Although the ideas behind marketing research and market research are essentially to learn more about the market, the potential expectations for success for certain products and services, and ways to tailor a marketing campaign to a specific target audience, there are some distinct difference that you should understand before mixing up these terms. They really do not mean the same thing, though many use both interchangeably.
Here are some basic ideas regarding market research:
1. Market research helps to identify whether similar products exist, who makes them, how much they cost, and how popular they are. Before moving ahead with any product, this is very critical information to have.
2. Market research typically pertains to a specific market for a specific product. Developing an idea about the target audience helps with market research.
3. Market research is more specifically related to the demand for a certain product. Just because a product seems great does not automatically guarantee success.
4. Market research assesses the competition: How many other companies are doing the same thing? How many are successful? Is there any room for more or is the market saturated already?
Here are some basic ideas regarding marketing research:
1. Marketing research is often focused on the research and development aspects of products: This includes how products can be improved, what people like or do not like about them, and improvements that can be made to products or product lines for expansion. Marketing research addresses the preferences and needs of the customers, and helps to devise ways to meet those preferences and needs.
2. Marketing research will more specifically delve into distribution of products: This means knowing how will people be able to access the products and services, and how will they be delivered.
3. Marketing research is often specifically addressing pricing points: How much money will people be willing to pay for these types of products?
4. Marketing research addresses advertising methods: Knowing the best ways in which you can reach people will help your company get more visibility.
5. Marketing research addresses the public relations aspect of any company: It is important to pay attention to how the image will be portrayed and customers will be retained.
Market research and marketing research are both important parts of the marketing process, especially for internet marketing. Things change rapidly in this business, and understanding the distinctions is important before you waste time on processes that will not get your company ahead.
Online marketing companies, like Gadzoog, are available to help any internet marketer not only clearly understand the ideas behind marketing, but put a strong marketing campaign into place, one that addresses multiple marketing solutions and puts your company in the forefront for the products and services that you have to offer. Make market research and marketing research part of your overall online strategy, and develop a comprehensive marketing plan that will address each of the points above, so that you can expect the best from your business plan over the long haul.