Product Markets as Socio-Cognitive Systems: Theoretical Foundations and Research Propositions
University of Illinois, Office of Research Working Paper No. 99-0121
Posted: 15 Dec 1999
A theoretical framework is proposed in which consumers and producers are seen as market actors coupled in behavior-cognition cycles - cycles of enacted behavior and sensemaking that generate product knowledge. Repeated knowledge and sensemaking over product concepts give rise to product conceptual systems shared by market actors. The arguments are grounded in the development of the paper clip product market, and researchable propositions focused on discernible elements of knowledge structures shared by producers and consumers are presented throughout the discussion. A methodological argument is made for using market stories as data, and for the application of network analysis tools to assessing change in the conceptual frames of market actors over time. The implications of the framework to marketing theory and practice are also discussed.
JEL Classification: D00
Suggested Citation: Suggested Citation