The distinction between market research and marketing research is a topic of intense discussion. What is market research, what is marketing research, and how are they different from one another? In this article, we’ll delve deeper into each of the two categories and clearly explain how they differ from one another. On the idea of marketing research, there will be a particular emphasis
Differences between Market Research and Marketing Research.
The four Ps of marketing
You must first understand the “marketing mix,” also referred to as the Four Ps of Marketing, in order to distinguish between market research and marketing research.
These are the four most important key elements in marketing products or services. To be successful in the market, those products or services must all work together optimally.
Market research studies a target market. It gathers information on the market and the customers there.
It deals with only one P of Marketing – Place. Place in this context means a specific market or segment.
Market research gathers, analyzes and interprets data about:
The needs, wants, spending patterns, and characteristics of the target market are all examined in market research. Additionally, it has the ability to compare itself to industry norms and competitors. A company’s first port of call when determining whether new products or services are viable for their target market is market research. It frequently reveals new target markets as well as customer needs and wants during the process.
A typical market research process is as follows:
Marketing research is much broader. It addresses each of the four marketing Ps, including Place. It addresses a variety of topics, some of which market research wouldn’t touch and others of which it would only lightly touch:
Marketing research focuses primarily on the creation, development, positioning, and evolution of a product or service, as well as its expanding market and branding, from brand awareness to, hopefully, brand equity.
Market research is an essential component of marketing research because it emphasizes Place. This is how it could be summed up: market research is a part of marketing research.
A typical marketing research process is as follows:
The differences between marketing research and market research
Although marketing research is informed by market research, the table below contrasts their significant differences.
| Market research | Marketing research | |
| What does it do? | It involves study of the marketplace and the buyer’s behavior within that market. | It involves the systematic study of all aspects of a business’s marketing. |
| Feeds into | Marketing research. | The whole of a business’s marketing information system. |
| Scope of research | Limited – it studies only market and consumer behavior. | Wide – it studies the entire marketing process – the Four Ps, as well as the market itself. |
| Nature of research | Specific – its research gives insights into a particular market, and cannot easily be applied to other markets. | Generic – its research can be used for solving various marketing problems and issues. |
| Dependent or independent? | Dependent upon the requirements of marketing research. | Independent – marketing research is developed by the business for the business. |
| Purpose | To research the viability of a product or service in the target market. | To inform decision-making about all marketing activities. |
Market Research vs Marketing Research
Despite the fact that these words are frequently used synonymously, they have very different meanings. The focus of market research is constrained because it only examines certain aspects of the market and consumer behavior. Information about the market and its consumers is gathered through market research. It is employed to measure and examine market structure, size, current trends, influential players, customer needs, taste, and purchasing patterns.
Contrarily, marketing research examines every aspect of the marketing process, including pricing, packaging, promotions, sales, distribution channels, and more. This kind of research is done to determine the best course of action for a marketing problem the company is currently facing. Researchers will concentrate on determining the factors that influence consumer demand by delving deeply into consumer expectations for a particular good or service, as well as figuring out the most effective way for the business to meet those needs. This broad area of research includes:
Here are a few specific instances where conducting marketing research can be beneficial to expanding your company:
What is market research?
Market research examines a target market by examining a market and its customers. The majority of market research methodologies can be either qualitative, quantitative, primary, or secondary.
This type of research typically collects data related to a single research objective.
The process collates, analyzes, and interprets data relating to:
A company can use market research to determine many things. A few examples are:
FAQ
What is the difference between market research and marketing research quizlet?
The process of gathering, analyzing, and reporting information for decision making is known as marketing research, which is the broader of the two terms. Applying marketing research to a particular market is referred to as market research.
What are the 3 types of marketing research?
- Exploratory Research. Companies use exploratory research techniques to find information and viewpoints on a particular topic.
- Descriptive Research. …
- Causal Research.
What are the 4 types of market research?
The four most popular methods for conducting market research are surveys, interviews, focus groups, and customer observation.
What are the 2 main types of market research?
…
Examples of primary research are:
- Interviews (telephone or face-to-face)
- Surveys (online or mail)
- Questionnaires (online or mail)
- Focus groups.
- Visits to competitors’ locations.
