All posts by liselottekeizer

A Win-Win Business Model

In 2009 Vitaminwater launched flavorcreator, an application on Facebook. Flavorcreator consisted out of three phases and per phase users could play different games and participate in contests. The most important contest was to create your own flavor. This can be seen as an action of Vitaminwater to crowdsource symmetrically skilled, young users. As reward for participation the winning idea received $5.000. But I have to note that besides crowdsourcing, flavorcreator was also a clever way to do market research…

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“We are quite curious, really, to the tune of one million dollars”

When the number of movies and series on Netflix increased exponentially, the CEO of Netflix, Reed Hastings, realized they needed to improve their recommendation system to retain customers. After Netflix made several unsuccessful attempts to develop a new algorithm to improve their movie predictions accuracy, they decided to start a three–year open contest. When they launched the challenge, they invited their lead users to come up with a better recommendation system than the one Netflix had at that time, named Cinematch. Many mathematicians, statisticians, software engineers and cyber geeks, symmetrically skilled, from all over the world participated. The variety of participants is often beneficial since somebody outside the field of the problem can often come up with a good solution (Harvard Magazine, 2013). To win the contest, the proposed system had to improve recommendation accuracy with at least 10%, compared to Cinematch. The ones who would achieve this goal, received a price of one million dollars.

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Co-creation for better idea generation

Nowadays platforms offer several opportunities for companies to interact with their customers. An example of such an interaction is market research. The purpose of the article of Witell et al. (2010) is to understand the differences between proactive and reactive market research techniques, as both have different influences during the development of new market offerings.

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