Exploring Co-Creation: Analysis of Its Concept, Benefits, Challenges and Implementation Strategies

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bachelor_Moilanen_Anssi_2023.pdf (1.52 MB)

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School of Business | Bachelor's thesis
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Date

2023

Department

Markkinoinnin laitos

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Mcode

Degree programme

Markkinointi

Language

fi

Pages

26

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Abstract

In the swiftly evolving and competitive business landscape, organizations are regularly seeking innovative methods to diversify their offerings. Essential to this evolution is the concept of co-creation, which focuses on the collaborative value creation process of companies and their customers. This approach exemplifies a paradigm shift in the consumer-business relationship, advocating for active consumer participation in the value creation process. Co-creation challenges the conventional boundaries between firms and consumers but also manages to place the customer at the heart of value creation, as emphasized by service-dominant logic. The combination of the rise of technology and the evermore empowered modern consumer have furthered the importance of co-creation, providing means to cater to increased consumer expectations by integrating them into product and service development. Co-creation has transformed its role in marketing to become a pivotal business strategy, influencing multiple levels of a company's operations. It has been linked to improved innovation, enhanced customer loyalty, and better business performance. However, a considerable gap exists in the literature regarding the practical integrations of co-creation in different real-world business scenarios. This bachelor’s thesis aims to fill said gap by offering an in-depth analysis of co-creation, its conceptual foundations, benefits, challenges, and different implementation strategies across various industries.

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Thesis advisor

Mikkonen, Ilona

Keywords

co-creation, marketing, collaboration, value creation

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https://urn.fi/URN:NBN:fi:aalto-202310296687

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[kand] Kauppakorkeakoulu / BIZ (Open Access)