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Change of Attitude, Technology and Practice: Identifying the Change for Increased Value Creation with Customer Co-creation

Author

Listed:
  • Soumi Paul

    (Supreme Knowledge Foundation Group of Institutions, West Bengal, India)

  • Paola Peretti

    (Stockholm School of Economics, Sweden)

  • Saroj Kumar Datta

    (Galgotias University, India)

Abstract

Building customer relationships and customer equity is the prime concern in today’s business decisions. The emergence of internet, especially social media like Facebook and Twitter, changed traditional marketing thought to a great extent. The importance of customer orientation is reflected in the axiom, “The customer is the king”. A good number of organizations are engaging customers in their new product development activities via social media platforms. Co-creation, a new perspective in which customers are active co-creators of the products they buy and use, is currently challenging the traditional paradigm. The concept of co-creation involving the customer’s knowledge, creativity and judgment to generate value is considered not only an upcoming trend that introduces new products or services but also fitting their need and increasing value for money. Knowledge and innovation are inseparable. Knowledge management competencies and capacities are essential to any organization that aspires to be distinguished and innovative. The present work is an attempt to identify the change in value creation procedure along with one area of business, where co-creation can return significant dividends. It is on extending the brand or brand category through brand extension or line extension. This article, through an in depth literature review analysis, identifies the changes in every perspective of this paradigm shift and it presents a conceptual model of company-customer-brand-based co-creation activity via social media. The main objective is offering an agenda for future research of this emerging trend and ensuring the way to move from theory to practice. The paper acts as a proposal; it allows the organization to go for this change in a large scale and obtain early feedback on the idea presented.

Suggested Citation

  • Soumi Paul & Paola Peretti & Saroj Kumar Datta, 2017. "Change of Attitude, Technology and Practice: Identifying the Change for Increased Value Creation with Customer Co-creation," Transnational Marketing Journal, Oxbridge Publishing House, UK, vol. 5(1), pages 70-82, May.
    • Handle: RePEc:mig:tmjrnl:v:5:y:2017:i:1:p:70-82
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    References listed on IDEAS

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    1. Patterson, Anthony, 2012. "Social-networkers of the world, unite and take over: A meta-introspective perspective on the Facebook brand," Journal of Business Research, Elsevier, vol. 65(4), pages 527-534.
    2. Kristine de Valck & Gerrit H. van Bruggen & Berendt Wierenga, 2009. "Virtual communities: A marketing perspective," Post-Print hal-00458421, HAL.
    3. Tauber, Edward M., 1981. "Brand franchise extension: New product benefits from existing Brand Names," Business Horizons, Elsevier, vol. 24(2), pages 36-41.
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