All of all, Research is a systematic inquiry to describe, explain, predict and control the observed phenomenon. Given the marketing, we find that research is the first step in this process. so, if you work in marketing, you should hear about Market and Marketing Research.
In fact, Market Research is a narrower concept, it is a subset of Marketing Research that focuses on a specific market. where Marketing Research can include promotion research, pricing, advertising, research into new products, modes of distribution, product development and public relations.
It is the systematic and objective study that links the producers, customers, and end users to the marketer through information. this Information used to improve decision making related to the identification and solution of problems and opportunities in marketing; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
so, this research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behaviour.
The researches aimed at providing facts and directions to the managers who need accurate and authentic information for making important marketing decisions. it also plays a major role in identifying 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
Shortly, The process of marketing research is explained in the following steps:
1- Identify the problem, decision alternative, and research objectives.
2- Developing plans for research
3- Gathering information
4- Organization and analysis of information
6- Decision making
It is the study of the target market, by gathering and interpretation of information about individuals or organizations using the analytical methods of the applied social sciences to gain insight or support decision making. Simply, It is an act of collecting information about the marketplace and consumers, that used to ascertain and analyze the market structure, size, recent trends, major players, customer needs, taste, preferences, buying behaviour.
This research can be conducted by the organization itself or by an external agency. by a number of steps, as they are followed to conduct market research which is as under:
1- Identifying the problem
2- Ascertain the party who will conduct the research.
3- Choosing an appropriate technique for research.
4- Gathering information
5- Organization, interpretation, and analysis of the result.
Differences Between Market Research and Marketing Research
1- Market Research refers to the study of the entire market and consumer behaviour, within that market. Marketing research implies a 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 the marketing information system.
3- The scope of market research is limited as it studies the aspects of market and consumer behaviour 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 an understanding of 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.