Research is the process of finding out the information in a systematic manner. It is important to make sure there is no problem or terminate the possible risk in the near future. Especially for setting up a business, it is important to do deep research so that every risk or competition is determined prior to the actual working. Examples of such research can be marketing research and market research. Both of them are important for a business to run successfully in the future.
As their name suggests, both of them can be confusing to a person, and to carry out this research, the first most important thing is to understand what they are and how they can be differentiated.
Marketing Research vs Market Research
The difference between Marketing Research and Market Research is that Marketing Research is the wide and broader concept of research that helps in making the decisions for the business. It also contributes to strategizing the different plans of the business while Market Research only focuses on one aspect, i.e., the market of the business, it studies the forces of the market that is the demand and supply of the product, it has nothing to do with the promotion and price. Marketing research is not dependent on anything. It works independently for providing the information, whereas Market Research is dependent on marketing research. It is further influenced by price and several other factors.
Marketing Research is the research done for evaluating all the marketing-related components. It covers all Ps, product: related to the product in which the business is dealing, price: at which the product has to be sold, place: where the product has to be sold, promotion: strategizing the promotional activities of the product. All of these Ps are the base for a business. This is the most important research done for making the business earn more profit.
Market Research is the type of research that studies the market forces, including the demand and supply of the market. It helps in determining the market situation about the product or service. It is essential for evaluating the market condition for a product whether it will be successful or not. It can be taken out with the help of qualitative and quantitative methods.
Comparison Table Between Marketing Research and Market Research
|Parameters of Comparison||Marketing Research||Market Research|
|Objectives||Information of 4 Ps||Information of the place|
|Outcomes||For decision making||Determine the validity of product|
|Component of||Marketing information system||Marketing research|
What is Marketing Research?
It is the main research associated with every business. This is a broader concept that also includes the market research and other types of researchers required for a business.
Objectives of Marketing Research:
- Proper Planning: it helps in the planning process by making all the necessary plans for the organization. It carries out the decision-making process as well. Hence, it ensures proper planning.
- Reducing Cost: studying the marketing research properly ensures that the cost of production, selling, advertising, etc. to the minimum.
- New Product: it explores the chances of introducing the new product in the market; it studies the behavior of consumers and trends that might affect them in the near future.
- Proper Policy: it also helps in designing the proper policy for the business with regards to the products.
- Preference of Consumer: it gives the most important to the consumers and therefore is helpful in determining the preference and taste of them.
- Market Competition: it helps in balancing the competition in the market. It also helps in giving a tough fight to the other businesses in the market.
- Study of Forces: it studies different forces that might affect the business.
What is Market Research?
It is a process of analyzing the value or importance of a product or service in the marketing in which the business is dealing. Following are three main objectives of Market Research:
- Administrative: this objective includes the process of proper planning before starting the business. Important decisions are included in this. It is not hidden how planning plays an important role in making a business successful.
- Social: it tells about the specific needs or trends among the consumers according to which the product or service can be designed. Hence, the most desired outcome can be developed with the information.
- Economical: it also helps in determining the economic needs of the business, whether a new product launched is working or it is beneficial to extend the business.
Importance of market research:
- Valuable Information: it provides the most valuable information for making the business run without any hindrances. In the absence of this information, it will be difficult to analyze the market situation.
- Customer-centric: this research is customer-centric, meaning it gives the most important to its customers. The needs and preferences of customers play the most important role.
- Forecasts: after analyzing the customers’ wants and needs, it is easier to make the stock requirements.
- Competition: it helps in making the completion in the market with other businesses. This also helps in strategizing to be ahead of them.
Main Differences Between Marketing Research and Market Research
- Marketing Research is a generic term that includes all the marketing-related research. It focuses on identifying the problems and then determining the solution for them. It includes several other types of research related to products, price, promotions, etc., whereas market research is a specific term that studies the behavior of the market forces,
- Both of them have different types of objectives. The main objective of Marketing Research is to study and analyze the information related to the 4 Ps of the marketing mix, which are product, price, promotion, and place of the business, whereas the market research only focuses on one P of the market research that is the place, or the market where the business is situated.
- The outcome of marketing research is the correct decision for carrying out the business. Before actually starting the business, various processes are done, which includes the planning and decision-making process by the management, and marketing research plays an important role in these processes, whereas market research only focuses on one aspect of the business, i.e., the market where the product has to be sold.
- Marketing research is a broader concept in a component of the main aspect of the business, that is the marketing information system, whereas as mentioned above, market research is responsible for collecting the information of only place from marketing mix and hence in a component of marketing research.
- Marketing Research is an independent concept, whereas Market Research is a dependent concept.
Therefore, with all the above information along with all the differences, there should not be any confusion between marketing research and market research. Both of these researches explain the importance of marketing and market in a business.
There can be different methods for carrying the research, and sometimes the method can be the same for both of them, such as surveys, sampling methods, questionnaires, etc. these researches are important as they set the base information to make a product or service run successfully in the market, in the absence of this information it will difficult to know what are the trends among the consumers. There may be more types of researches required for a business than these.