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Value co-creation through customer engagement in virtual communities for product innovation

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  • V. Rema
  • Abhinandan Srivastav

Abstract

The trend of 'open innovation', a participative, decentralised approach to innovation, involving the synthesis of stakeholder ideas with the business model is likely to bring in more customisation, satisfaction and value. Technological advancement has made it possible for businesses to engage with customers, seek their inputs and implement their contributions, enabling customisation. This study understands the dimensions of customer engagement and its impact in the process of co-creation with respect to new product development for a reputed automobile company. The customer involvement happens on a range of design tasks and product prototype development. Monetary incentives to engage do not seem to be an influencing factor. The study demonstrates that customer engagement has a significant impact on value co-creation in new product development. The role of collaborative framework, a pragmatic approach can enable organisations to innovate based on customer insights and deliver value to the customers and businesses.

Suggested Citation

  • V. Rema & Abhinandan Srivastav, 2024. "Value co-creation through customer engagement in virtual communities for product innovation," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 36(2/3), pages 310-325.
    • Handle: RePEc:ids:ijbglo:v:36:y:2024:i:2/3:p:310-325
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