The practise of infiltrating youth cultures in an attempt to understand and predict trends and styles for the purpose of informing corporate product development and marketing.
"I am going coolhunting"
Example 1) Red Bull is reported to have once filled garbage cans near nightclub districts in London with empty redbull cans so that punters would think it is a fashionable new thing.
Example 2) It is reported that coolhunters have been paid to visit night clubs to have conversations that can be overheard about certain products.
Example 3) Brahma Beer from South America recently recruited an "Art Ambassador" and a "Music Ambassador" in my local area, who's job it is to identify cool music/art events that they can offer free beer sponsorship to.