Why Marketing Research is Important to Your Business?
Just the phrase marketing research can make people feel overwhelmed, by understanding
what it is and why it's important can relieve those tensions. There is a difference
in market research and marketing research, let me explain.
Market research is when you have narrowed down a specific "target" and you are delving
into the behavior of that target. In other words, it's research into a very narrow
group of consumers.
Marketing research is different. Different because it's dealing with a broader range
of consumers. Marketing research includes "market" research, but it also delves
into new product research and distribution methods. The best way to differentiate
the two is to understand that marketing research is really about researching the
marketing process of a company, not just who they are targeting.
Market research is any organized effort to gather information about markets or customers.
It is a very important component of business strategy. The term is commonly interchanged
with marketing research; however, expert practitioners may wish to draw a distinction,
in that marketing research is concerned specifically about marketing processes,
while market research is concerned specifically with markets.
Market research is a key factor to get advantage over competitors. Market research
provides important information to identify and analyze the market need, market size
and competition.
Market research, includes social and opinion research, [and] is the systematic gathering
and interpretation of information about individuals or organizations using statistical
and analytical methods and techniques of the applied social sciences to gain insight
or support decision making.