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Things That Made the Modern Economy

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Inventions, ideas and innovations that have helped to create the modern economic world

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world

50 Things That Made the Modern Economy: Series 1

Things That Made the Modern Economy: Series 1: Market Research

Market Research

10/10/2017

Series 1

BBC Radio 4 - Things That Made the Modern Economy, Series 1, Market Research

Market research marked a shift from a producer-led to a consumer-led approach to business.

Market research marked an early step in a broader shift from a 'producer-led' to a 'consumer-led' approach to business.

In the early years of the 20th century, US car makers had it good. As quickly as they could manufacture cars, people bought them. By 1914, that was changing. In higher price brackets, especially, purchasers and dealerships were becoming choosier. One commentator warned that the retailers could no longer sell what their own judgement dictated - they must sell what the consumer wanted. That commentator was Charles Coolidge Parlin, widely recognised as the man who invented the very idea of market research. The invention of market research marks an early step in a broader shift from a "producer-led" to "consumer-led" approach to business - from making something then trying to persuade people to buy it, to trying to find out what people might buy and then making it. One century later, the market research profession is huge: in the United States alone, it employs around half a million people.

Presenter: Tim Harford
Producer: Ben Crighton.

Things That Made the Modern Economy: Series 1

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Inventions, ideas and innovations that have helped to create the modern economic world.

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world.

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