marketing research vs market analysis

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Market research vs. marketing research — What’s the difference?

Have you ever wondered whether there's a difference between market research and marketing research? Although these two terms are often used interchangeably, they have some qualities that differentiate them.

The four Ps of marketing

To understand the difference between market research and marketing research, you first have to understand the ‘ marketing mix ’, otherwise known as the Four Ps of Marketing :

• Product (goods or service)
• Price (how much the customer pays)
• Place (where the product is marketed)
• Promotion (advertising and PR)

These are the four essential key factors involved in marketing goods or services. They all need to function optimally together for those goods or services to be a success in the marketplace.

What is market research?

Market research studies a target market. It collects data about that marketplace and the consumers within it.

It deals with only one P of Marketing – Place . Place in this context means a specific market or segment .

Market research gathers, analyzes and interprets data about:

• that specific market
• a product, service or developing concept to be offered for sale in that market
• customers (present, past and future) for that product, service or concept

Market research delves into a variety of the target market’s areas: needs, wants, spending habits and characteristics. It can also make comparisons with the competition and industry standards. Market research is the first port of call for a business to assess how viable new goods or service are for their target market. In the process, it can often reveal new target markets and customer wants and needs.

A typical market research process is as follows:

• An issue gets identified
• Decide who will conduct the research (in-house or an external agency)
• Choose appropriate market research techniques
• Gather data
• