Have you ever thought about the difference between Market Research and Marketing Research? Although these two terms are often used interchangeably, they have differing meanings.
Market research deals specifically with the gathering of information about a market's size and trends.
Marketing research covers a wider range of activities. While it may involve market research, marketing research is a more general systematic process that can be applied to a variety of marketing problems.
The American Marketing Association (AMA) has a fuller definition which reads: "Marketing research is the function that links the consumer, customer, and public to the marketer through information, information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions." And here's the AMA's definition of marketing: "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
So, Market Research can be seen as a subset of Marketing Research.
Market Research is a micro concept because it is research focused on a specific market.
Marketing Research offers a more macro view, on a broader level.
It encompasses areas such as:
- Research into new products
- Advertising and PR
- Modes of distribution
- Product development
- Product promotion
Both concepts are integral parts of Marketing. Good Market and Marketing Research makes marketing easier and more successful.
Ed Trachier is the Founder & CEO of OnTarget Partners, a B2B Research, Sales and Marketing Firm committed to helping businesses Market and Sell more intelligently. Ed can be found on LinkedIn or contacted via email.