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Essential Insights into the Mind of the Market
Why do 80 percent of new products despite the best efforts of market researchers -- through techniques such as focus groups and market surveys -- to predict what customers want. According to Harvard Business School marketing professor Gerald Zaltman, the reason for the failure of traditional market research methods is that they depend on customers consciously knowing what they want and what they will buy. However, customer behavior toward products and brands is often driven by the unconscious, rather than the conscious. In this summary, Zaltman explains how the brains, minds, and memories of consumers work, and how marketers can effectively leverage that information in their strategies.
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