MKT2013 Assignment: How Digital Tech Shapes Value Co-creation

This essay examines the extent to which the ability to co-create value is dependent on digital technologies, based on the premise that firms are no longer the sole arbiters of value as consumers take increasingly active roles. It explores the concept of value co-creation, emphasizing the collaboration between companies and consumers through digital platforms like social media. Digital technologies enable consumers to provide feedback, participate in product development, and access information, fostering a dynamic relationship with companies. The essay also discusses how companies leverage digital marketing strategies, customer service enhancements, and online communities to engage consumers and co-create value. Ultimately, the essay concludes that digital technologies are crucial for facilitating value co-creation, empowering consumers, and driving organizational performance in the modern marketplace. Desklib offers a wealth of similar essays and study resources for students.

Running Head: Digital marketing and branding
Digital marketing and branding

Digital Marketing and branding
Digital Technologies
Value Co-creation is related to a strategy that brings many parties together in order to
produce a mutual valued outcome. Co-creation is considered as a new structure of references for
attaining the business goals of value creation. It is seen that companies and the customers now
cooperate with each other by taking into consideration innovative and productive efforts. The
company should not only consider the consumer end users but also enhance the mutual
relationships that help to empower the users in the process of production. These thoughts give
reflection on the company and consumer and also take into consideration proper interaction
between the company and consumers.
It is seen that the interaction between company and customer and between customer and
customer has become an important part of the value creation. Value is created by the consumers
and also the requirements are expressed and to participate in the process of manufacturing. The
organization offers the resources that help the consumers to participate in an effective manner.
The consumers and companies have become partners in various markets. With co-
creation, a company can easily attract customers and harnesses the ingenuity. Market has now
become a stage for participation in the process of exchange and also where the companies give
consumers various offers. The customers offer the organization a contact with the fast moving
world of knowledge in general. By taking into consideration co-creation it is seen that how
company generated the ambiances and also produce and shared technical and knowledge acts.
Co-creation helps the organization to maintain control and also take into consideration
primary method through which the elements of the market can be controlled. If the consumer
interacts effectively with the company and also with other consumers then there is an
enhancement in the ongoing value relationships. The ability to co-create the value is dependent
on the digital technologies.

Digital Marketing and branding
By taking into consideration social media it is evaluated that it helps to co-create the
value that is dependent only on digital technology. Social media is one of the digital technologies
that help the organization to survive in the competitive environment. With the help of social
media, the consumer can get knowledge about the products and services in an effective manner.
The companies that are using social platforms can gather the concepts from their consumer
community. This consists of product concepts and evolution of the products and services to
create a better product and to satisfy the needs of the consumers. By having proper access to the
social media the consumer and companies can easily identify the needs and wants of the market
(Price et al., 2013).
By giving focus on the sources of information about the demand the companies can easily
gather correct data. This can also result in the positive outcome and can also enhance the
inventory control and better placement of stock. Social networks can help to give focus to the
first responders and also permit the staff to forward the additional stock in the market. The
companies like Tomtom and Google maps take into consideration the users that help to locate
and qualify the mistakes. The consumer also creates value by giving feedback on the product
quality and on the other specifications of the product. It is also seen that the consumers work in
immaterial way also (Cova and Dalli, 2009).

Digital Marketing and branding
The company can easily conduct market research as there are many ways to gather the
feedback from the consumers. The company not only plays a role as a sole arbiter but consumers
participate actively to attain the value. Now a day consumers are so active on social media site,
that they give feedback on the website or on social media sites of the product purchased by them.
By taking into consideration various companies it is seen that by digital technologies, they
promote their products and services in the market. Value co creation is considered as service
logic. It is seen that the customers are not always the co-creators of value but they also provide
various opportunities (Grönroos, 2011).
Digital technologies assist the consumers in the improvement of the customer services.
Customer services are a key to sustain in the competitive environment. It is seen that there are a
majority of consumers who pay more for better customer experience. By considering the retailers
like Zappos provide effective customer services and also excel in areas like in-store experience
and effortless returns. Technological advancement in the customer service has improved the use
of digital channels and also raises the standards of the retailers. To promote the products and
services the company takes into consideration proper marketing strategies like advertisements
(Vargo & Lusch, 2004). The company tries to provide proper customer service with the use of
digital technology so that the satisfaction level of the customers can be enhanced (Baym, 2015).

Digital Marketing and branding
Retailers are increasing by taking into consideration the digital path for purchasing,
offering convenient services like one-click ordering and also direct purchasing from the
alternative channels of retailers (Lin and Atkin, 2014). By giving focus on the companies like
Amazon, pounce it is seen that there are making use of digital technology in offering the product,
delivering the product and also to gather the feedback. At the same time when consumer
purchase the product from Amazon and if it is delivered on time with a good quality, then the
consumer will feel satisfied and happy and also they create their own value by giving feedback to
the company (Blackwell et al., 2014).
In the past marketing communication was limited to snail mail and also it was costly and
slow. Now there are many communication techniques through which the company can easily
conduct the activities. Online communities are created by many enterprises that provide
assistance to work in the competitive environment. Communication is effective by taking into
consideration Zero cost and also it helps to provide feedback in minutes (Prahalad and
Ramaswamy, 2000).
Sales opportunities need telemarketing and expensive advertising so that the customer
can get knowledge about the products and services. Telemarketing and advertising can only be
done by taking into consideration digital technologies like social media sites, email, and websites
of the company (Haight et al., 2014). It is seen that business to business companies are
enhancing their value by discovering the social networks so that the customers can be attracted
and also it helps to drive inbound the inquiries of the consumers. By displaying the information
on the companies the blogs and online whitepapers are used for offering proper services to the
company. Software companies like Hub spot have designed online tools that help to become
more efficient with their marketing (Castells, 2015).
To enhance the value of the company there are many companies like Southwest airlines
that take into consideration channels like Twitter to respond to the public relation issues. Also,
there are many agencies and large brands that are monitoring the social media channels with
community managers who have proper control over the social networks like Facebook. It turns
the customer care problems into opportunities so that the customers can be satisfied and also the
response can be given in a speedy way. The marketing challenge that is taken into consideration

Digital Marketing and branding
by co-creation establishes ambiances that the consumer consists of many steps that allow the
consumer to harness the productive capability in an effective manner (Ritzer, 2015).
Social technologies are enhancing their organizational performance by making
collaboration and co-creation efficient both internally and with the external suppliers and
partners. This saves time in ensuring the face to face meeting and also it ensures that best
practice is followed and shared with the consumers. There are many companies who take into
consideration social technologies to conduct the activities of the organization with 16 employees
across 6 countries. By having 6 employees in the organization the company can conduct the
activities in many countries. This is only the way the companies try to enhance their value in the
market (Nambisan, 2017).
Digital technologies also offer social platforms like LinkedIn that assist insights into the
individual skills. The passion and interest are also considered as an important aspect that
provides a clear Image of the candidate.
So, it is analyzed that digital technologies play a great to enhance the value of both the
company and the consumers. Also if the companies consider proper digital technologies, then it
can be evaluated that profitability and productivity level can be increased. Consumers also try to
remain active with the help of the digital technologies. By considering digital technology, it is
seen that it has brought a drastic change in the lives of the individuals. By sitting anywhere the
consumer can give feedback on the products and services and the company can easily gather the
information or the feedback in a proper manner. It is concluded that the firm not the sole arbiter
of value. The consumers take active roles in the creation of their own value.

Digital Marketing and branding
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Digital Marketing and branding
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