Book Excerpt | The Future Of Competition - How to Put Your Customers to Work

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Managers are under intense pressure to create value. But value creation by improving operational efficiency?through such initiatives as outsourcing, business process reengineering and workforce reduction?has limits in terms of morale and potential. Companies must couple such efficiencies with innovation and new business development. Internally generated profitable growth is at a premium. Even the best companies have struggled to create new markets or sustain a high rate of commercially successful innovations. C.K. Prahalad, professor of business administration, and Venkat Ramaswamy, professor of marketing, both at the Michigan Business School, contend in their new book, The Future of Competition, that companies need not (and should not) go it alone when trying to create value. Their research suggests an emerging economic model of value cocreation, in which consumers and companies routinely collaborate to create value that, to a large extent, is personalized to the individual. This excerpt explains that concept.

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