
Average purchase:
$6.20
Average Windows:
$5.66
Average Mac:
$6.85
Average Linux:
$8.41
Source: company website
Copyright Gowhar Rasool , Central University of Jammu
Argument 2. contd.
Priceline.com allows customers to give their
own prices for hotel they are looking for,
flights and car rentals as well. The company
then searches for the sellers who are ready
to offer their services to the customer at the
price which customers is looking for.
Copyright Gowhar Rasool , Central University of Jammu
Proposition 3
CO-CREATING “Promotion” USING TECHNOLOGY
Promotion
Cocreation
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Argument 3
Coca-Cola has a history of fan first interactions, from their friendly
approach to problems with a popular Facebook fan page created
by two Coke fans, to Coke Australia's recent "Share a Coke"
campaign encouraging fans to create their own Coke commercials
with pictures from their Facebook albums, share a virtual coke, get a
Coke can with a friend's name on it and win prizes.
Gaana.com which is an online free song streaming website
offers its users a wide range of songs which they can listen. The
company encourages its users to share the songs which they are
listening on their face book pages creating a user driven
promotion for gaana.com
Copyright Gowhar Rasool , Central University of Jammu
Proposition 4
CO-CREATING “Place” USING TECHNOLOGY
Place
Cocreation
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Argument 4
Jabong is one of the largest e-commerce company in
India. The company estimated that 70% of its
business can come from rural India. In order to get
access to the customers company was able to cocreate a new mechanism of delivery and customer
friendly accessibility.
Mobile ATM available at the place of event. This not
only helps the organizers but also bank to provide
easy place of access to the customers
Copyright Gowhar Rasool , Central University of Jammu
This is what we have to say
product
price
place
Copyright Gowhar Rasool , Central University of Jammu
promotion
FINDINGS
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1.
2.
3.
4.
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Industry evidence support that companies are
innovatively using technology :
for co creating product.
for co creating price.
for co creating place.
for co creating promotion.
Companies profit can be simulated based on
interaction of co-created 4P’s over the years.
Copyright Gowhar Rasool , Central University of Jammu
IMPLICATIONS
Practitioners
1.
2.
3.
4.
5.
Academicians
Leveraging Technology for
delivering value to the
customers
Co-creating Marketing Mix by
active involvement of
customers
Extending Co-creation from
product to the other P’s of
marketing.
Forecast profits using
simulation, as an outcome of
co-creation.
Shifting focus from company
centric to consumer centric.
1.
2.
3.
Introduce the latest transitions
in Marketing mix
Acquaint the students with role
of technology for increasing
customer participation
Introduce the latest industry
transitions using company
evidences.
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CONCLUSION



Information Technology has revolutionized the field of
marketing and has created an interactive platform for the
company and customers thus building zone of experiences.
Customer participation in various functions of marketing
has successfully provided competitive advantage. Thus
Future of companies will depend on how well the
companies are able to harness the dividends of
technology especially in context of co-creation.
Technology can be effectively incorporated for taking the
insights of the customer and shift the company centric view
to customer centric.
Copyright Gowhar Rasool , Central University of Jammu
Thank You
Copyright Gowhar Rasool , Central University of Jammu