The purpose of this paper is to discuss challenges and lessons learnt when conducting a classic grounded theory study in a marketing context. The paper focuses on two specific challenges that were met during a specific research process. The first challenge related to positioning the study, namely, specifying “what the study is a study of”. The second challenge concerned the choice between formal or substantive theory. Both challenges were accentuated as the emerged core category concerned a phenomenon that has caught less attention in marketing, that is, the temporal dimension in corporate images. By the temporal dimension in corporate images we mean that corporate images often have roots in earlier times through consumer memories. In other words, consumers are not tabula rasa, that is, blank sheets of paper on which communication messages can be printed. Rather, consumers have a pre-understanding of the company that works as an interpretation framework for company actions in the present. The lessons learnt from this research process can be summarized as “stay faithful to the data”, “write memos on issues you reflect upon although they might be in another substantial field” as they might become useful later, and, “look into thinking in other disciplines” as disciplines do not develop equally.