Reference lecture Mon 5 Sep 2011: The 20% of our reading on new market research.
If you did not have time to read, this is what I think is the gist. Quoting:

• Forget focus groups and mail surveys.
• "We already knew we had a good cracker, but the research let us know where to put it."
• Most small companies just assume that a market exists for their product or service.
• Consumers often aren't aware that they want something better. 
• By the time you know the market, it has already changed. 
• Entrepreneurs need to cast aside their own biases or divine intuition. They need to be open to consumers' perspectives and to to fix consumers point of view. They need to become an innocent consumer. 
• Be creative in how you gather information about your consumers. Asking directly does not always get you the most insightful answers. E.g. go beyond seeing how they use your product. See how they live! 
• Use methods that allow consumers to reveal that they want in their own terms. E.g. give them disposable cameras and explore them in natural settings. 
• Understand the values of the generations you are targeting to have the right product for the right age group.

Hope this is useful.
Cheers!
Jovin Hurry