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Co‐creation of Value by Open Innovation: Unlocking New Sources of Competitive Advantage

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  • Marian Garcia Martinez

Abstract

ABSTRACT A focus on the consumer has been recognized as the key to unlocking new sources of competitive advantage. This paper looks at this new perspective in value creation where personalized consumer experience takes central stage as opposed to a product and firm‐centric view. Through an explorative case study, the paper illustrates how a joint innovation effort between Molson Coors Brewing Company UK (MCBC‐UK) and a supplier is leading to more open approaches as consumers are involved in the process. By understanding what consumers' value and engaging in active dialog and interaction, MCBC‐UK has been able to develop superior value propositions relevant to their target consumer base. The case underscores the role of consumer value creation in a commoditizing world where companies can seek to maximize the lifetime value of desirable consumer segments by taking consumers as a partner or co‐producer instead of an external element. Food and drink companies have the opportunity to add value and extricate themselves from commodity sectors where the lowest cost provider holds sway by embracing consumers' ideas as part of the innovation process.

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  • Marian Garcia Martinez, 2014. "Co‐creation of Value by Open Innovation: Unlocking New Sources of Competitive Advantage," Agribusiness, John Wiley & Sons, Ltd., vol. 30(2), pages 132-147, March.
    • Handle: RePEc:wly:agribz:v:30:y:2014:i:2:p:132-147
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    File URL: http://hdl.handle.net/10.1002/agr.21347
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    Cited by:

    1. Ali Moghadamzadeh & Pejman Ebrahimi & Soodabeh Radfard & Aidin Salamzadeh & Datis Khajeheian, 2020. "Investigating the Role of Customer Co-Creation Behavior on Social Media Platforms in Rendering Innovative Services," Sustainability, MDPI, vol. 12(17), pages 1-20, August.
    2. Troise, Ciro & Tani, Mario & Dinsmore, John & Schiuma, Giovanni, 2021. "Understanding the implications of equity crowdfunding on sustainability-oriented innovation and changes in agri-food systems: Insights into an open innovation approach," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    3. Garcia Martinez, Marian & Zouaghi, Ferdaous & Garcia Marco, Teresa & Robinson, Catherine, 2019. "What drives business failure? Exploring the role of internal and external knowledge capabilities during the global financial crisis," Journal of Business Research, Elsevier, vol. 98(C), pages 441-449.
    4. Christian Narh Opata & Wen Xiao & Angela Abena Nusenu & Stephen Tetteh & Tettey-Wayo John Narh, 2020. "Customer Value Co-Creation in the Automobile Industry: Antecedents, Satisfaction, and Moderation," SAGE Open, , vol. 10(3), pages 21582440209, August.
    5. Sylwia Lorenc & Arkadiusz Kustra, 2021. "Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    6. Jingxiao Zhang & Haiyan Xie & Klaus Schmidt & Hui Li, 2015. "A New Systematic Approach to Vulnerability Assessment of Innovation Capability of Construction Enterprises," Sustainability, MDPI, vol. 8(1), pages 1-25, December.
    7. Lager, Thomas, 2017. "A conceptual framework for platform-based design of non-assembled products," Technovation, Elsevier, vol. 68(C), pages 20-34.

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