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The purpose of this paper is to conceptualize the “interacted” actor and connect it with practices of managerial value creation in an interactive business world. In doing so, it accounts for the interactive agency of actors via dynamics of the creational process across increasing technological “platformization” of interactions of heterogeneous (human and non-human) sociomaterial entities.

The study discusses a foundational theoretical framework of a co-creation paradigm (CCP) while connecting it with recent industrial marketing and purchasing (IMP) literature on mixed network and system ontology. It then elaborates on conceptual research contributions and key business management implications in advancing IMP studies through CCP.

The framing of interactional flows across interactive system environments in business networks is related to both stability and developmental change in the enactment of creation via interactive agencies-structures in the ongoing pursuits of both business efficiency and innovation of value creational opportunities.

By effectively configuring platformed networked interactions of experience value creation in their business contexts, managers (and stakeholding individuals in general) can better cope with the complexity of interactivity and interdependencies.

Managerial experience value co-creation through CCP builds on the IMP tradition by explicitly recognizing actors, in addition to activities and resources as being interactively defined. Because the relational logics are applicable at varying levels of scale across system-environment boundaries, it can be applied at both the individual and company levels or more generally at any level of agglomeration.

The authors propose that platforms of stakeholder engagement can become the new basis of enterprise value creation.

The authors report on how new co-creation engagement models can be designed all across the value chain of enterprise activities.

According to the authors' studies of leading firms, strategy making has become a joint process of co-creative discovery, as enterprises devise and develop new opportunities together with customers, partners and other stakeholders.

Case examples of implementation at leading companies are offered.

Leaders will have to manage a process of value creation from a stakeholding-individual and experience-based perspective.

The article challenges leaders to question why companies should be limited by the internal competencies of the firm when co-creation platforms could provide access to greater competencies through a well-developed global resource base.

In this interview with Prof. Venkat Ramaswamy, Strategy & Leadership reviews the way the concept of co-creation of value with customers is being implemented on its tenth anniversary. Prof. Ramaswamy explains the basic elements of the co-creation playbook.

Based on his research with companies pioneering innovation co-creation with customers, Prof. Ramaswamy offers insights for executives into what makes this perspective different and powerful.

Prof. Ramaswamy discusses the guiding principle underlying the transformation of enterprises towards co-creation: how to engage people to create valuable experiences together while enhancing network economics.

In designing and managing a co-creation platform, ask, how accessible is it to consumers or any other key stakeholders; how well does it facilitate dialogue among them; how transparent is this interaction to all, which helps to build trust and attract even more participants; and how well does it enable the reflexive leveraging of the innovation and learning generated to enhance the value of the platform?

Senior executives need to know how co-creation engagement platforms can also be used to generate ideas for continuously improving products and services through the lens of customer experiences.

This second part of Strategy & Leadership's interview with Prof. Venkat Ramaswamy, one of the early proponents of co-creating value with stakeholders, asks him about the progress of the “co-creation transformation” of markets on its tenth anniversary and its wider implications for firm strategists and public policy makers. The interview concludes with a remembrance of the late C.K. Prahalad, a co-developer of the theory, and reviews his many contributions to the advancement of strategic management.

This interview considers how the co-creation view starts with interactions as the locus of value and platforms of engagements with individuals as the locus of value creation.

The co-creation paradigm is a dynamic perspective that sees the interaction of customers, employees and other stakeholders as forums for learning and ever-expanding capability building.

Strategy as “stretch and leverage” in the world of co-creation becomes about joint aspirations>joint resources.

Corporate managers need to understand that leading companies that have successfully adopted the co-creation model follow a simple principle – they focus their entire organization on the engagements with individuals.

This case shows how a set of six steps that captured the essence of implementing co-creation thinking to promote transformational change were applied in a complex corporate manufacturing operation in India.

This case describes how the co-creation paradigm of value creation was applied step by step in the quality function across the five operating sites of Mahindra's Automotive Division, a subsidiary of the conglomerate Mahindra Group. The case also looks at the results as the initial experiment expanded.

By enlisting employees and a range of other stakeholders the firm was able to greatly improve product quality. The success of the initial program caused executives in other units of the firm to become co-creation of value process champions.

The six-step process is: 1. Identify key stakeholders and increase their willingness to engage. 2. Set up platforms purposefully designed to engage individuals more co-creatively, with environments of interactions configured around people's “lived” experiences. 3. Identify and support new co-creation champions. 4. Expand the circle of stakeholders and joint value creation opportunities. 5. Deepen the impact and enable the viral spread of “win more-win more” value creation in the enterprise ecosystem. 6. Engage stakeholders across private, public, and social sectors to expand wealth, welfare and well-being for the benefit of all.

Co-authored by a leading authority on the theory of co-creation of value and a senior executive at a large corporation, this case will be useful to practicing managers in all industries.