Market Research explains what customers and target market participants are thinking, doing and why. But, the question is: is it worthwhile, or a waste of time and resources? Three reasons why Market Research is a waste of time and resources: First, we already know our customers, prospects, channel members, industry pundits and even competitors. Second, research is too vague and directional. Third, research is often flat wrong. These are the most prevalent or compelling reasons to doubt the efficacy of market research. But a question that arises is why does market research is favored, in spite of this well-deserved criticism? The answer is because some knowledge is better than none. Second is serendipity: the focus on the critical market assumptions supporting a decision break down into subtle sub-questions that get answered in unexpected and unanticipated ways, and are both exciting and useful. Any good research answers a lot of questions, but raises even more questions to be answered; some are answered in the process unexpectedly. Last reason is being wrong is career-threatening. Read more at:
