This is my last post relating to Marketing Research and Strategy, as our semester is quickly coming to a close. For this post, I will be looking back over everything we have learned in class the last several weeks and compiling a list of my top five takeaways from the course.
#1 – Finding the right resources would have to be the most important takeaway, in my opinion. If the resources you are using are not credible or accurate, your research efforts will suffer. The key is finding relevant and reliable resources that have the same target or goal as you do. The output of your research will only be as good as the inputs that went into it.
#2 – Knowing and being aware of the boundaries and limitations involving market research is also very important. Some have the false belief that market research can be used to solve any issue, and that simply is not the case. There are only certain instances or situations in which market research should be implemented. If it is not going to be beneficial or the cost is going to be too high, then there really is no need to invest market research.
#3 – Ethics would be my next pick. This one is crucial because researchers have many guidelines that must be followed, otherwise they could face negative consequences. You have to know right from wrong, and if you are ever in question of whether or not something is acceptable, it probably is not.
#4 – Knowing the right form of research method to use can be very beneficial in market research. If you are not using an appropriate method, then your results run the risk of having no meaning or could serve no further purpose. You must assess what you are looking to gain through market research and then match the purpose with the best method, not the other way around.
#5 – Lastly, the best advice I could give regarding market research and the various methods it entails is gaining hands on experience. Reading and learning about it in a book is great and all, but you do not truly gain the full knowledge of it until you have done it yourself. For example, in our class, we learned all about focus groups through our textbook and PowerPoint presentations, but we did not grasp the complete concept until we devised a mock focus group that was comprised of our peers. Experience is priceless.
I hope you have enjoyed reading my blog posts, as I have enjoyed testing my blogging capabilities. Who knows, maybe someday I will continue blogging, whether it be about marketing or something completely different.