Value Co-creation: The Determining Factor in Achieving Competitive Advantage: Case Study "The Elderly Segments in Technology Market"
Varik, Veso (2022)
2022
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202203143440
https://urn.fi/URN:NBN:fi:amk-202203143440
Tiivistelmä
As time moves on and people’s values are re-evaluated in the fast-changing environment, the once popular goods-dominant logic is being rendered less relevant with customers becoming more educated and having their voice heard louder than ever before. This means to achieve a strong competitive edge over the rivals, companies are expected to include their target customers in more processes than just during- and post-purchase, spreading out customer touchpoints throughout the whole process from ideation and development, to usage/consumption.
This paper takes a closer look at how value for both the provider and the consumer can be co-created, using a case study to prove the legitimacy of thesis statement by applying the theory to elderly customer segments in technology market. This customer group shows great potential to benefit from the co-creation methods due to their characteristics, possible uncontrollable complications and the need for extra assistance.
The findings indicated that with the increasing importance of time for elderly customers, the provider must concentrate on emotionally-meaningful goals to increase trust and transparency in customer-company touchpoints. This leads to more effective flow of information, better understanding for the basis of added provider-consumer interactions, as well as a more appropriate final product or a service.
The key is to implement a Customer-Dominant Logic into a company’s mindset to fully understand the goals, wants, and beliefs of their customer group and establish an unrivalled relationship that the competitors in the market cannot easily imitate.
This paper takes a closer look at how value for both the provider and the consumer can be co-created, using a case study to prove the legitimacy of thesis statement by applying the theory to elderly customer segments in technology market. This customer group shows great potential to benefit from the co-creation methods due to their characteristics, possible uncontrollable complications and the need for extra assistance.
The findings indicated that with the increasing importance of time for elderly customers, the provider must concentrate on emotionally-meaningful goals to increase trust and transparency in customer-company touchpoints. This leads to more effective flow of information, better understanding for the basis of added provider-consumer interactions, as well as a more appropriate final product or a service.
The key is to implement a Customer-Dominant Logic into a company’s mindset to fully understand the goals, wants, and beliefs of their customer group and establish an unrivalled relationship that the competitors in the market cannot easily imitate.