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Hundreds of millions of dollars are spent each year by industry And commerce in endeavoring to discover what consumer preferences Are. Today the consumer is a most important person and a high Proportion of the wage-earners pay is spent on a variety of Products, ranging from automatic washing machines to motor cars. At one time manufacturers would make a decision on the type of Product they thought the consumer would buy, and then arrange to manufacture the product, hoping that the consumer would buy.
In many instances the manufacturer would estimate his market Correctly, and large sales of his product would estimate his market Correctly and large sales of his product would result, On other occasions the consumer would refrain from purchasing the manufacturer ’s product, perhaps because it was not as good as Competitive brands, or it simply did not appeal to the consumer. From the manufacturer’s point of view , he either designed and Produced an article which sold well and made him good profits, Or he spent a great deal of time and money in manufacturing an Article which did not sell, and this subsequently resulted in His making losses on this particular line. Whilst it would be Untrue to say it was largely a question of hit and miss, there Was obviously great risk in attempting to determine just what The consumer wanted .
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