The McCarthy study is particularly useful for managers because it is short and
well written, and it focuses on the issues relevant to managerial decision making.
Although academic consumer demand studies do not always meet these criteria,
they can be useful starting points for managers. While the results of academic
research studies may sometimes be too general for managerial decision making,
they can be suggestive of strategies that managers should pursue. For example,
McCarthy found that vehicle characteristics, quality, and consumer search variables
were important influences on automobile demand.
One other problem with academic studies is the time lag often involved in their
publication. The McCarthy article was published in 1996, using data from 1989. This
type of lag is typical for academic research because articles are peer reviewed and
revised several times.33 While this time lag may limit the usefulness of academic
research for managerial decision making, it does not make these studies worthless.
The peer review process increases the reliability of the research results. In
many cases, these results are available online or in the form of working papers long
before they are officially published. Studies of past market behavior can also give
managers insights into future trends.