What is Co-creation? Definition and meaning

Co-creation

Definition: Co-creation is a collaborative value creation strategy described by Prahalad and Ramaswamy ('04) in which value is not created inside the firm and only then exchanged with passive customers, but in which value is co-created by the firm and active consumers.
It involves moving away from a company- and product-centric view of value creation towards a customer experience-centric view of co-creation of value.
Typical examples are open source software development and Web 2.0.
See also Open Innovation, Co-design, Focus Groups, Conjoint Analysis, Positioning.

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