Co-Creation of EventsFdA in Events Management

Today, we are going to discuss:

● Defining Co-Creation

● Defining Value● The relationship

between price and value

● Added Value● Examples of added

value in events● Micro and Macro

Environments

What is co-creation?At its core,co-creation is about involving a

community outside your company in the ideation phase of the new product or service

development. With co-creation, the participants — which may include customers, suppliers or the general population — are made aware that they are contributing towards the development of ideas and

concepts. Through a series of steps, people are invited to contribute, evaluate, and

refine ideas and concepts.(https

://www.visioncritical.com/cocreation-101/, 2013)

Sounds like crowdsourcing to me...Co-creation is a collaborative initiative that operates like crowdsourcing by seeking

information and ideas from a group of people. But there is one crucial difference: With co-creation, the call is not put to an open forum or platform but to a smaller

group of individuals with specialized skills and talents. The result is less crowd noise and less chaos. With co-creation, companies can automate and track some processes while

still getting creative ideas.(

https://www.visioncritical.com/cocreation-101/, 2013)

Co-Creation Experiences: The Next Practice in Value CreationC. K. Prahalad and Venket Ramaswamy have written an excellent article with the above title. This is in your resources for Applied Event Management Skills and as part of your homework for this week, you must read this article and write a summation of it, with correct references, in your blog. This must be 300 words or less.

In a nutshell, co-creation is both the organisation and the consumers creating value.

So, the organisations are moving from a company and product centred view of doing business to an experience centred way.

In this concept of value, an organisation’s products or services become an souvenir around which individual consumer experiences happen.

Defining Value

Added Value / Value AddedWhat is Value Added?

Read the following three articles and write 250 words on what Value Added or Added Value means to you.

Post the 250 words on your blog using full references.

Value added / Added Valuehttp://www.brightbull.co.uk/16-mantras-for-increasing-your-event-website-visits-with-value-adding-content

http://www.eventmanagerblog.com/adding-value-through-events

http://executivesecretary.com/adding-value-is-the-key-to-event-success/

The relationship between price and valueCost: the cost of your

product/service is the effort/amount you spent to produce itPrice: is the financial reward for providing the product/serviceValue: is defined from the customer’s sight of view and represents their appraisal of the worth of the product/service for him/her

Reflection and EvaluationThink of an event or experience you have had that you thought was good value for money.

What made that experience good value?

Was there anything that could have improved the value?

How important do you think value is as part of an event?

Reflect on the value of the ‘Zombie Lockdown’ event in relation to the price of the event.

Post the answers to these questions on your blog.

Micro and Macro EnvironmentsMicro environments relate to the environment inside your

company or any thing that directly affects your plans or planning of an event.

Macro environments relate to major/ external and uncontrollable factors that influences an organisations decision making and affects its performance.

references:

Benson, Stephen, and Stephen Benson. 'Co-Creation 101:

How To Use The Crowd As An Innovation Partner To

Add Value To Your Brand'. Vision Critical. N.p.,

2013. Web. 4 Nov. 2015.

Johanneswoe.wordpress.com,. 'Relation Between Cost-

Price-Value | Everything About Logistic's'. N.p., 2010.

Web. 5 Nov. 2015.

Prahalad, C.K., and Venkat Ramaswamy. 'Co-Creation

Experiences: The Next Practice In Value Creation'.

Journal of Interactive Marketing 18.3 (2004): 5-14.

Web