Difference between market research and marketing research

Difference between market research and marketing research

 

The creation of new knowledge and the use of existing knowledge in new and creative ways to generate new concepts, methodologies, and understandings.
This is a general definition of the term “research.” However, when it comes to marketing, there are two common terms referred to as research: “Market Research” and “Marketing Research.”

At first glance, when you hear these two terms, you might think that they are one term that gives the same meaning. However, each of them refers to a different process with different elements and, of course, different results.

Market research:

 

Market research establishes the feasibility of a new product or service via direct customer study
. It enables a firm to better identify its target market and obtain feedback for a product or service.
Market research tests the market for a certain product or service to evaluate how the audience will react to it. This may include obtaining information for market segmentation, product features, and flaws, which can be used to customize advertising efforts effectively. Market research is performed using primary or secondary information and is an important stage of the (R&D) department.

Marketing Research:

 

This term refers to dealing with the “Marketing Mix” and how changing its elements can affect consumer behavior
. This research includes defining the data needed to solve these concerns. It is necessary to create a strategy for gathering information, managing and implementing the data collection process. Data gathering is the first step, examining and reviewing the results, conclusions, and findings is the second step, and transmitting all consequences to those with authority to act on them is the last one
. Offering management knowledge characterized by relevance, accuracy, trustworthiness, validity, and up-to-date is the goal of marketing research
. Marketing research must deliver good information due to the competitive marketing climate and the consequences related to bad decision-making.

Finally, market research and marketing research are frequently used interchangeably; 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, the names are frequently used interchangeably. They are both fundamental parts of marketing, which implies they occur before selling the product or service.

 

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