Venkat Ramaswamy

The Future of Competition

1. IDEA 1

   Value is no longer made alone

   Prahalad and Ramaswamy argue that companies can no longer create value on their own and simply sell it to customers. Value is increasingly created together, through interactions between firms and consumers.

2. IDEA 2

   Consumers have become active

   Thanks to the internet and better information, consumers now compare, share opinions and demand more say. The authors argue this shift changes the balance of power between companies and customers.

3. IDEA 3

   Co-creation is the new model

   The authors call this new approach co-creation of value. Customers help shape the products and experiences they receive, and companies must design ways for this participation to happen. The firm becomes a host.

All 8 ideas from The Future of Competition →