Money, time, sex, food, friends, probably more sex, entertainment, safety...the list goes on and on.
But what are people willing to pay for?
This is the ultimate question the marketers need to find out. To find the answer, they have to conduct what is called Market Research, and collect data about what people already buy, which people buy it, and conduct studies where they ask certain groups (usually their target market) what they think of their products and their competitors product.
Remember when people used to stop you in the mall to ask your opinion on seemingly random stuff? Market Research.
How about when people hand out free stuff along with your purchase?
Market research. They want to see if your demographic (the people who bought what you just bought) are interested in their product.
Now for some flair and piazz: Market Research can be entertaining to the consumer!
Have you been to a fair or expo and seen Pepsi vs. Coke booths? At these booths they let you taste test two unknown sodas, and find out which you like best and why. This is fun for the consumer, spreads awarenesss about the product, and gains valuable insights for the reaserch and development teams.
Knowing what people are interested in helps you predict what they will buy and when. A fun example is this video, looking at the joys and pains of producing a seasonal product.
If the executive had done his market rsearch (as his employees clearly had) he would have any reason to worry....and we wouldn't have any reason to laugh!
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