Managerial levers of market-shaping strategies: An abductive inquiry

Kaj Storbacka*, Suvi Nenonen

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

Abstract

Viewing markets as socially constructed, and thus consciously reconstructable value-creating systems, opens interesting avenues for managerial practice. Strategic decisions regarding markets are no longer limited to market selection or positioning in an existing space; for in addition, markets themselves can be shaped for higher value creation, growth and profitability. Based on an abductive research process that was founded on a continuous literature review and involved 63 executives from 16 firms in two countries, we identified 12 distinct levers that a focal firm wanting to shape their markets can focus on. These managerial levers are further categorized into four themes (1) reworking the exchange process by which the focal firm connects with customers, (2) reshaping the network that supports the exchange process and customers’ use practices, (3) revising the representations that are used to symbolize the market, and (4) reforming the norms that guide all interactions in the market. The developed framework provides an organized and actionable overview of the elements that can form the content of market-shaping strategies, thus illuminating the “black box” between previously explored antecedents and outcomes of such strategies.
Original languageEnglish
Peer-reviewed scientific journalJournal of Global Scholars of Marketing Science : Bridging Asia and the World
Volume31
Issue number3
Pages (from-to)337-353
Number of pages17
ISSN2163-9159
DOIs
Publication statusPublished - 09.02.2021
MoE publication typeA1 Journal article - refereed

Keywords

  • 512 Business and Management
  • markets
  • ecosystems
  • market-shaping
  • market-driving
  • abductive inquiry

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Competition economics and service strategy - Service and customer-oriented management

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