Should I Introduce My Partner?: Exploring the Effects of Stakeholder Cocreation on Consumers’ New Product Valuations

An emerging stream of research explores the effects of involving consumers during new product development. Yet, in recent years firms have started to cocreate products with multiple types of stakeholders, not just consumers. This paper examines the effects of stakeholder cocreation on consumers’ valuations of new products in two studies. Contrary to extant research, the results show that in the context of complex products, consumers value cocreation with multiple stakeholders, rather than cocreation with only consumers. Furthermore, the results reveal the underlying process that explains this relationship. Consumers perceive firms, that cocreate with a highly diverse group of stakeholders, as more capable in creating innovative products and are subsequently willing to pay more for those products.