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[Marketing Concepts] What is Co-Creation?

C.K. Prahlada coined the term co-creation
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Co-creation is a business strategy where the firms tend to combine, share and collaborate their resources and capabilities with that of the customers to create more value for the them. The term co-creation was coined by the scholars, C.K.Prahalad and Venkat Ramaswamy in their Harvard Business Review article published in 2000.

According to the marketing gurus, customers will no longer be satisfied with what the company offers and thus the firms should thrive to increase the value of offerings by co-creating the offerings with customers. After the publication of the article many companies turned to adapting the practice of co-creation. For example, Starbucks and Dell Computer opened up their customer service functions to customers for co-creation.

Co-Creation in the Indian scenario

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