The Future of Competition

The Future of Competition argues that in a world in which information is readily available to everyone, the role of the customer has changed dramatically. Once passive recipients of the products and services companies created for them, customers are now active participants who actually co-create the value they receive from products and services they help develop, test and distribute. In the 1990s competitive advantage was derived from the ‘core competencies’ (the activities a company does better than anyone else), but in the future it will come from how proficient companies are at providing opportunities for customers to co-create unique experiences. Prahalad and Ramaswamy present four key building blocks that will enable companies to co-create the future with customers-transparency, access, dialogues and risk management-and illustrate them through rich examples from a wide range of companies. As bold and far-reaching as Competing for the Future a decade ago, this book will redefine strategy for the information age.