Market emergence through marketization lens: Case Restaurant Day

Abstract

Objectives of the study:

The functioning of markets has received increasing interest, however, the research on market evolution processes and their specific features is limited. This thesis is to further the understanding of Caliskan and Callon's marketization framework through describing one market emergence process, and also to find links to other consumer culture theories. The marketization framework recognizes the different elements in market evolution, however, the model is highly abstract and conceptual. The main goal of this study is therefore to explore and analyze a novel market setting through this marketization lens, and to provide practical and theoretical implications for research on evolutionary market processes.

Research method:

Restaurant Day, a one-day food carnival born in Finland and held four times a year, is chosen as a research context because of its newness and unique features. The methodology consists of an ethnographic research process including formal and informal interviews, observation, netnography, and self-participation in Restaurant Day.

Findings:

The findings reveal that all five marketization elements are there to be seen on Restaurant Day, however, this study notices that the marketization model does not cover intangible goods, limits of growth, market changes or institutionalization, non-monetary prices, or the market spirit. Restaurant Day market follows the marketization framework, however, there are emergent elements. This study also contributes to understanding encounters' role in market development. First, the encounter includes most of the market action as the actors are colliding in order to create the basis for a market. Second, the encounter develops dynamically, not just structurally, and when it matures it clarifies and constructs the whole market.