in the conceptual state. After one of our clients had invested $600,000 in developing a line of food products for senior citizens whose digestions were deteriorating, our research found a notable lack of enthusiasm among the old parties concerned. When I reported this disappointing news to the client, I was afraid that, like most executives faced with inconvenient research, he would argue with our methodology. I underestimated him. ‘Dry hole’, said he, and left the meeting.