The two terms we will discuss today seem interchangeable at first glance. It’s only a difference of 3 letters, they can’t be that different right?
Well actually, there are many differences between market and marketing research.
To put it more simply, market research pertains to events that occur in and around markets. Marketing research refers to the research tasks related to marketing.
I know, it’s still a bit confusing. Throughout this blog post, we will discuss both market and marketing research and explain what they are and how they are used in business.
What is Market Research?
So, what is the textbook definition of market research?
Defining Market Research
According to Question Pro, market research is when you investigate and analyze a target market. It is only involved with one of the four P’s of marketing; place. The place that is most studied in this case is a specified market or segment of a market.
Businesses use market research to better comprehend their customer’s actions related to newly launched items in local stores.
They also focus on the services provided by companies to their customers and how it affects that market segment.
Additionally, market research is used to explore the newest markets and understand consumers’ needs in the marketplace.
Different types of market research are very important in the efforts to understand exactly what makes a market work smoothly.
And sometimes the market isn’t functioning properly, which is why these studies are done using market research; to fix the market.
Finally, researchers use market research to learn the marketplace’s wants and needs as well as their behaviors.
It helps them understand and compare their products and services with their competitors and industry standards.
What is Marketing Research?
We’ve gone over what market research is, so now here’s the definition of marketing research.
Defining Marketing Research
The process by which an organization gathers information about its ideal customer and larger market in order to inform the organization’s go-to-market strategy. A shorter definition is the process of learning more about customers and business to help your studies.
Marketing research is most involved with the four Ps:
It also covers everything from new product research, customer research, and even distribution methods.
As I just mentioned, marketing research covers a lot of topics. Everything from the beginning of an idea to the planning and completion is covered by marketing research.
Market Research vs. Marketing Research: What’s the Difference?
We know that these words can be interchangeable, but they mean completely different things. Let's dive right into what makes these two terms, market research and marketing research, different.
One of the main differences between market and marketing research is the complexity that comes with the term. Additionally, how deep you search into a customer’s behaviors.
Marketing research also looks into the customers that are becoming more loyal.
In addition, it pays attention to its audience and helps build brand awareness and brand equity, both very important aspects of a business.
Market research plays a role directly related to marketing research activities as a branch of marketing.
The main purpose of market research is to study buyer behavior in the market and the marketplace as a whole. Whereas marketing research studies all of a business's marketing activities.
Drive Research provides organizations from across the country with market research and marketing research services. Our team of certified research professionals offers end-to-end project management for both quantitative and qualitative services.
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