Recently, co-creation is a new trend in business and product development. It allow consumer who partners in the creation of the value. Co-creation or collaboration and leads to innovation in products and services. The success in innovations or new product and services development is highly dependent on whether they take in consideration the needs and demands of potential users and consumers. However, innovation activities are not only created by solitary geniuses, but also products that generate succeed on collaboration, a free exchange of ideas and regular interactions with customers and other stakeholders.
The purpose in this report is to explain the innovation and growth, which is separated into two parts. Firstly, explaining the co-creation activities and then demonstrate through case study. Secondly, explaining the innovation performance in TORAY chemical industries and also shows the keys indicator that how TORAY chemical industries has been able to innovate to achieve sustained growth.
Question one: Co-creation activities
Co-creation activity refers to the emerged or co-operate as a business between company and end users. Customer or end users could be involved in the design and development of personalized product process, services, and experience (Marko Seppa and Stoyan Tanev, 2011). It is a form of business strategy that emphasizes the generation and ongoing realization of mutual firm-consumer value. Interacting with the customers in different function can be result in risks and benefits for innovation. Innovation is about the successful exploitation of new ideas. So, customers can supply the innovation in the business both tangible and intangible factors of production. They also can be direct and indi...
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...roduct brands for both good and bad experience to broadcast to the world. When firm understand the co-creation, and then adapted with social network to communicate with their consumers and tapping into the creativity of their biggest fan. For instant, Coca-Cola has created the campaign fan first interaction from approaching to problems with popular Facebook fan page created by two Coke fans. Coca-Cola Company had been encouraging their fans by created campaign ‘Share a Coke’. The fan that wins the prizes will receive a can of Coke with a friend’s name on it (Ekaterina Walter, 2012).
In addition, Smith’s, the chip brand has announced the campaign that asked public to vote for the new flavor of a shortlist of four. The winner will also win US$10,000. It shows the consumer can be generated marketing through co-creation with the chip’s brand (mumbrella.com, 2009).
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