So many people got mixed up between market research and marketing research, but the two are totally different. Let’s know first the definition of the research itself.
It is an act of studying a problem in a methodical way. It is performed to set facts and reach final conclusion.
So, after we defined what is researching, let us have a look about the difference between market research and marketing research.
It is a study that its main reason is to study the targeted market that person wants to start business in it. It about collecting the needed information about it and make search for some statics for the market.
Market research is used to analyses the market structure, size, recent trends, size, customer needs, customer preference, taste and buying behavior. The main purpose of it is to check the viability of the market you are targeting. And the viability of the product in that market.
It is like a guide that puts you on the right track. As it helps you in knowing your competitors, your customers and their needs and preference which based on it you can start launching your business.
This market research can be conduct by company itself or you can outsource it for an agency.
Steps To Follow While Making A Market Research
1. Identifying the problem
2. Gathering Information
3. Choosing Suitable technique and style for the research
4. Organizing and interpreting the statics of the results
5. Make a professional report
After we know the Market Research, it is Marketing Research Turn.
Using marketing research term, means that you conduct a well-planned study about the whole marketing process to collect and gather information. This research plays good role in finding out best solution and helps in putting a great marketing strategy to the company. It plays main role in identifying the consumer behavior and know what is customer demand and expectations.
Marketing Research Includes:
1. Product Research
2. Market Research
3. Customer Research
4. Distribution Channel
5. Sales& Promoting Research
6. Advertising Research
The main goal for the marketing research is to provide the facts and statics to business owners and people who wants to start their business. Marketing research helps in reducing risk factors and put a track for the business to walk on.
What Is The process of Marketing Research?
1- Gathering Information
2- Developing plans for research
3- Making Decision
4- Organization and analysis information
5- Make Presentation
In the end, let us sum the main difference between the market research and marketing research
· Market Research: Refers for studying the whole market and consumer behavior in specific for the targeted market
· Marketing Research: Is a well-planned study and analysis for the marketing problem. And it is undertaken for actionable decision making.
· Market Research: Is a part of marketing research
· Marketing Research: Scope of it is much wider than market research, as it includes study of the whole market from all its aspects. Like advertising, pricing, packaging and etc.