Final answer:
The correct term for a market that does not yet exist but is anticipated to develop with the introduction of a new product is an 'incipient market'.
Step-by-step explanation:
When Nokia first introduced their camera-phone, they were creating a product for a market that did not previously exist. In such scenarios, companies are targeting a market that is yet to be fully realized, where the demand for the new product or service is anticipated to develop once it becomes available. In this context, the correct term to describe this potential market is an incipient market.
An incipient market is characterized by being at the very early stages of development. There are no past data or existing customers to analyze since the product or service is introducing a new category to the consumers. Companies have to predict the market's growth and potential demand through other indirect methods of research. Nokia, by pioneering the camera-phone, was engaging with an incipient market that eventually grew as consumers adopted the technology and integrated it into their daily lives, creating a new industry.