If you’re a student or a professor, you need to know how to use the tools and techniques in the market research you’re doing. Otherwise you won’t get hired or promoted (unless you’re a marketing intern or someone who works in a research lab).
Market research is all about determining who is the most likely person to do something and who would be the least likely to do it. It’s like a game of poker. The less likely you are to do something, the more likely someone else is to do it.
The problem with market research is that it often leads you to the wrong decision. If youre not careful, you will waste a lot of time and money trying to find the right answer, only to realize after the fact that you ended up doing the wrong thing. An example of this is if youre studying a particular technology and someone says, “Hey, its a good idea to study that technology because it will lead to a new product.
The problem is when you are studying something for a particular purpose, you don’t end up studying the thing that you would have wanted to study.
Its called time-to-market. The technology that you are studying is the most efficient way to market your products. But, when youre trying to come up with a new product, you dont want to spend a lot of time doing market research, you want to spend a lot of time coming up with the technology that will solve your problems.
The problem in the marketing world is the same as the problem with art: when you’re not even trying to make a living, the time to market is very short. And when you’re not trying to make a living, the time to market can make you look very foolish.
As marketers, we are often given free reign to design and market products with whatever tools (i.e. the internet) we like. But, when were not even trying to make a living, the time to market may be very, very short indeed. And if youre not making a living when you are marketing, then you may look very foolish.
In fact, many companies have been trying to market their products to a very small subset of the population. One of the first and most successful examples of this was the company that invented the typewriter. When typewriter sales started to dwindle and the demand for typewriters went up, someone figured out how to use the technology to market typewriters. But with so many typewriters sold, a company could barely afford to market their typewriters.
Well, marketing is the process of getting your product into the hands of individuals who are willing to buy it. To market a new product to a group of people, company A (the company) hires a firm B (the marketer) to research and develop a product that will help them reach their target individuals.
Most companies do not have a marketing department. The people who are typically hired to do this are product designers, graphic designers, and PR people. While marketing departments do exist, the key to a great marketing department is to be able to figure the “why” behind the success of your product.