THE FUTURE OF COMPETITION: CO-CREATING UNIQUE VALUE WITH CUSTOMERSC.K. Prahalad & Venkat RamaswamyThe authors - C.K. Prahlad and Venkat Ramaswamy, are known for their non-traditional approach and that has made possible to bring out this path breaking book. Unlearning age old management practices and understanding the changes that is sweeping the business world and giving a framework to the still evolving concept of co-creation of value where customer is at the centre stage is indeed a tough task. And authors have accomplished that with aplomb.Our industrial system is generating more goods and services than before but customer satisfaction remains low in spite of having overwhelming choices, profit level of companies is shrinking though many more decision making tools are at its disposal. What is going wrong and how to set this right? Companies are grappling with these issues and trying to fathom these problems. With the emerging technologies, customers are well informed, well connected with their peer groups and very active in their domain. Now customers have started playing dominant role in the value chain through co-creation of experience which enhances the value.The book can be divided into three distinct parts covering twelve chapters, highlighting future of competition and the role to be played by consumers, markets and companies. First six chapters develop the framework of consumers' role in the changing scenario. Early chapters give a brief account of the change that is taking place; how autonomy of companies in creating product value and satisfying consumers, is slowly and surely giving way to consumer-centric approach? How consumer and firm interact and co-create value, and how the cocreation experience becomes the very basis of value? The authors develop the co-creation experience framework in the subsequent chapters very cogently and lucidly. It goes like this, the co-creation experience depends highly on individuals. Each person's uniqueness affects co-creation process as well as co-creation experience. Dialogue, access, risk assessment and transparency (DART) are the building blocks of value co-creation process and companies use this to engage customer effectively as collaborator. In the domain of competition, co-creation experience plays the most important role in decision making. This process further gains momentum in the later chapters of first part as co-creation experience is shaped by dimensions such as choice of channels, options made available, quality of transaction and price-experience relationship. This experience will vary from consumer to consumer due to the different traits of individual. To ensure that the transaction between the consumer and the firm produces positive co-creation experience, the presence of an appropriate environment is imperative, authors develop this concept very carefully. This environments accommodate the heterogeneity of consumer and facilitate a variety of co-creation experience. In the present day world, emerging technology acts as an experience enabler, facilitating innovation in experience environment. With intense competition, sky high consumer expectation; consumer looks for uniqueness which is possible only through personalized co-creation experience. …

The Future of Competition: Co-Creating Unique Value with Customers

The present research aims to investigate the effects of service failure and complaint handling on customer satisfaction with complaint handling which consequently impacts overall satisfaction and brand credibility. To examine the objectives of the present research, the authors deployed a sample of 384 respondents in Persian banks within Iran. Structural equation modeling has been used to analyze the data. The findings suggest that the magnitude of service failure negatively effects customer satisfaction with complaint handling. Complaint handling positively affects customer satisfaction with complaint handling. In addition, the results suggest that customer satisfaction with complaint handling positively influences brand credibility and overall satisfaction. Finally, overall satisfaction positively impacts brand credibility. The results revealed that if the complaint handling occurs instantly at the right time, it would have been a positive influence on customer satisfaction and ultimately develop brand credibility. Therefore, banks can adopt customer relationship management systems and processes which enable quick responses to customer complaints. Bank managers could find the results of the present study useful and beneficial in developing complaint handling efforts and expanding appropriate service recovery and brand credibility strategies.

The impact of the magnitude of service failure and complaint handling on satisfaction and brand credibility in the banking industry

Purpose – The purpose of this paper is to examine the asymmetric impact of service failure severity and agreeableness on consumer switchover intention with the mediating role of consumer forgiveness in the aftermath of service failure. Design/methodology/approach – In total, 364 university students were given a hypothetical service failure situation and their response was collected through a standardized questionnaire. Multiple regression and Preacher and Hayes (2004) mediation analysis tests were conducted to analyze data. Findings – The findings reveal that service failure severity has a direct positive impact on switchover intention and it also has an indirect impact on switchover intention through consumer forgiveness which it tends to weaken. On the other side, agreeableness has a direct negative impact on switchover intention, and it inhibits switchover intention indirectly too by stimulating forgiveness. Research limitations/implications – A cross-sectional study involving convenience sampling has ...

