Digital Marketing and Branding
Value Co-Creation is premised on the notion that the firm is no longer the sole arbiter of value as consumers take increasingly active roles in the creation of their own value. So, to what extent is this ability to co-create value dependent on Digital Technologies and a Service-Dominant logic?
To a somewhat highly extent the ability to co-create value is dependent on Digital Technologies and a Service-Dominant logic. In this essay, there will be arguments about why it is highly dependent on Digital technologies and a Service-Dominant logic to co-create value. It will also discuss why the consumer is becoming the largest part in creating value and why the companies/firms need to work with consumers to create value for each other. Lastly, how the service provider makes opportunities together with the consumers to co-create value. This essay will also refer to the publications given in the study desk, to prove the argument points.
To better understand co-creation, it is essential to analyse consumer’s roles as co-creators. The customers take active roles in the creation of their own value, but sometimes that is through Digital technologies and a Service-dominant logic. To co-create a great value for both the firm and consumers, the use of digital technologies is handy. The use of phone and internet may be new to this world but it has helped us a lot to co-create this value. For consumers to interact with firms, it is always helpful to have digital technologies by your side. (Education.vic.gov.au, 2017) Through the digital technologies the consumers can easily reach out to the companies/firms to settle a deal that means great value to them, by accepting the deal a company has shown that they are interested in the deal the customer has made and the deal is therefore accepted. This shows how both the consumer and company co-create value for themselves through digital technologies. Similarly, if a company has something to offer to the consumer, they will reach out to the consumer by multiple ways like email, calls, texts or social media. Customers will find interest in the products and accept the deal. This again shows how both parties are co-creating value for each other through digital technologies. A lot of new technologies exist today to help marketers in reaching and researching existing and prospective customers. Newer technologies, social media and smart phone applications, are becoming increasingly important. (Boundless, 2017) However digital technologies is not the only method to co-create value. Service-Dominant logic sometimes must take place between both parties.