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A research study is a methodical examination of an issue in order to establish facts and draw conclusions. Because research is the initial phase in the marketing process, it is seen as an important instrument. Market research is used to gather market information such as customer demands, preferences, interests, market trends, current fashion, and so on.
Market research should not be confused with marketing research, which is the scientific and objective study of the complete marketing process, including information gathering, analysis, communication, and usage to assist management in decision making and issue resolution.
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These terms appear to be synonymous with a difference of just three letters, but in actual, they are not. Some of the parallels between these two are as follows:
By definition, market research is when you investigate and analyze a target market. It is only involved with one of the four Ps of marketing; place. The place that is most studied in this case is a specified market or segment of a market.
Some businesses do market research to better understand their customers’ reactions to freshly introduced goods in local retailers. They also concentrate on the services offered by businesses to their clients and how they effect that market segment. Market research is also used to investigate new markets and identify customer demands in the marketplace. Different sorts of market research are critical in determining what exactly makes a market run effectively. And, on occasion, the market does not work properly, which is why these studies are conducted employing market research; to repair the market. Finally, market research is used by researchers to understand about the marketplace’s demands and requirements, as well as their preferences. It assists them in comprehending and comparing their products and services to those of their rivals and industry standards.
Market Research process include:
To illustrate, the process by which an organization gathers information about its ideal customer and larger market in order to inform the organization’s go-to-market strategy. A shorter definition is the process of learning more about customers and business to help your studies.
Marketing research is primarily concerned with the four Ps:
It also includes new product research, consumer research, and distribution strategies. The study is important in understanding customer demand and expectations from a certain product or service, as well as an effective manner of meeting such demands. It entails a variety of actions, which are listed below:
As previously said, marketing research encompasses a wide range of issues. Marketing research covers everything from the conception of an idea through its planning and execution.
Marketing Research process:
Marketing research includes market research. Marketing research has a much broader reach since it involves doing product research as well as customer preferences, whereas market research just involves gathering market information.
Market research and marketing research are frequently used interchangeably, and in some cases, they are, particularly for those outside the sector. However, the two names are not interchangeable in the business. Because they are similar in nature, the names are frequently used interchangeably. They are both fundamental parts of marketing, which implies they occur prior to the sale of the product or service. Market research, on the other hand, is a subset of marketing research.
Marketing research has a much broader reach since it involves doing product research as well as customer preferences, whereas market research just involves gathering market information.
Marketing research entails investigating new goods, distribution channels, and product development. It can also involve promotion research, pricing, advertising, and public relations, depending on the setting. It has a considerably broader reach and may thus be utilized to determine a marketing plan. It is concerned with all aspects of marketing, such as product research, packaging research, price research, market research, sales research, and so on. Marketing research may be used to solve marketing decisions, make marketing policies, and choose marketing channels, advertising agencies, sales promotion methods, and so on.
Market Analysis Market research, on the other hand, is concerned with gathering information on customers, competitors, and the industry as a whole. It is concerned with gathering market data such as market competition, market trends, market demand and supply, and so on. It seeks to provide answers to issues such as “What to sell?” “Where to sell?” “When to sell?” and “How much to sell?”
Marketing Research is also far more technical, methodical, scientific, and objective than Market Research.
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We understand that these terms might be used interchangeably, but they have very distinct meanings. Let’s go straight into the differences between market research and marketing research.
The distinction between market research and marketing research is easily discernible on the following grounds:
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Conclusion: Following the preceding debate, it can be stated that marketing research is a broader word than market research. In reality, market research is a subset of marketing research. Both studies use quantitative and qualitative procedures to collect information, such as focus groups, surveys (telephonic or face-to-face communication), interviews, and questionnaires.
Furthermore, the researchers are very helpful for business startups and existing businesses to make effective business decisions such as the product or service you serve your customers, the location of doing business, the distribution channels to be used by the business, promotional channels, and so on.
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