This post is also available in:
Melayu
Understanding Market Research vs. Marketing Research: Key Differences for Business Growth
When it comes to business success, both market research and marketing research play pivotal roles.
However, many entrepreneurs confuse these two critical concepts. Understanding their differences can be the game-changer your company needs to stay ahead in a competitive market.
Learn more about market research and analysis program with Kognifi.
Click the button below to contact Kognifi Customer Service (+6011-6353-3599) on a working day (Mon-Fri, 9am to 5pm) for your enquiry on training course classes.
Or send in an enquiry form. We will respond within 24 hours on a working day.
What is the Difference Between Market Research vs. Marketing Research
1. Market Research
Market research focuses on gathering information about the target market areas: needs, wants, spending habits and characteristics.
This includes understanding the characteristics of customers, competitors, market size, trends, and economic conditions that affect the market.
It helps businesses identify opportunities, evaluate risks, and better understand their target audience. In the process, it can often reveal new target markets and customer wants and needs.
- Customer insights: Demographics, behavior, preferences, and needs of potential customers.
- Market size and segmentation: The overall size of the market and its segments (e.g., age, income, location).
- Market trends: Analysis of current and future trends, such as technological advances, economic conditions, or cultural shifts.
- Competitive analysis: Who the competitors are, their strengths and weaknesses, and their market share.
2. Marketing Research
Marketing research, on the other hand, is broader and focuses on all aspects of marketing strategies, typically used to help businesses make decisions about how to market their products or services, and to measure the effectiveness of their marketing efforts.
It involves analyzing customer responses to advertisements, promotions, and overall marketing efforts. Through marketing research, companies can fine-tune their marketing campaigns to resonate better with their target audience and increase conversion rates.
- Product research: Understanding customer preferences and how they respond to certain product features, packaging, and design.
- Advertising research: Evaluating the effectiveness of advertising efforts, such as messaging, mediums, and channels.
- Brand research: How customers perceive a brand, its reputation, and emotional connections with it.
- Sales research: Studying the sales process, customer satisfaction, pricing strategies, and distribution channels.
- Customer feedback: Gathering data on customer experiences, satisfaction levels, and loyalty.
We offer training for both marketing research and its subset, market research. Run any customer, brand, or product research project with confidence.
How to Use Both for Business Growth
Use market research to understand customer needs and industry trends. Complement this with marketing research to ensure your marketing strategies are aligned with customer preferences.
At Kognifi, participants will learn how to structure market research and to collect data with an MVP, surveys and data warehouses.
Learn how to analyze the data with Excel and present the data with actionable tables, graphs and reports.
Research Objective and Questions
Click here to read more about what to expect in our Market Research workshop class
PESTEL and 5 Forces | How To See the Data
- PESTEL chatter, keywords and actions
- Year on Year growth
- Data
- Market supplier sales data
- Industry performance reports from government or associations
- Search engines
- Market research companies’ data and surveys
- Internal data and surveys
Get guidance and hands-on exercises to collect and present data for business trends and growth outlook.
Contact Us For Training Class Detail
HRDF Claimable Training 2024 – Request For Information (RFI)
Send us your request for training. We can customise the training and get the trainers per your training objectives.
- Understanding HR Fundamentals with Kognifi - 11th October 2024
- HR Training | Human Resources Courses - 10th October 2024
- The Strategy of Content Marketing - 10th October 2024
