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Hubert Gatignon
Emeritus Professor of Marketing
Book Chapter
Anderson E., Gatignon H. (2005). Firms and the Creation of New Markets. In Handbook for New Institutional Economics (pp. 401-431). Springer.
New markets do not emerge, nor do they appear. They are made by the activities of firms. New markets are created when firms correctly sense (by accident or by design) a latent need, and communicate their solution to that need: markets spring into being when economic actors shift resources to that firms solution. The most visible way to create a new market is to offer a product/service that is novel, thereby addressing needs that were not met (and perhaps not even sensed).