The Differences Between Market Research and Marketing Research
The Differences Between Market Research and Marketing Research
Marketing has to be one of the most complex processes in today’s world. Whether you are new to the world of marketing or not, you must have heard the terms “market research and marketing research” once or twice. Many have come to believe they are the same thing. While they are somewhat similar, they are not quite the same. Today, you’ll learn all about the differences between the two.
Table of Contents
What is Market Research?
Market research is all about investigating and analyzing your target market. Researchers obtain information about consumers within a market through market research. It involves collecting, evaluating, and using competitive intelligence and statistical data.
Market researchers acquire, evaluate, and examine information regarding:
- A current product or service — or a concept in development
- An established market
- Clientele and consumers
Why market research? You do this is assess your target market’s wants! You want to understand the market behavior, purchasing patterns, and so on!
And what do you do with the information? Simple! The only way to stay relevant in a market or niche is by first understanding what goes on there.
In essence, every market research predicts how customers receive your products and services. Some other times, it helps to discover new markets. And comprehend the needs of consumers in the marketplace — both present and new.
To read more about the Market Research, check out Market Research Step-by-Step Guide for Marketers article.
What is Marketing Research
Marketing research is gathering information about the target audience. It’s also about evaluating all aspects of a company’s marketing strategies and tactics. Thus, marketing research is a considerably larger concept than market research.
Market Research Vs. Marketing Research: Scope
Market research focuses on a specific market, and the concept is more limited. Here, you’re thinking market, competitors, trends, etc.
Additionally, it forecasts sales and evaluates the demand for new products. It also establishes sales territories and quotas.
Marketing research has a more extensive scope. It encompasses research on new items, distribution channels, and product development. In addition, It also includes promotion research, pricing, advertising, and public relations.
Market Research Vs. Marketing Research: Objective
Every market research examines the market in its entirety. And that includes its type, size, location, and demand potential.
But marketing research resolves the marketing difficulties. It also seeks to determine the current and upcoming marketing opportunities.
Market Research Vs. Marketing Research: Process
The following is a conventional market research process:
- Identify a problem
- Determine who will carry out the research (in-house or an external agency)
- Select a specific market research methodology
- Collect data
- Structure, interpretation, and analysis of data
- Report the results
The typical process in marketing research are as follows:
- Identify a problem, discuss potential solutions, and establish research objectives.
- Create a research plan
- Collect data
- Organize and evaluate data and information
- Present results
Market Research Vs. Marketing Research: Purpose
Market research aims to evaluate the product’s viability in the intended market. While marketing research aims to make informed decisions on marketing activities. Moreso to maintain marketing control over economic output.
Conclusion
And here you are! You now know the differences between market research and marketing research. Marketing is, of course, not complete without these two activities. They are codependent.
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