Skip to main content

DIFFERENCES BETWEEN MARKET RESEARCH AND MARKETING RESEARCH




MARKET RESEARCH VS MARKETING RESEARCH 




Market research is the process of gathering, analysing and interpreting information about a market, and whether they are or can be a potential customers for a product or service. 
The product can be on paper or already in production. Moreover, Market Research also can be used to collect information whether there should be any changes or adjustments to the product or service itself to make it more successful.   

Here is the diagram of the steps of the Research 



Before starting a Market Research, you need to set the background, the objective, and the method of the research.
There are two types of Market Research : Quantitative and Qualitative. They usually being performed by surveys, focus groups, or interviews.




Marketing research is a broad term that cover the process of gathering and analyzing data to understand your customer better.


In essence, “marketing research” is a broad term used to represent the exploration and harvesting of information related to the four Ps of marketing: product, price, place and promotion (i.e., the “marketing mix”). It seeks to identify and understand how changes to one or more elements of the “marketing mix” affect consumer behavior.



Here is the diagram of the steps of the Research 
Similar to Market Research, there are two types of Marketing Research : Quantitative and Qualitative. They usually being performed by surveys, focus groups, or interviews.


 DIFFERENCES BETWEEN THE TWO

 The basic difference is that market research is concerned with investigating markets (customers, consumers, distribution, etc.) while marketing research is concerned with investigating any issues related to marketing (consumer behaviour, advertising effectiveness, salesforce effectiveness, etc ) to spark the interest of the target market.

Comments

Post a Comment

Popular posts from this blog

DYNAMIC CURRENCY CONVERSION (DCC)

DYNAMIC CURRENCY CONVERSION (DCC) WHAT IS DYNAMIC CURRENCY CONVERSION? Dynamic  currency  conversion (DCC) or  cardholder preferred currency  (CPC) is a feature which will enable you to make a purchase on the spot or known as Point-of-Sale (POS) even when you are overseas by using your home country currency.  BENEFITS OF DCC  DCC helps to save time and other resources which usually spent on converting the cash e.g. to a Money Changer, in order to make a purchase overseas. DCC presents such transparency by allowing the cardholder to see the currency rate and the exact amount of money will be spent on that purcahse. Such transparency does not support with a standard credit card. picture source  link HOW DCC WORKS   Most currency conversion fees are charged by the credit card payment processor ( usually  Visa  or  MasterCard ) or ATM network. DCC fees are charge by the merchant, ty...
Post a Comment
Read more

TOP 10 BAD ADVERTISEMENTS

BAD AD (ADVERTISEMENT MISTAKES)   Bad advertisement is the ones that does not effective. There are so many reasons why an ad did not do it's job, which is bringing the sales number up.   Some people argue that there is no such thing as bad publicity. while some of these ads does not leave you with good feeling, they are controversial. Meaning that people, the internet and the news will talk about them. While controversy might go along with a "rogue" image, if that is the image of the product, but not really sure that controversy is a good idea.  Here 10 commercials labeled bad simply because they are not effective.  Not Memorable. Have you ever seen ads that you can't remember? There are a few reasons why an ad is not memorable. They could be selling something that is not related to you. Perhaps not convincing enough to persuade you to purchase.   T-mobile Get What You Want 2019 Tone Deaf  Pepsi 2017 ad with Kendal Jenner...
Post a Comment
Read more

MARKETING STRATEGY SEGMENTATION

SEGMENTATION The Four Types of Market Segmentation Demographic segmentation Psychographic segmentation Behavioral segmentation Geographic segmentation DEMOGRAPHIC SEGMENTATION  Demographic segmentation is one of the most commonly used types of market segmentation. It refers to statistical data about a group of people. A segment of the population where the customer does not actually choose to be one.    Demographic Market Segmentation Examples for B2C Age Gender Income Location Family Situation Annual Income Education Ethnicity A simple example of B2C demographic segmentation could be a vehicle manufacturer that sells a luxury car, such as  BMW. This company would likely target an audience that has a higher income. PSYCHOGRAPHIC SEGMENTATION  Psychographic segmentation  categorizes customers by factors that relate to their personalities and characteristics. Everyone have different interest and passion...
Post a Comment
Read more