Executive summary: The world is increasingly being connected through networks of individuals who are increasingly shaping markets, challenging how companies traditionally develop and deliver value. Customers are increasingly becoming informed and empowered by access to information, and share their opinions through the growing amount of communication channels, in which they contribute to setting the business agenda. Companies will therefore have to find new ways of delivering value propositions and innovating their offerings to compete in the future. In 2004 Prahalad and Ramaswamy coined the term co-creation, in which they suggest engaging customers in the value creating process, as a way of competing in the future. It has been ten years since Prahalad and Ramaswamy (2004) coined the term co-creation, we however find, that there is no integrated understanding of the co-creation concept yet in the theory or in practice. We therefore found it interesting to investigate how co-creation is understood, in order to understand how companies can make use of co-creation. The aim of this thesis is therefore to understand how co-creation is understood from a managerial perspective. We chose to review the current co-creation theories to synthesise the main elements of co-creation, which resulted in a conceptual framework for co-creation. Moreover, we chose Roskilde Festival as a case study, because of their years of experience with managing co-creation. We used our empirical findings to make sense of our theoretical analysis by identifying differences and consistencies of the elements, which explain the concept of co-creation. We came to the following understanding of co-creation: Co-creation is an open and iterative two-way process, in which customers and the organisation exchange resources in order to create value in collaboration through mutual engagement and experiences. Moreover, several organisational incentives and prerequisites and customer motivations and prerequisites were identified for engaging in co-creation. Finally, we identified six managerial principles for managing co-creation processes. Our research therefore contributes to an integrated understanding of co-creation, in which we have identified the core elements of the concept and elements of how cocreation is managed.
|Educations||Cand.merc.smc Strategic Market Creation, (Graduate Programme) Final Thesis|
|Number of pages||144|