Institutionalizing markets: a proposed research agenda

Abstract

This article contributes to the literature that establishes a conversation between institutional theory and marketing by focusing on a topic of growing interest: market institutionalization. It suggests a research agenda related to legitimacy, institutional logic, contested markets, and market spatiality. This agenda explains under-researched topics and suggests future studies to refine knowledge about market institutionalization. We also highlight types of markets to be investigated, such as legal weapons, jogo do bicho (an illegal Brazilian gambling game), sports betting, xenotransplant, fossil fuel cars, beef consumption, marijuana, and edible insects. In these markets, institutionalization is still unclear. Therefore, the theorization about the formation and transformation of these markets can further our knowledge about them. Finally, this article argues that the Brazilian context is fertile to research these topics, either analyzing it on its own or with other spatial contexts. It concludes by suggesting that the topic and research questions suggested here enable a richer conversation between institutional theory and marketing. Moreover, it can advance our understanding of the institutionalization of different types of contemporaneous markets.

Keywords:
Institutionalization; Market formation; Market transformation; Legitimation; Institutional logics