18.5.2026 Sini Nordberg-Davies
Markets are not given – they can be shaped
For a long time, markets have been treated as something outside the firm: a relatively stable, predictable environment, where the firm adapts to existing conditions and reacts to changes coming from the outside. Research and practice now challenge this thinking. Markets are no longer seen as given, but as socially constructed, constantly evolving complex systems of actors, technologies, rules and meanings. In other words, they are not limited to a group of potential buyers of a specific offering.
From this perspective comes the idea of market shaping, referring to deliberate actions by individuals or collectives of companies and other actors to change:
- Forms of exchange – what is sold, how, and to whom
- Actor networks – who the key players are and how they collaborate
- Rules and institutions – standards, certifications, regulations, quality systems
- Market narratives and language – how the market is talked about, what is seen as “normal” or “desirable”.
Market shaping can aim at creating or improving markets (also for competitors!) or reinforcing the current system and blocking changes that might disrupt the status quo.
Why is market shaping especially important right now?
Megatrends such as climate change, radical technological innovations and digitalisation in the age of AI continuously challenge prevailing market systems, and rapid disruptions such as COVID-19, Brexit and wars in Russia-Ukraine and the Middle East increase uncertainty. Markets shift faster than before, driven by multiple overlapping forces. In this environment, passive adaptation becomes increasingly risky. The good news is that market disruptions have also provided opportunities to shape markets intentionally, and research suggests that it becomes easier to influence the direction of change when markets are already in flux.
Market shaping isn’t just an academic concept. It’s also a practical leadership tool that helps you move from adaptation to active, collaborative future‑building, especially when your aim is to align business growth with the sustainability transition.
You can start by asking What kind of market do I want to operate in tomorrow and what role do I want to play in shaping it?
What does collaborative foresight in ecosystems have to do with market shaping?
Whether driven by individual firms or collectives, the desired market change must benefit a multitude of market actors whose buy-in and active participation are needed. The literature assumes that market-shaping strategies are based on an underlying market vision portraying desirable market outcomes, yet in practice firms and collectives rarely possess such clear visions and often struggle to mobilise others behind their cause. We expect that market shapers would benefit from collaborative foresight to design effective shaping strategies and guide the related strategic decision-making.
In FORECO, one of the key things we seek to better understand is how collaborative foresight can be leveraged to shape markets for the benefit of the ecosystem. Maybe it could help ecosystem members to align their thinking as to which market’s future they are concerned with. Is it renewable energy, electric mobility, logistics or digital services, or is it shipbuilding, tourism, hospitality, entertainment, or something else? Perhaps collaborative foresight data could reveal what kind of market shaping is going on and towards what kind of market futures, so ecosystem members could better grasp opportunities to steer market change to the ecosystem’s advantage. At best, such foresight could help describe what a more sustainable, efficient and attractive version of a specific market would look like.
I look forward to exploring these questions further with the FORECO partners and beyond!
Related readings
Flaig, Kindström & Ottosson (2021). Market-shaping strategies: A conceptual framework for generating market outcomes. https://doi.org/10.1016/j.indmarman.2021.06.004
Storbacka, Nenonen, Peters & Brodie (2022). Taking stock of shaping strategies: From firms driving markets for business performance to diverse actors shaping systems for sustainability. https://doi.org/10.1016/j.indmarman.2022.09.028
Syväri, Tähtinen & Nordberg-Davies (2025.) Enacting ‘true business sustainability’ − Market shaping for environmental impact. https://doi.org/10.1016/j.jbusres.2026.116179
Halinen, Kaartemo & Tapio (2026). Futures thinking in market-shaping research: Developing an onto-epistemological foundation and analytical framework. https://doi.org/10.1016/j.jbusres.2026.116179