In this visionary book, C. K. Prahalad and Venkat Ramaswamyexplore why, despite unbounded opportunities for innovation,companies still can't satisfy customers and sustain profitablegrowth. The explanation for this apparent paradox lies inrecognizing the structural changes brought about by the convergenceof industries and technologies; ubiquitous connectivity andglobalization; and, as a consequence, the evolving role of theconsumer from passive recipient to active co-creator of value.Managers need a new framework for value creation. Increasingly,individual customers interact with a network of firms and consumercommunities to co-create value. No longer can firms autonomouslycreate value. Neither is value embedded in products and servicesper se. Products are but an artifact around which compellingindividual experiences are created. As a result, the focus ofinnovation will shift from products and services to experienceenvironments that individuals can interact with to co-constructtheir own experiences. The
