Consumer quotes
From Motley Bytes Wiki
Contents
David_E_Nye
Unanticipated Consequences
“The combined choices of inventors, entrepreneurs, and consumers create unanticipated cultural consequences. Because no single individual or institution wills certain changes, they are often mistaken for attributes of the machine itself... Machines are human-directed agents of cultural change.”
- Source: A book. Written by David E. Nye. Entitled 'Narratives and Spaces'. Published in 1997 by Univerity of Exeter Press, Exeter, UK. Hardback ISBN 0-85989-555-6. Paperback ISBN 0-85989-556-4. Introduction, pages 2-3.
Herbert_Simon
Markets and Coordination
“Markets aim to coordinate the decisions and behavior of multitudes of economic actors to guarantee that the quantity of brussels sprouts shipped to market bears some reasonable relation to the quantity that consumers will buy and eat, and that the price at which brussels sprouts can be sold bears a reasonable relation to the cost of producing them. Any society that is not a subsistence economy, but has substantial specialization and division of labor, needs mechanisms to perform this coordinative function. Markets are only one, however, among the spectrum of mechanisms of coordination on which any society relies. [central planning, bargaining and negotiation, business, government, education, balloting procedures]”
- Source: Simon, H. A. (1996). The Sciences of the Artificial (Third Edition). Computers & Mathematics with Applications (3rd ed., Vol. 33). Cambridge, MA: MIT Press. ISBN: 9780585360102. Retrieved 2018-08-23 from https://monoskop.org/images/9/9c/Simon_Herbert_A_The_Sciences_of_the_Artificial_3rd_ed.pdf. Chapter 2, page 30.
- Keywords: Market_quotes Aim_quotes Coordination_quotes Decision_quotes Behavior_quotes Multitude_quotes Economics_quotes Actor_quotes Guarantee_quotes Quantity_quotes Brussels_Sprount_quotes Market_quotes Reason_quotes Relational_quotes Consumer_quotes Buy_quotes Eat_quotes Price_quotes Sell_quotes Cost_quotes Production_quotes Society_quotes Subsistence_quotes Economy_quotes Substance_quotes Specialization_quotes Division_quotes Labor_quotes Mechanism_quotes Performance_quotes Function_quotes Spectrum_quotes Reliance_quotes Centralization_quotes Plan_quotes Bargin_quotes Negotiation_quotes Business_quotes Government_quotes Education_quotes Ballot_quotes Procedure_quotes
Invisible Hand
“In examining the processes of social coordination, economics has given top billing sometimes almost exclusive billing to the market mechanism. It is indeed a remarkable mechanism... The optimality theorems stretch credibility, so far as real-world markets are concerned, because they require substantive rationality of the kinds we found implausible in our examination of the theory of the firm. Markets populated by consumers and producers who satisfice instead of optimizing do not meet the conditions on which the theorems rest.”
- Source: Simon, H. A. (1996). The Sciences of the Artificial (Third Edition). Computers & Mathematics with Applications (3rd ed., Vol. 33). Cambridge, MA: MIT Press. ISBN: 9780585360102. Retrieved 2018-08-23 from https://monoskop.org/images/9/9c/Simon_Herbert_A_The_Sciences_of_the_Artificial_3rd_ed.pdf. Chapter 2, page 32-33.
- Keywords: Examination_quotes Process_quotes Social_quotes Coordination_quotes Economics_quotes Top_quotes Bill_quotes Exclusive_quotes Market_quotes Mechanism_quotes Optimal_quotes Theory_quotes Stretch_quotes Credible_quotes Reality_quotes World_quotes Substance_quotes Rational_quotes Plausible_quotes Examination_quotes Firm_quotes Population_quotes Consumer_quotes Producer_quotes Satisfice_quotes Optimization_quotes Condition_quotes Invisible_quotes Hand_quotes
Patrick_Vlaskovits
Faster Horse
“However, even if Ford didn’t verbalize his thoughts on customers’ ostensible inability to communicate their unmet needs for innovative products — history indicates that Henry Ford most certainly did think along those lines... Henry Ford froze the design of the Model T... Ford had no compelling reason to innovate in any other sphere other than cost and price reduction... But everything changed with the onset of the innovations introduced by General Motors in the 1920s, which took the direct opposite of Henry Ford’s tack of “Any color … so long as it is black” and is best summed up by Alfred Sloan’s consumer-research driven “A Car for Every Purse and Purpose”... In 1921, the Ford Motor Company sold about 2/3 of all the cars built in the U.S. By 1926, this share had fallen to approximately 1/3. And in 1927, when Ford belatedly responded (at tremendous financial cost and internal strife) to changes in the market’s tastes and competitive innovation by shutting down production temporarily to re-tool his factories and bring the Model A to the market, that percentage fell to about 15%... Yes, some customers in certain types of businesses are quite capable of verbalizing precisely what sort of innovative product one could build and sell them. And of course, customers in other types of businesses are wholly incapable of verbalizing, with any sort of fidelity whatsoever, what they need and why they need it. An innovator should have understanding of one’s customers and their problems via empirical, observational, anecdotal methods or even intuition. They should also feel free to ignore customers’ inputs. Because by now it should be clear that Ford’s adherence to his vision of the mass-market car and how to materialize that vision was instrumental in both his early success in growing Ford Motor Company as well as his later failure to respond in a timely and effective manner to rapid innovation in the marketplace.”'
- Source: Patrick Vlaskovits in the article “Henry Ford, Innovation, and That Faster Horse Quote”, published by Harvard Business Review, 2011-08-29. Online at https://hbr.org/2011/08/henry-ford-never-said-the-fast retrieved 2024-05-28.
- See Also:
- Keywords: Ford(topic)_quotes Sloan(topic)_quotes Verbalize_quotes Thinking_quotes Customer_quotes Requirements_quotes Ostensible_quotes Inability_quotes Communication_quotes Unmet_quotes Need_quotes Innovation_quotes Product_quotes History_quotes Freeze_quotes Design_quotes Model_T_quotes Automobile_quotes Compel_quotes Sphere_quotes Cost_quotes Price_quotes Reduction_quotes Change_quotes General_Motors_quotes Consumer_quotes Research_quotes Opposite_quotes Color_quotes Black_quotes Car_quotes Purse_quotes Ford_Motor_quotes Build_quotes United_States_quotes Share_quotes Market_quotes Belated_quotes Respond_quotes Tremendous_quotes Financial_quotes Internal_quotes Strife_quotes Taste_quotes Competition_quotes Shut_quotes Production_quotes Tool_quotes Factory_quotes Model_A_quotes Percentage_quotes Type_quotes Business_quotes Capable_quotes Precise_quotes Sort_quotes Sell_quotes Incapable_quotes Fidelity_quotes What_quotes Why_quotes Understand_quotes Problem_quotes Empirical_quotes Observation_quotes Anecdotal_quotes Method_quotes Intuition_quotes Feel_quotes Free_quotes Ignore_quotes Input_quotes Clear_quotes Adherence_quotes Vision_quotes Mass_quotes Innovator_quotes Materialize_quotes Instrumental_quotes Success_quotes Early_quotes Grow_quotes Later_quotes Failure_quotes Timely_quotes Effective_quotes Manner_quotes Rapid_quotes Marketplace_quotes Horse_quotes Faster_quotes
