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The Future of Competition

The Future of Competition

The Future of Competition

Co-Creating Unique Value with Customers

by CK Prahalad & Venkat Ramaswamy

In a world of infinite choice, instant gratification, and unbounded opportunities for innovation, why, ask University of Michigan Business School professors C.K. Prahalad and Venkat Ramaswamy, are companies still unable to satisfy customers or sustain growth and profitability? The answer lies in the evolving role of the customer in the value creation process. No longer do customers receive value through the purchase of products and services alone. Instead, the authors explain, individual customers are interacting with a network of firms and consumer communities in order to satisfy their unique preferences — and the value they obtain comes from the sum total of those personal experiences.

What You'll Learn

  • Break out of its old entrenched ways and discover new methods for creating strategic capital.
  • To recognize the limitations of what it knows - its zones of comfort - and identify and occupy new zones of opportunity.
  • To understand how today's industrial system is morphing and evolving and how it will change the way it will compete in the future.
  • To understand the new value paradigm, in which the firm and the consumer co-create value at points of interaction and can no longer act unilaterally.
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