Summary: The Future of Competition
Review and Analysis of Prahalad and Ramaswamy's Book
BusinessNews Publishing
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Summary: The Future of Competition
Review and Analysis of Prahalad and Ramaswamy's Book
BusinessNews Publishing
Información del libro
The must-read summary of C.K. Prahald and Venkat Ramaswamy's book: `The Future of Competition: Co-Creating Unique Value with Customers`.
This complete summary of the ideas from C.K. Prahald and Venkat Ramaswamy's book `The Future of Competition` shows how commercial advantage used to be created by manufacturing a better product. Nowadays, value comes from the experiences of customers. In their book, the authors explain the basic principles of co-creation and how businesses can implement them in order to increase the value of consumer products. This summary will teach you how to make co-creation your starting premise, making your business more efficient, your customers more loyal and your profits healthier.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your business knowledge
To learn more, read `The Future of Competition` and find out the key to becoming a forward-thinking company and staying on top in the future.
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Información
Summary of The Future of Competition (C.K. Prahalad and Venkat Ramaswamy)
1. The new view of value creation
- As a result of Internet access, knowledgeable consumers are now prepared to make more informed decisions for themselves rather than rely on the suggestions of “experts”.
- Consumers now take a more global viewpoint because they are able to access information on firms, products and technologies from around the world.
- Consumer communities are emerging where customers share their experiences with others who are considering buying products or services. Consumers today are far more active and better networked than a few generations ago.
- Consumers are prepared to experiment with and develop new products – especially digital products – which are suited to their specific needs.
- Managers will need to attend to the quality of the consumer’s co-creation experiences and not just to the quality of their firm’s products and services.
- Quality will be dependant on the delivery of variable customer experiences rather than improvements in operational efficiency, the mainstay of management attention in the past.
- Since added value will be unique to each individual, the marketplace will become more of a forum and less like a shop display.
- Competitive advantage in this kind of environment will accrue to the firms which can couple innovation with customer experiences.
- There will be many opportunities for firms to co-create value in ways that will be fundamentally different from those which worked in the past.