14. What are the opportunities and risks of co-creation and co-design of products with consumers?

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14. What are the opportunities and risks of co-creation and co-design of products with consumers?

business economics

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Answer 1

Answer #1

Co-creation and co-design imply the contribution of customers towards the development and designs of products.

Opportunities:

Information asymmetry is reduced between the customers and firms.
New and competitive products get developed.
New ideas are developed when conversations take place between firms and customers.

Risk:

Cost might escalate due to arrangement of meetings and conferences.
Firm might lose its brand by listening to its negatives from customers.
Low same from market may not reflect true perception of customers.

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Answer 2

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