Code for: How Do Entrants Build Market Share? The Role of Demand Frictions

We construct a new data set to show that successful entrants in the consumer food sector build market share by adding new customers. Entrants reach new customers by entering more geographical markets, placing their product in more stores in these markets, and for a positively selected subset of firms, by advertising direct to customers. These activities are costly and are associated with persistent increases in quantities, but there are no differences in markups between new and mature markets. This confirms a central role for marketing and advertising in overcoming demand-side frictions that slow firm growth.本研究构建全新数据集，用以证明消费食品行业中成功的新进入企业可通过拓展客户群体提升市场份额。新进入企业可通过拓展更多地理市场、在对应市场内将产品铺设至更多门店来触达新客户；对于经正向筛选的部分企业而言，还可通过直接面向客户投放广告实现这一目标。上述经营活动均需付出成本，且与销量的持续增长存在关联，但新市场与成熟市场间的加价率并无差异。这一结果证实，营销与广告在克服制约企业增长的需求侧摩擦方面发挥着核心作用。