When Elise customized M&M candies for her daughter's graduation party, she was participating in value cocreation.

Value cocreation is the collaborative process between businesses and customers to create value through the exchange of knowledge, resources, and skills. Elise was creating customized M&M candies for her daughter's graduation party, which was a collaborative process between her and the company producing the candies to create a unique and personalized experience for the guests attending. This is an example of value cocreation.