Market Research v Marketing Research: Which one is more important?

Marketing Research

Marketing research involves identification and specification of information used to identify opportunities and business problems; identify, synthesize and evaluate marketing activities; evaluate marketing performance; and understand the concept and process of marketing (Kotler, 2011). It entails collection of information about markets and players in the market; market data analysis and evaluation; and interpretation of results.

It may also be understood as a systematic process of gathering, recording, and analyzing of qualitative and quantitative data related to marketing products.

Market Research

Market research is a sub-set of marketing research which involves collection of data about customers or markets. It entails collecting and analyzing information about the market such as customers, products, demographics, and locations.

Which one is more important?

While marketing research entails the analysis of marketing processes, market research covers specific markets.

According to these definitions, it is clear that marketing research will be more important in conducting research because it entails the entire marketing process and identification of marketing problems.

Marketing research also enables the company to identify opportunities for possible re-launch of the product and ways of solving the problems faced in marketing the brand.

However, market research is also necessary as a subset of the entire marketing research process. Market research can be used as a significant element of the company’s business strategy in order to gain competitive advantage in the market.

It provides necessary information that can be used to identify and analyze the market need, competition, and market size.

Marketing and market research enable the company identify various solutions to problems that caused the product failure and opportunities in the market which can be used to make the product successful in the market.

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