Creating New Market Space

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Do you seek to strengthen your market creation capability?

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The ability to create new market space secures future growth options for firms and guarantees their survival in the face of shifting market realities. Relentless technological change and external shocks such as Covid-19 turned it into a fundamental business capability.

Traditional marketing is based on the belief that markets exist “out there”, and that they can be segmented, analysed, and targeted, and effective positioning is crucial for a firm’s success. However, this approach is problematic when firms are involved in the creation of entirely new market space, and when markets undergo significant transformations.

The course shifts attention away from traditional marketing objects (e.g., brands, products, and customers) towards “market values”, “market practices”, and “market narratives”. These can be viewed as fundamental building blocks of markets and are based on the perspective that markets are dynamic social arenas. You will develop your understanding of the contextual forces that explain why market values, practices, and narratives change over time, and how they give rise to market disruptions and transformations, enabling the creation of new market space. These forces typically involve broader technological and cultural changes.

This course has two main aims: to strengthen managers' and entrepreneurs' sensitivity towards contextual forces that shape new markets; and to help you understand the attitudes, behaviours, and strategies that help firms capitalise on market transformations and proactively create new market space. You will explore these themes through a variety of real-world examples including mobile banking, e-cigarettes, New Circus, the Swiss luxury watch market, and the craft beer market. You will also apply the teachings of the course to your own markets and explore the implications for them in an interactive fashion.

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