Introduction
The process of gathering information methodically is known as research. Because research is the initial phase in the marketing process, it is seen as a crucial instrument. The distinction between market research and marketing research is a point of contention. Even though these two names are frequently used interchangeably, they have certain distinguishing characteristics.
According to the definition, purpose, reliance, engagement, nature, and so on, market research and marketing research are generally two separate concepts. Marketing research is a scientific and objective study of the complete marketing process, including data collecting, analysis, communication, and information use, to assist the management team in making decisions and addressing marketing challenges. Marketing research, contrary to popular opinion, is far wider than market research; marketing research is not always focused on a single market.
Marketing Research vs Market Research
Market research is the study of the target market, as the name implies. It is the act of gathering information on a market and the people that shop in that market. Marketing research, on the other hand, involves marketing-related research. By ‘marketing research,' we mean a well-planned investigation of the entire marketing process to gather, analyse and report data. It is critical to ensure that there is no problem or that the potential danger is eliminated as soon as feasible. Market research is a type of study that focuses on a certain market. Marketing research is carried out on a greater scale. Marketing research is to identify individuals, their ways of thinking and acting in connection to new and current concepts, and to deliver this knowledge to organisations and businesses so that they can make better decisions. Marketing research, contrary to popular opinion, is far wider than market research; marketing research is not always focused on a single market.
The fundamental distinction between Marketing Study and Market Research is that Marketing Research is a larger and more comprehensive idea of research that aids in company decision-making. While Market Research only focuses on one part of the business, namely the market, it investigates the forces of the market, namely the demand and supply of the product, and has nothing to do with promotion and price. Nothing is required for marketing research. It is self-contained in terms of supplying information, whereas Market Research is reliant on marketing research. Price and a variety of other things also impact it. Market research is a sort of study that examines market forces such as demand and supply. It aids in determining the product or service's market status. It is critical for determining whether or not a product will be successful in the market.
Difference Between Marketing Research and Market Research In Tabular Form
| Parameters of Comparison | Marketing Research | Market Research |
| Meaning | Market research is a study that is carried out to gather information on market data. | Marketing research is the systematic and objective investigation, analysis, and interpretation of marketing-related issues. |
| Scope | Limited | Wide |
| Dependency | Dependent | Independent |
| Component of | Marketing information system | Marketing information system |
| Involves | Market research, as well as purchasing behaviour in that market. | All areas of marketing are investigated. |
| Purpose | To determine the product's feasibility in the target market | Making successful marketing decisions and maintaining control over the marketing of economic output. |
What is Marketing Research?
Marketing research is the process of learning about the market in which a company intends to flourish and evaluating all areas of the company's marketing strategy and techniques. The study is being carried out in order to identify a great answer to a marketing problem that the organisation is facing. Marketing research, in its most basic form, is concerned with the creation, development, placement, and evolution of a product or service. The goal of marketing research is to find the best answer to a marketing challenge that the firm is facing.
It is responsible for determining consumer demand and expectations for a certain product or service, as well as an effective and efficient manner to deliver those demands. The goal of marketing research is to find the best answer to a marketing challenge that the firm is facing.
Consumer demand and expectations for a certain product or service, as well as an effective means to meet those demands, are all identified through research. Marketing research is designed to provide facts and guidance to managers who want precise and reliable data in order to make key marketing choices.
In general, marketing research entails the following activities:
- Customer and market research
- Product investigation
- Pricing analysis
- Promotion analysis
- Sales analysis
- Campaign analysis
- Distribution channel analysis
In marketing research, the following steps are involved in gathering data:
- Recognizing the issue
- Choosing an alternative and setting goals
- Gathering data, organising it, and assessing the outcomes
- delivering a presentation on the research findings
- Making a choice
Objectives of Marketing Research
- Proper Planning: It aids in the planning process by preparing all of the organization's relevant plans. It also performs the decision-making process. As a result, effective planning is ensured.
- Reducing Costs: Properly analysing marketing research guarantees that the cost of manufacturing, sales, and advertising, among other things, is kept to a minimum.
- Market Competition: It aids in the balance of market competition. It also aids in putting up a vigorous battle against the competition in the market.
- Proper Policy: It also aids in the development of appropriate product policies for the company.
Marketing research breaks down into the following, separate components
Customer Research
Customer research focuses on customers' motivations and behaviours, as well as their geographic and demographic distribution, quantity and spending power, and creditworthiness.
Product Research
Customers must be tested on new products and new product concepts, often at the concept stage and sometimes as prototypes. Product research may reveal the features and advantages
Sales Research
Individual salespeople, different sales strategies, and different sales management systems are all evaluated in sales research. It may also be used to create sales regions that are equal in terms of potential.
