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Co-creation in Events Management

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Co-creation in Events Management

  1. 1. Co-Creation of Events FdA in Events Management
  2. 2. Today, we are going to discuss: ● Defining Co-Creation ● Defining Value ● The relationship between price and value ● Added Value ● Examples of added value in events ● Micro and Macro Environments
  3. 3. What is co-creation? At its core,co-creation is about involving a community outside your company in the ideation phase of the new product or service development. With co-creation, the participants — which may include customers, suppliers or the general population — are made aware that they are contributing towards the development of ideas and concepts. Through a series of steps, people are invited to contribute, evaluate, and refine ideas and concepts. (https://www.visioncritical.com/cocreation-101/, 2013)
  4. 4. Sounds like crowdsourcing to me... Co-creation is a collaborative initiative that operates like crowdsourcing by seeking information and ideas from a group of people. But there is one crucial difference: With co-creation, the call is not put to an open forum or platform but to a smaller group of individuals with specialized skills and talents. The result is less crowd noise and less chaos. With co-creation, companies can automate and track some processes while still getting creative ideas. (https://www.visioncritical.com/cocreation-101/, 2013)
  5. 5. Co-Creation Experiences: The Next Practice in Value Creation C. K. Prahalad and Venket Ramaswamy have written an excellent article with the above title. This is in your resources for Applied Event Management Skills and as part of your homework for this week, you must read this article and write a summation of it, with correct references, in your blog. This must be 300 words or less. In a nutshell, co-creation is both the organisation and the consumers creating value. So, the organisations are moving from a company and product centred view of doing business to an experience centred way. In this concept of value, an organisation’s products or services become an souvenir around which individual consumer experiences happen.
  6. 6. Defining Value
  7. 7. Added Value / Value Added What is Value Added? Read the following three articles and write 250 words on what Value Added or Added Value means to you. Post the 250 words on your blog using full references.
  8. 8. Value added / Added Value http://www.brightbull.co.uk/16-mantras-for-increasing-your- event-website-visits-with-value-adding-content http://www.eventmanagerblog.com/adding-value-through- events http://executivesecretary.com/adding-value-is-the-key-to- event-success/
  9. 9. The relationship between price and value Cost: the cost of your product/service is the effort/amount you spent to produce it Price: is the financial reward for providing the product/service Value: is defined from the
  10. 10. Reflection and Evaluation Think of an event or experience you have had that you thought was good value for money. What made that experience good value? Was there anything that could have improved the value? How important do you think value is as part of an event? Reflect on the value of the ‘Zombie Lockdown’ event in relation to the price of the event. Post the answers to these questions on your blog.
  11. 11. Micro and Macro Environments Micro environments relate to the environment inside your company or any thing that directly affects your plans or planning of an event. Macro environments relate to major/ external and uncontrollable factors that influences an organisations decision making and affects its performance.
  12. 12. references: Benson, Stephen, and Stephen Benson. 'Co-Creation 101: How To Use The Crowd As An Innovation Partner To Add Value To Your Brand'. Vision Critical. N.p., 2013. Web. 4 Nov. 2015. Johanneswoe.wordpress.com,. 'Relation Between Cost- Price-Value | Everything About Logistic's'. N.p., 2010. Web. 5 Nov. 2015. Prahalad, C.K., and Venkat Ramaswamy. 'Co-Creation Experiences: The Next Practice In Value Creation'. Journal of Interactive Marketing 18.3 (2004): 5-14. Web

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