Today, we are going to
● Defining Co-Creation
● Defining Value
● The relationship
between price and
● Added Value
● Examples of added
value in events
● Micro and Macro
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.
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.
Co-Creation Experiences: The Next Practice in
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
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
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.
Value added / Added Value
The relationship between price
and value Cost: the cost of your
product/service is the
effort/amount you spent to
Price: is the financial
reward for providing the
Value: is defined from the
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
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.
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.
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.