A market research is an extensive study of the behaviour of consumers in terms of likings, needs, preferences and understanding the market size, market trends, target market, competition, and pricing before setting out for a business strategy for a product.<\/p>\n
Marketing Research<\/h2>\n
According to\u00a0Philip Kotler: \u201cMarketing research is a systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services.<\/em>\u201d Marketing Research as defined by the famous American marketing Author Philip Kotler<\/p>\n A blog post from Qualtrics in June 2010, said market research is a subset of marketing research. It said, while marketing research is about the 4 Ps, market research largely talks about one of the Ps i.e. \u2018place\u2019.<\/p>\n On the other hand, many argue that market research is a much broader term that has a scope of exploring market structure, competitors, economic trends, technological advances etc. \u00a0Therefore it is unfair to bind market research to a single element of a marketing mix.<\/p>\n A better way to understand the difference between Market Research and Marketing Research would be through an example.<\/p>\n Let\u2019s assume you are starting a new venture and your product is a sports bag. The first thing you would have to do is, conduct a market research which would give you a deep insight into your target market and target customer.<\/p>\n A thorough market research would provide you with valuable information. To name a few-<\/p>\n The takeaway of the market research would help you in targeting as well as the placement of your product.<\/p>\n After you have gathered all that information, you decide to roll out your product in the market. The market research gives you an insight that your target customers fall in the age group of 25-40 years and consist of both males and females. They are working adults who have a penchant for sports.<\/p>\n To target the potential customers for your sports bags, you would need a promotional plan and for that, you would need a marketing research. A promotional plan would typically give you an answer to which media channel\/s to be considered to market sports bags. It would be based on factors such as the reach of the channel and the budget you assign to marketing.<\/p>\n Although distinct, market and marketing research share certain commonalities. According to my market research methods, there are factors such as competition, pricing, product attributes and demand estimation as overlapping elements of the two processes.<\/p>\n Well, it cannot be said that both the processes exist in mutual exclusion as they intersect at certain points yet there are clear variances which make them two different procedures.<\/p>\n The advent of the internet and the technological advancements today has made marketing move beyond the mainstream. With digital marketing in place, there are multiple promotional options available promote products and services online.<\/p>\n","protected":false},"excerpt":{"rendered":" \u2018Market Research\u2019 and \u2018Marketing Research\u2019 are often used interchangeably and become a semantic dispute when people lock horns on the meanings of these two similar sounding yet distinctive terms. Grammatically \u2018marketing\u2019 may be a gerund or a verbal noun for \u2018market\u2019 but…<\/p>\n","protected":false},"author":2811,"featured_media":12160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[22,450,1792],"tags":[],"yoast_head":"\n\n
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