Knowledge management has often been linked to product development, innovation, and customisation. In particular, effective exploitation of customer knowledge, through engaging customers in a process of co-creation of products, exemplifies such a link. Accordingly, this research aims to identify those dimensions of knowledge management activities believed to enable an organisation to acquire and absorb new knowledge, which may facilitate the involvement of customers/lead users in product development activities. Using empirical data from a survey of 311 UK manufacturing companies, a three-dimensional knowledge acquisition construct emerged through employing Exploratory and Confirmatory Factor Analyses (EFA) and (CFA), namely: Diverse stakeholder communication, capability-enhancing partnerships, and external knowledge assistance. Moreover, Structural Equation Modelling (SEM) findings show a significant and positive relationship between the resulting knowledge acquisition construct and customer involvement. Interestingly, absorptive capacity was proven to fully mediate such a relationship, highlighting its central role in unlocking the potential of externally-acquired knowledge and incorporating it into an organisation's product development activities. (Contains 8 tables and 2 figures.)