A new paradigm of value creation Consumers have greater product variety today than ever, yet they are less satisfied. Top management has more strategic options, yet they deliver less value. What do these paradoxes suggest about the future of competition? C.K. Prahalad, co-author of the landmark bestseller Competing for the Future, and Venkat Ramaswamy argue that we are on the cusp of a very different world??"one in which the distinct roles of firm and consumer converge and the sources of value creation change dramatically. Prahalad and Ramaswamy show that the traditional, firm-centric view of value creation is being challenged by active, connected, and informed consumers??"coupled with the mingling of technologies and industries. No longer does value lie in products and services created by firms and delivered to customers. Increasingly, say the authors, value is being jointly created by the consumer and the company. In this framework, consumer??"company interactions and personalized co-creation experiences??"enabled by technical and social infrastructures??"allow each consumer to co-create unique value with a network of companies and consumer communities. To compete effectively, CEOs and senior managers must focus on building new strategic capital. This involves enabling managers to enhance their effectiveness by experiencing the business as consumers do. This book sets the agenda for top management for co-creating the future, by revealing unprecedented opportunities for value creation and innovation.
C.K. Prahalad was Paul and Ruth McCracken Distinguished University Professor of Strategy at the Ross School of Business, The University of Michigan. He was a globally recognized management thinker. Times of London and Suntop Media elected him as the most influential management thinker alive today in 2007. He coauthored bestsellers in management such as Competing for the Future, The Future of Competition, and The New Age of Innovation. He won the McKinsey Prize for the best article four times and received several honorary doctorates, including one from the University of London and the Stevens School of Technology. He worked with CEOs and senior management at many of the world’s top companies and was also a member of the Board of NCR Corporation, Pearson PLC., Hindustan Unilever Ltd., The World Resources Institute, and The Indus Entrepreneurs (TiE)
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