Lecture focuses on understanding (a) strategies that market pioneers can implement to create perceptual monopolies, and (b) strategies that market challengers can implement to have a chance at taking over the market leader’s monopolistic position in consumer minds. As markets exist only in consumer minds, prof. Carpenter will introduce the concept of resurgence which examines how companies can reinvent themselves by embracing a consumer perspective. By understanding the process of building the consumer into company’s value system, and building the company into a consumer’s value system, companies can successfully manage their monopolistic positions in consumers’ minds.