Market Research and Marketing Research has inconsiderable differentiation though they have few traits which keeps them differentiated from one another.
Market Research is constrained to a specific market. It has got different players to compete in the market. Market research is adaptation of that trend, following competitors, targeting the market attribute, understanding customer demands.
Market research extends to a wider reach. It comprehends to: Research into new products, Modes of distribution, Product development Experts explain market research as the systematic gathering and interpretation of information about individuals or organisations using the statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Marketing research involves researches related to marketing. Experts explain marketing research as the systematic and objective identification, collection, analysis and dissemination of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing, ie, identifying the market with marketing analytics and analysing the promotion tools and pricing strategy of the product.
Both, marketing research and market research are the synopsis of the 4P’s of marketing ie, the product, price, place and promotion. Marketing research identifies the consumer demand whereas the market demand indentifies the place and the competitor of the product. It also includes promotional research, pricing, advertisements and public relations.
Both marketing research and market research is an integral part of marketing which is an essential pre sale work for a product or a service.
Thus marketing research and market research overlap each other with the attributes of price, product. Giving an over view to two terms we can gain a wider knowledge about the product and can distinguish it according to its characteristics.
Market Quotient is a highly dependable name in the sector of market research. Market Quotient has proven helpful to an array of business sectors such as Finance, Insurance, Consumer Durables, Tourism, Education, Retail, Telecommunication, Automobiles, Pharmaceuticals, Healthcare, plus many more. We meet the demands of the leading firms and businesses who are in search of comprehensive market research techniques that would help them to handle the demand-supply curve uniformly, foresee the competitions and market structures, and keep track on the trends of profit and loss – all of which will assist them in gaining better insight of the market and aid in further expansion.
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