What creates a new market, allowing customers to perform previously impossible tasks?

A new product or service can significantly create a new market by fulfilling a need or solving a problem that customers previously could not address. By introducing innovative features or capabilities, a new product or service can enable customers to perform tasks that were once deemed impossible or impractical.

For instance, the advent of smartphones created a market for mobile applications and transformed how people communicate, access information, and perform various tasks, all of which were significantly more challenging before their introduction. As a result, this leads to the emergence of new market opportunities and customer segments that were not previously available.

While market disruption and emerging technologies can contribute to new market formations, it is the introduction of a specific product or service that directly enables customers to engage in new activities. A strategic alliance can support these initiatives by pooling resources or expertise but is not the primary driver of market creation in the same way a new offering is.