Taking a social constructivist perspective, this paper presents a socio-cognitive framework for understanding the dynamics of mature competitive markets. Its fundamental premise is that mature competitive markets are as dynamic as emerging ones because the enactment-sensemaking cycles in which...

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...