Categories

…most of the cost is in the development of the solution, the idea. If you can replicate it and price to market, the operating cost can be quite low.

Markets provide strong incentives for firms to cater to the demands of consumers, and firms will compete to meet those demands, whether or not those demands represent the wisest choices.

…we live simultaneously in two different worlds – one where social norms prevail, and the other where market norms make the rules.

When social and market norms collide, trouble sets in.

…once market norms enter our considerations, the social norms depart.

…no one is offended by a small gift, because even small gifts keep us in the social exchange world and away from market norms.

Once the bloom is off the rose – once a social norm is trumped by a market norm – it will rarely return.

…market research tries to predict people’s preferences, but increasingly, decisions are influenced by the opinions of other consumers and experts.

What market researchers often underestimate… is the degree to which consumers are myopic and have difficulty imagining or anticipating a new and very different reality.

There is no effective way to use market research to predict consumer reaction to major changes or new concepts.