This article analyzes the concept of value co-creation, which has arisen due to the combination of various modern influences - including economic globalization, changes in consumersÕ buying habits, and the emergence of the Internet and social media - that have changed the way companies innovate. These factors also have transformed the traditional marketing paradigm, such that companies must continually innovate to create and maintain long-term relationships with their consumers and thus competitive advantages. This study analyzes practices of co- creation and seeks to establish a theoretical research framework; the authors also identify the key effects and results of co-creation activities for both companies and consumers. By integrating situational and moderating variables, the proposed theoretical model covers multiple dimensions and offers a comprehensive approach to the topic.
co-creation, open innovation, competitive advantage, social media, consumer, collaboration, technology, customization