Text presents a new approach to value creation; showing that the traditional, firm-centric view of value creation is being challenged by active, connected, and informed consumers.

The future of Competition presents a new approach to value creation. In this framework, consumer-company interactions and personalized co-creation experiences-enables 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, creating new knowledge rapidly, managing experience quality, selectively accessing competence on demand, flexibly and rapidly reconfiguring resources, and collaborating to co-create value through experience networks.

This book sets the agenda for top management for co-creating the future, by revealing unprecedented opportunities for value creation and innovation.



About the Author

C. K. Prahalad is the Harvey C. Fruehauf Professor of Business Administration at the University of Michigan Business School and co-author of the landmark best seller, Competing for the Future. His research, for over twenty years, has consistently focused on "next" practices. Venkat Ramaswamy is the Michael R. and Mary Kay Hallman Fellow of Electronic Business and Professor of Marketing at the University of Michigan Business School. His research focuses on new frontiers in experience innnovation and co-creating value.