What is Market and Marketing Research ? Types, Examples, Pros and Cons ?

What is Market and Marketing Research ?

Market research provides useful data to businesses to solve their marketing challenges which they faced during the business planning process.
It helps in recognizing the target market of the company with the research.

Types of Market Research :-

Market research covers two types of data which are primary information where which a business person does by himself or hires someone to do the research and another one is secondary information where the research data is already compiled for you like government agencies reports, taxation laws applicable to industry, etc.

What is Marketing Research ?

Marketing Research is related to resolving problems that come out from the beginning to the final stage of the marketing process.

Types of Marketing Research:-

Marketing Research Process (How to do a market research)

The steps involved in the marketing research process are defining the problem, develop the research plan, collect the information, analyze the information, present the findings, and at last making the decision.

Why is Market and Marketing Research Important for Business

The reason for doing market research is to analyze the behavior of customers which change due to change in elements of product mix which are product, place, price, and promotion.

Difference between Market and Marketing Research

Marketing research is an extensive term that includes market research. Market research means examining the scope of the market regarding a specific product. Marketing research involves each and every functions of marketing.

Marketing research is not only caring about the region of the market but also consists of product analysis, time, personal selling and nature of the market, etc.

Marketing research focuses on product mix which is product, place, price, and promotion while market research only focuses on place or we can say consumer behavior in the target market.

The nature of research in market research is specific as it gives data of a particular market while marketing research nature is generic which covers all marketing issues.

The purpose of market research is to research the feasibility of a product or service in the target market while marketing research’s purpose is to communicate decision-making related to all marketing activities.

Examples of Market research and Marketing research

Examples of Market Research

Online polls and surveys: the technique is very popular to know the opinions of the target audience which the company targets whether they can afford the product or not, the features they desire and quality expected, etc.

Focus Groups: it is amongst one of the traditional methods used for conducting market research. It is a filtered group of some people with whom the questions are asked in front of the moderator regarding product launches, new services, and concepts, etc.

Social media research: it is the most convenient method and also the alternative to online interviews and focus groups. Marketers post on various social media platforms like LinkedIn, Facebook, and Instagram to know about the opinions of people regarding their product launch. The method gives promotes results without getting delayed.

Examples of Marketing Research

Suppose the brand is losing its market share and the company wants to know where they are lacking here marketing research helps where brand identity study will be done to know about the root cause of it.

Suppose the sales of the product are declined by 20% in a year so the company wants to know the solution here the marketing research plays a role which conduct competition and market research to know about the reasons of declining in the sale and how it can be resolved to achieve the target of sales.

Advantages and disadvantages of Market and Marketing research

Advantages of Market Research

* It helps business in building the strong position

* It identifies the possible opportunities and threats

* It smooth strategic planningIt helps business to move ahead in the competition It focuses on customer demands and expectations It provides revenue estimates It reduces the risk of investment

Disadvantages of Market Research

* Doing research is expensive

* It is time-consuming

* It targets a small group of the population

Advantages of Marketing Research

* It helps in business to produce goods as per the demand

* It helps in telling the business how they should approach the clients

* It helps the business in planning advertising and sales promotion campaigns

* It helps in assessing selling methods

* It tells business about the reasons for customer resistance

Disadvantages of Marketing Research

* There is the limitation of time

* The research staff is inexperienced

* Involves high expenditure

* There is a limitation of techniques and tools

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