The Internet Trap: Five Costs of Living Online by Ashesh Mukherjee

Author:Ashesh Mukherjee
Language: eng
Format: epub
Tags: Technology & Engineering, Social Aspects
Publisher: Rotman-UTP Publishing
Published: 2018-01-01T00:44:06.547000+00:00

Product Co-creation

Firms sometimes ask consumers to submit ideas for products and services online, with the best ideas being used later by firms to develop new offerings. Such product co-creation between firms and consumers is a type of customization, because products are being tailored to specifications received from consumers. Research has shown that product co-creation can backfire for luxury products such as designer clothes, shoes, and handbags (Fuchs, Prandelli, Schreier, & Dahl, 2013). This is because the value of luxury products is undercut when these products are known to be based on inputs from regular people, rather than professional designers. Product co-creation works better in the case of products intended for everyday use. For example, firms sometimes organize contests to pick the brand name for a new type of yogurt or the flavor of a new line of potato chips, and research suggests this type of product co-creation is likely to be more successful. Firms offering luxury products, in contrast, should use the services of professional designers rather than inputs from lay customers when designing new products.

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