Distribution Research
The goal of distribution research is to identify the most efficient distribution networks. Retailers that are already operating in the firm's target market, as well as wholesalers who deal with the relevant retailers, will be sought.
Environment Research
Scanning the firm's surroundings for possible dangers and opportunities is the goal of environment research. For most businesses, this should be a continuous process. Environmental research examines the social, political, economic, and technical aspects that might have an impact on the company and its brands in the future.
What is Market Research?
It is a method of determining the worth or significance of a product or service in the context of the marketing with which the company is involved. Market research is the study of the target market, as the name implies. It is the act of gathering information on a market and the people that shop in that market. Market research serves as a guide to learning more about your consumers, competition, demands, goods, marketplaces, and so on. The study aids in assessing the new product's feasibility in the target market. To determine the likelihood of success, many procedures are used, such as product testing.
Market research is the process of acquiring, analysing, and interpreting information on a market, a product or service to be provided for sale in that market, and the product or service's past, present, and future clients. Market research is used to determine the feasibility of a new product or service as well as the attractiveness of a target market. It enables a business to identify a prospective target market and comprehend consumer demands and desires. Market research is the study of a certain market. It gathers information on the market and the people that shop there.
A company's first port of call for determining if new goods or services are feasible for their target market is market research. It may frequently identify new target markets and client demands and requirements in the process. Various market research methodologies, including as brand research, customer insights, product testing, and so on, are used to determine the odds of success.
Researchers ought to follow some crucial stages while performing market research, such as:
- Recognizing the issue (s)
- Choosing the person who will perform the research
- Choosing a method for the research
- Information gathering
- The study findings to be organised, interpreted, and analysed.
- Making a choice
Customers can provide feedback on their preferred service or product through market research. This form of research can be conducted by the company itself or by a market research firm. Surveys, product testing, and focus groups are all examples of research methods. Product testing is often carried out by sending product samples to the target audience over a period of time.
Objectives of Market Research
- Administrative: This goal encompasses the process of effective preparation prior to the launch of a business. This is where important choices are made. It is not a secret that planning is critical to the success of a business.
- Social: It describes the special demands or trends among customers that may be used to build a product or service. As a result, the knowledge may be used to create the greatest desirable outcome.
- Economical: It also aids in analysing the firm's economic demands, such as if a new product released is successful or whether expanding the business is helpful.
Main Difference Between Marketing Research and Market Research in Points
- The study of the complete market and customer behaviour within that market is referred to as market research. Marketing research entails a well-thought-out and reasoned investigation, analysis, and interpretation of marketing issues in order to make decisive decisions.
- Market research is the study of the whole market as well as customer behaviour inside that market. In order to make informed judgments, marketing research comprises a well-thought-out and reasoned examination, analysis, and interpretation of marketing challenges.
- The proper option for conducting business is the result of marketing research. Before beginning a business, numerous procedures must be completed, including management planning and decision-making, and marketing research plays a vital part in these processes, but market research focuses on only one area of the business, namely the market where the product must be sold.
- Marketing Research is a self-contained idea, whereas Market Research is reliant.
- Market research is a subset of marketing research, whereas marketing research is part of the marketing information system.
- Market research entails examining the marketplace as well as the buyer's behaviour inside it. Marketing research, on the other hand, entails the investigation of all areas of marketing.
- Market research focuses solely on the market and consumer behaviour, whereas marketing research covers the full marketing process, including advertising, price, packaging, policymaking, and the market.
- Marketing research is a broader concept in a component of the main aspect of the business, namely the marketing information system, whereas market research is responsible for collecting information from only one place from the marketing mix and thus is a component of marketing research, as previously stated.
Conclusion
There are several techniques for doing research, and the approach may be the same for both, such as surveys, sample methods, questionnaires, and so on. Marketing research, on the other hand, is a broader word than market research. Market research is, in reality, a subset of marketing research. Both studies use quantitative and qualitative data collection strategies such as focus groups and questionnaires.
The researchers are highly useful for both new and established firms in making informed decisions about their operations, such as what product or service they provide to their clients. Both of these studies demonstrate the significance of marketing and market in a company. Market research provides information about your target audience's requirements, expectations, and demographics. Marketing research helps you create new brands, improve your marketing strategies, and increase revenue. It also assists you in making better marketing decisions and gives insights into the best methods to position your brand to outperform the competition.
References
- Difference between Market research and Marketing research - RahbarBazaar
- Difference between Market Research and Marketing Research (marketing-insider.eu)
- Market Research vs. Marketing Research: Your Guide (qualtrics.com)
