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CO-CREATION: CREATING AND MANAGING BRANDS ALONG WITH THE CUSTOMER| Research Project Report|
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Shashank Malhotra44B MBA (IB), 11-13Under the guidance of:Ruppal Walia Sharma, Associate Professor, IIFT| 10/01/2013|

Table of Contents

Introduction3
Some Definitions:4
Objectives And Scope7
Fundamental Blocks Of Co-Creation Of Value8
Identifying The Co-Creative Elements In The Wide Range Of Customer Involvement Activities: Co-Creation And Other Overlapping Concepts9
Consumer/Customer Involvement:9
Co-Production9
Mass Collaboration10
Mass Customization11
Open Innovation11
User Generated Content12
Plotting Various Forms Of Co-Creation13
Boeing Dreamliner 787: A True Example For Co-Creation14
How Did Boeing Engage The Customers In The Innovation Process?14
Types Of Co-Creation15
Co-Creation Of Products:15
Co-Creation Of Marketing Communication15
Co-Creation Of Social Experiences16
How Should Banking Sector Approach Co-Creation?17
Some Recommendations17
Co-Creation Opportunity In Credit Cards18
Some Examples And Case Studies20
Case Study I: IHG (Intercontinental Hotels Group) And Chase Card Services: Co-Creation Example20
Case Study II: Dbs – I Designed A Bank Contest: An Example Of Open Innovation22
Case Study III: Morris On Campus: Bank Of America23
Cocreation (Motivations, Prerequisites, Risks and Challenges)………………………………………25
Motivations For Co-Creation25
Prerequisites For Co-Creation25
Touchpoints For Implementation26
Co-Creation Impact On Brands26
Risks Related To Co-Creation27
Case Study IV: Co-Creation Gone Wrong: Chevrolet Tahoe28
Appendix 1: A Process Of Brand Co-Creation31
Appendix 2: Brand Relationship Experience Co-Creation Model32
Appendix 3: Co-Creation Examples Mentioned By Authors (During Literature Review)33
References35
Books35
Other Sources35

FIGURES
Figure 1: The Traditional Concept of the Market Source: Prahalad and Ramaswamy (2004)4
Figure 2: What is Co-creation?5
Figure 3: The Emerging Concept of the Market6
Figure 4: Building Blocks of Interactions for Co-creation of Value8
Figure 5: Classifying concepts related to Co-creation13
Figure 6: A Process Of Brand Co-Creation31
Figure 7: Brand Relationship Experience Co-creation Model32

TABLES
Table 1 Transformation of the Relationship between Firms and the Customers6
Table 2 Co-creation Examples34

CHAPTER 1
‘We estimated when we started about three years ago, we had about 20% of our ideas, products, and technologies that came from totally outside P&G. Today, we’ve got about 35%, and our target is to get to 50%’ Gilbert Cloyd, P&G’s CTO, 2004

INTRODUCTION
The relationship between the customer and the firm has evolved over the years. Since the beginning, firms have dictated the choice of products for the customer, who is treated as passive. But, today the conventional firm-centric view is being replaced by a consumer oriented paradigm, which strives to create value through interactions and experiences. Customers nowadays have plethora of choices of products and services, but at the same time it has become difficult for firms to differentiate themselves in their psyche. The digital age has made the customer powerful and now he wants to define his own experience of purchasing a product or a service. The new customer is informed, active, empowered and networked and is increasingly looking for opportunities to influence the value creation process with the firm. Armed with new tools and dissatisfied with available choices, consumers want to interact with firms and thereby “co-create” value. Thus, the role of consumers has changed “from isolated to connected, from unaware to informed, from passive to active. (Prahalad & Ramaswamy, 2004). The abundance of information (Jackson, 2009) available to the consumer has meant that the power has shifted from the companies who could reach the most...
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