Marketing

Value creation

Product (mathematics)

Communication

Public relations

Value network

Conversation

Transparency (behavior)

Computer science

Business model

Business

Value proposition

Mathematics

Political science

Value (mathematics)

Sociology

Geometry

Co-creation

Industrial organization

Machine learning

Journal of Interactive Marketing

Consumers today have more choices of products and services than ever before, but they seem dissatisfied. Firms invest in greater product variety but are less able to differentiate themselves. Growth and value creation have become the dominant themes for managers. In this paper, we explain this paradox. The meaning of value and the process of value creation are rapidly shifting from a product- and firm-centric view to personalized consumer experiences. Informed, networked, empowered, and active consumers are increasingly co-creating value with the firm. The interaction between the firm and the consumer is becoming the locus of value creation and value extraction. As value shifts to experiences, the market is becoming a forum for conversation and interactions between consumers, consumer communities, and firms. It is this dialogue, access, transparency, and understanding of risk-benefits that is central to the next practice in value creation.

Co-creation experiences: The next practice in value creation