Conference co-chair Barbara Kahn, University of Miami, welcomed attendees and discussed the importance of innovating in an economic downturn.
Robert Meyer, University of Miami School of Business and University of Pennsylvania, discussed consumer perceptions of product innovations. He noted, “We don’t sell products; we sell dreams. How do you put a number on a dream?”
Patia McGrath, General Electric Company, discussed the role of consumer insights in the innovation process in the B2B context.
From Neeli Bendapudi, Ohio State University: “We as academics are guilty of thinking that you start with qualitative research, then do the real research.”
Donna Hoffman and Thomas Novak, University of California, Riverside, introduced the “emergent nature” construct, describing consumers who are uniquely able to envision how new product concepts can be further developed so that they will succeed in the marketplace.
“We live with our guests. That really arms our people in a way that is unique to our business,” said Adam Goldstein, President and CEO, Royal Caribbean International.
From John Gourville, Harvard Business School: “The psychology of gains and losses describes what consumers actually do, not what they are supposed to do.”