The civilising tension at the heart of market-making: a case study of the stent industry
We are interested in the emergence of new markets. While the literature contains various perspectives on how such new markets come to be, the dynamics of the marketization process are less clear. This paper focuses on the development of stent technology and examines the activities characteristic of its emerging market. We identify four market ‘moments’: a mutable marketing moment prior to the point of disruption; two parallel moments at the point of disruption – internecine marketing between emergent competitors, and subversive marketing between those competitors and established actors; and finally, a civilized marketing moment. We conclude that emergent competitors operate two distinct strategies at the point of disruption. Also, legal activities are central to marketization dynamics during this period. In terms of process, while creative destruction may broadly describe the move from disruption to acceptance, there is a period of creative construction prior to disruption, when the new market is coming into being.
Innovation , Medical devices , Disruptive technology , Strategy , Market-making , Civilized marketing , Stent technology , Legal activity , Longitudinal case study
Lawlor, J. and Kavanagh, D. (2012) ‘The civilising tension at the heart of market-making: a case study of the stent industry’, 2nd Interdisciplinary Market Studies Workshop, European Institute for Advanced Studies in Management, Dublin, 7-8 June.
© 2012 the authors