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.
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