Definition of Market Research

Market Research, as its name suggests, it is the study of the target market. It is
an act of collecting information about the marketplace and consumers within
that market. It is used to ascertain and analyse the market structure, size,
recent trends, major players, customer needs, taste, preferences,
buying behaviour.

Market Research acts as a guide, that helps you to know about your customers,
competitors, needs, products, markets, etc.. The research helps in determining
the viability of the new product in the target market. Various techniques are
employed to know the chances of success, such as product testing. It can be
conducted by the organization itself or by an external agency. A number of
steps are followed to conduct market research which is as under:

 Identifying the problem

 Ascertain the party who will conduct the research.
 Choosing an appropriate technique for research.
 Gathering information
 Organization, interpretation and analysis of the result.
 Reporting

Definition of Marketing Research

By the term ‘marketing research’ we mean a well-planned study of the whole

marketing process to collect, analyse and report information. The research is
undertaken to find out a perfect solution to a marketing situation facing the
company. The research plays a major role in identifying the consumer demand
and their expectation from a particular product or service along with an
efficient way of satisfying those needs. It involves an array of activities which
are provided as under:

 Market and Customer Research

 Product Research
 Pricing Research
 Distribution Channel Research
 Promotion Research
 Sales Research
 Advertising Research

Marketing Research is aimed at providing facts and directions to the managers

who need the accurate and authentic information for making important
marketing decisions. The process of marketing research is explained in the
following steps:

 Identify the problem, decision alternative and research objectives.

 Developing plans for research
  Gathering information
 Organization and analysis of information
 Presentation
 Decision making

THE PRIMARY DIFFERENCE BETWEEN MARKETING AND MARKET

RESEARCH IS:

Marketing Research: Getting information about product and consumer preferences.

Market Research: Getting information about place–customer, competition and the

industry in general.

Comparison Chart

Key Differences Between Market Research and Marketing Research

The distinction between market research and marketing research can be

drawn clearly on the following grounds:

1. Market Research refers to the study of the entire market and consumer
behavior, within that market. Marketing research implies well planned
and rational study, analysis, and interpretation of marketing problems
undertaken for actionable decision making.
2. Market research is a branch of marketing research, whereas marketing
research is a component of marketing information system.
3. The scope of market research is limited as it studies about the aspects of
market and consumer behavior only. On the other hand, marketing
research involves the study of the whole marketing process, i.e. the
research of advertising, pricing, packaging, policymaking and the
market as well.
4. Market research is specific in nature, i.e. the research gives and
understanding about the particular market which is not applicable to
other markets. Conversely, marketing research is generic in nature, i.e.
the study can be helpful in solving various marketing problems.
5. Marketing research is dependent while marketing research is
independent.
6. Market research is conducted to check the viability of the product in the
target market. Unlike marketing research is carried out to make
effective decisions regarding marketing activities and to keep control on
the marketing of economic output i.e. goods and services.
7. Market research involves research of the marketplace and the buyer’s
behavior within that market. In contrast to marketing research, that
involves the study, of all aspects of marketing.