If you are into the business of selling a product or service, you must have heard of the terms marketing and market research. You will also agree that the proper implementation of resources and time on these valuable techniques helps understand the latest market trends and make the right decisions to overcome the challenges in the different phases of a business lifecycle. Since both techniques are mostly discussed collectively, on the surface it may seem that they are the same and two parts of a single process. But when we go into the depth of what each term means then it is seen that marketing is completely different from market research. Yes, both are different. When certain terms rhyme and look as if they are self-explanatory, then we shy away from learning and exploring the terms further. But, when we test our knowledge for such important business terms and techniques, we realize that there is still so much more to learn.
Without the proper knowledge, it is difficult to understand the dissimilarities between marketing and market research. Thus, let’s try to figure out what these business terms are and how they work before establishing a difference between them.
What is Marketing?
Marketing is a set of activities and established practices for forming and exchanging ideas or insights that are valuable or beneficial for consumers and society at large. A variety of marketing types such as influencer marketing, relationship marketing, viral marketing, etc have been designed to suit different business models. However, the final marketing plan primarily depends on the product, price, promotion, and place of the business. These dimensions are also known as the 4Ps of marketing.
What is Market Research?
Market research aims to connect customers to marketers through information. This smart function helps in collecting and organizing valuable information to recognize marketing opportunities and problems. With the help of the collected facts and information, it helps generate new marketing actions or refine existing marketing plans. Effective market research helps understand consumer needs, analyze competition, monitor marketing performance, and explore further to find a resolution for the problems and pain points of the customers. Market research helps assess the feasibility of a new product or service before introducing or launching that in the market for sale.
Differences
Now, we’ll try to outline the primary differences between these functions based on what we have found and learned.
1) Market research is the subset and the initial phase of marketing. In contrast, marketing is the superset of market research and depends on the information collected through market research to set a proper plan.
2) Marketing is designed to pitch consumers for promoting or selling your products or services. On the other hand, market research is a function smartly used to see new business opportunities, discovering problems, and finding solutions.
3) Marketing is the approach to expand the business arena and reach in terms of consumers, sales, and revenue. Market research is the process of collecting information, customer feedback, and analyzing the competition to discover the best marketing techniques.
Finally, both marketing and market research are not similar though, they are co-related and one without the existence of the other has no significant impact on the management of a business.
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