Impact of service failure severity and agreeableness on consumer switchover intention

This investigation was carried out on the adoption of the e-money payment model with the application of a quantitative and qualitative approach (mixed methods). Online questionnaires, which included closed-ended questions on a Likert five-point scale and open-ended questions, were distributed through social media chat groups. Respondent samples were drawn from the population of adolescent customers in Indonesia. The collected questionnaires were verified for accuracy, reliability, and validity before the data were analyzed. Adequate data were used to test the relationship model between latent variables, and the relationship of latent variables in the model was tested using partial least squares by employing Smart-PLS 3.0 software and NVIVO 12 plus. The final analysis shows that the reasons for adopting e-money are practicality and convenience. The main reasons that customers adopt electronic money are its practicality, ease of use, efficient transaction time, faster payment, and the simplicity of the payment process. The final modeling formed good-fit inner and outer models. This model verifies the significant influence of social factors, effort expectancy, and facilitation conditions on e-money attitudes. Additionally, social factors, effort expectancy, and attitudes have a significant influence on e-money behavior.

https://www.mdpi.com/2199-8531/6/3/57/pdf

E-Money Payment: Customers’ Adopting Factors and the Implication for Open Innovation

The aim of this paper is to examine the impact of perceived justice on satisfaction with service recovery and how this satisfaction with service recovery can increase both Lebanese banks’ brand credibility and customer-based brand equity. The questionnaire was completed by a total of 403 bank customers. The findings of this paper indicate that perceived justice strongly influences satisfaction with service recovery. Similarly, satisfaction with service recovery affects both Lebanese banks’ brand credibility and customer-based brand equity. Moreover, the regression analysis demonstrates that satisfaction with service recovery partially mediates the relationship between perceived justice and brand credibility and customer-based brand equity.

Brand credibility and customer-based brand equity: a service recovery perspective

The growth of the service industry focuses attention on issues related to service process, like service failures and recovery strategies. Our article aims to use an exclusive scale to measure the magnitude of failure in the banking industry to formulate an appropriate recovery strategy. An exhaustive list of service failures in the banking industry was developed through reviewing the extant literature. Consumer insights on failure magnitude were obtained through 10 focus group interviews conducted in 4 Indian metro areas. The service failure scale was adopted from our previous studies. The study reveals that failures can be dissected into human losses. The root problems in the banking industry are studied to find a correlation with a predefined service failure magnitude scale. The concept of the service recovery paradox grid, which categorizes the possibility of a service recovery paradox in the dynamic exchange of consumers’ generous behavior and service failure magnitude, is introduced. The strategic us...

Service Failure Magnitude and Paradox: A Banking Perspective

Digital Wallet Adoption: A Literature Review

Customer value co-creation behaviour has become an integral part of the business organizations. Involvement of the customer in the service provider’s delivery process leads to improved brand loyalty and value creation. The paper aims to analyze the two key dimensions of customer value co-creation namely customer participation behaviour and customer citizenship behaviour. Each dimension has four components. The study involves the detailed investigation of the respective eight components using Pearson’s bivariate correlation and regression analysis. The developed regression models are tested using coefficient of determination. The results indicate that majority of the components are positively correlated but only three of them have significant association. These were used to develop regression models and only one model was found to be fit which can be further used for forecasting purpose. The study has valuable managerial implications wherein the service providers can utilize the results of the study to develop strategies for improving the association among the components of customer value co-creation behaviour. This would further help in forecasting the co-creation behaviour of the customer.

/pdf/an-empirical-study-of-the-dimensions-of-customer-value-co-xt0jf47l5w.pdf

An Empirical Study of the Dimensions of Customer Value Co-creation Behaviour

Acute myeloid leukemia with nucleophosmin 1 mutation: Clonal hematopoiesis with indeterminate potential or oncogenic potential?

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Service Failure Magnitude and Paradox: A Banking Perspective

Digital Wallet Adoption: A Literature Review

An Empirical Study of the Dimensions of Customer Value Co-creation Behaviour

Acute myeloid leukemia with nucleophosmin 1 mutation: Clonal hematopoiesis with indeterminate potential or oncogenic potential?