RESPONSIBLE ENTREPRENEURSHIP VISION DEVELOPMENT AND ETHICS

236 RESPONSIBLE ENTREPRENEURSHIP
& Samson, 2009). Innovation recognizes the value of forethought and intuition as well as the
collective intelligence of consumers. Consumer knowledge, derived from experience, is
increasingly being viewed as a key asset while companies are designing and marketing products
in ways that appeal more to the emotional side of consumers. Additionally, the concept
of “co-creation of value” has become a dominant idea, which occurs when customers interact
with companies or products and therefore have an active role in the shaping of their experience
and value perception.
Moreover, going beyond consumers, networked individuals around the globe are no longer
passive and docile recipients of supply, thanks to digitization, globalization, the World Wide
Web, advances in interactive communications and information technologies, social media,
and connectivity. Individuals today are highly connected and networked, sharing their experiences
with products and services. They want to help design the value of the products and
services they use, they want an ongoing conversation with the companies they do business
with and with one another, and they want their voices heard. Propelled by advances in global
communication and information technologies, the nature of interactions among individuals
and their environments has been changing rapidly, driving an ongoing metamorphosis of value
creation in business, economy, and society (Ramiswami & Ozcan, 2014).
Ramiswami and Ozcan (2014) claim that the main principles of the co-creation paradigm
require a shift in thinking in order to:
1. engage stakeholders personally and collectively in creating value together and expanding
how the enterprise connects value creation opportunities with resources;
2. conceive platforms of engagements as purposefully designed assemblages of persons,
processes, interfaces, and artefacts, which afford environments of interactions to intensify cocreating
actions and generate mutually valuable outcomes;
3. recognize that actualized value is subjective and varies as a function of individuated
experiences of co-created outcomes;
4 .leverage the capabilities of meshwork of social, business, civic, and natural communities
in which individuals are embedded to virtualize new co-creative capacities of value creation;
5. build ecosystems of capabilities together with other private, public, and social sector
enterprises to expand wealth-welfare-wellbeing in the economy and in society as a whole.
Some research work has been done on brand experience, brand satisfaction and brand loyalty.
Nysveen and Pedersen (2014) apply a service logic approach in which co-creation participation
refers to co-creation of customer value together with the brand, co-creation of new
value with the brand and co-creation of value together with other customers within the context
of the brand. The authors discuss the influence of co-creation on sensory, affective, cognitive,
behavioral and relational brand experience dimensions, revealing a rather detailed
picture of how co-creation can influence brand experience. Furthermore, Hollebeek (2011b)
looks at brand experience, satisfaction and loyalty as potential consequences of customerbrand
engagement.
Nysveen and Pedersen (2014) also claim that in order to create positive sensory, affective
and cognitive brand experiences, co-creation participation has to stimulate consumers in
interesting and preferably appealing ways, and engage customers in the brand. On the first
place, co-creation has a positive influence on the strength of sensory brand experiences. Due
to the fact that the physical surroundings and/or the user interface developed for interaction