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As is widely observed in many market settings, sellers collaborate with intermediaries to commercialize products and to reach buyers. Sellers typically prefer intermediaries that have great market access-that is, intermediaries that can reach many buyers. But sellers also prefer a high relative standing in an intermediary’s portfolio, so that they (rather than other portfolio sellers) receive most of the intermediary’s attention and resources. These two preferences often conflict: Intermediaries with great market access also tend to represent more and stronger sellers, making a high relative standing more difficult for a seller to achieve. Thus, sellers often need to choose either a high standing and few buyers (big fish, small pond) or a low standing and opportunity to reach many buyers (small fish, big pond). We term this the “big fish, big pond” dilemma. We examine how sellers resolve this dilemma through a study of …