Co-creation is a pro-active strategy for enabling firms to create value through co-opting consumer competences.
But while some doctors welcome home technology, others question the consumer's competence.
But I'm not convinced this reflects a new, higher level of "consumer cultural competence" or has made us "significantly better off".
Moreover, few consumers have the competence or knowledge to second-guess a doctor's recommendations.
We found that consumers' warmth and competence perceptions of these brands were highly predictive of purchase intent, likelihood to recommend, and most importantly brand loyalty.
Specifically, by utilizing a formal model of firm R&D that shows that profit-maximizing firm R&D intensity is determined jointly by firm-specific technological competence and consumer preference regarding quality and price, this paper suggests that firm size affects firm R&D intensity not directly, but through its influence on firm-specific technological competence.
The findings showed that PharmD graduates reported the highest competency in acute care, medication reconciliation and primary care services, whereas PSc-BPharm graduates reported more competence in consumer health protection than PharmD and PC-BPharm graduates [ 6].
For instance, many premium brands (e.g., IBM, Walmart, Volkswagen) use blue in their logos and product package designs because consumers link blue with competence; the color is further associated with intelligence, communication, trust, efficiency, duty, and logic.
An algorithm is also provided for effective expansion of competence sets in consumer decision analysis.
That approach works fairly well, but it's an incomplete subset of the broader and deeper warmth and competence perceptions that consumers unconsciously internalize.
People judge brands just as they do other people, so companies and brands that deliver on the critical dimensions of warmth and competence will attract consumers more quickly and profitably.
