THE EFFECT OF THE NEW NORMAL AND BUSINESS VALUE CO-CREATION

Abstract

This article aimed to study the influence of the “new normal” on life and business value co-creation in business organizations. Currently, society and the environment have changed. Thus, adaptation to life in the new normal is necessary, and online social networks play important roles in such adaptation. As a result, business organizations need to transform themselves to build confidence among consumers before they make purchase decisions. Toward this goal, online services through social media have affected consumption and changed the marketing paradigm. Value co-creation can generate interaction between an organization and consumers, so it is very important, especially in the context of online communication. An organization can build supportive experience for continuous collaboration, create an atmosphere to encourage consumers to express their preferences in various aspects, listen to their opinions, and then use such information for product/service improvement and development by suitably reflecting the real demands of consumers at the individual level. Further, information can be used in an effective way for business value co-creation so that it is beneficial for both customers and businesses in the future.