This article examines emerging technologies and the markets that they create, reviewing ideas about how new rules might be developed for successful participation in them. The need to examine new markets is being driven by the convergence of information technology and telecommunications, increased channel turbulence caused by the Internet, the embodiment of information technology in new products, globalization, and the increasing concentration and interdependence of industries. New rules to succeed in these markets depend on (1) an understanding of the market and (2) an ability to take that understanding and exploit it into profitable, customer-focused action. This article looks at market calibration including the development of new stimuli, measures, and models. It then takes the results of that calibration to show how firms in the new millennium can focus marketing action not only on a well-targeted marketing mix that has historically been the focus of marketing in the 1900s but by developing, maintaining, and maximizing their installed customer base.
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