Market Research and Marketing Research are not the same. Market Research is about finding out specific details about the nature of markets, competitors and potential customers. It involves researching a specific industry or market e.g. researching the mobile phone industry to discover the number of competitors and their market share. Market research will provide more global information – often carried out in focus groups often combining questions from several companies to obtain general market information on a broader scale.
Market research can more easily be carried out by an external company since more global data are required such as geographic information and the accessibility of a market and its potential together with general customer information.
Marketing Research analyses a given marketing opportunity or problem, defines the research and data collection methods to deal with the problem or take advantage of an opportunity, right through to implementation of a strategy. It is more systematic and seeks to find out the root cause for specific problem/s and determine solutions. e.g. research carried out to analyse and find solution for increasing sales revenues. Marketing research is about finding data on your products/services and your existing customers and provides more detailed information on the company’s product/service offer and the customers who buy them. All the information is used to better understand the reasons why customers choose your offer and in some circumstances to understand why not.
Marketing Research is essential in developing strategic decisions which are important for growth. It helps in making the right decisions by using statistical methods and as such reduces the uncertainty in the decision-making process and increases the probability and magnitude of success provided it is conducted systematically, analytically and objectively.
Depending on the specific needs and expectations for any research, market or marketing, its success depends on the correct use of the type of research, its preparation and the use of its results.
All of this can be daunting for those organisations and individuals who wish to conduct research and so it is vital to learn about the various methods of approach and analysis. The Marketing Research & Intelligence course presented by the Institute of Sales & Marketing, Dubai will help you choose the most appropriate research programme and design appropriate methods so you will be able to make critical marketing decisions with absolute confidence. Find out more https://www.ismdubai.com/courses/market-research/index.php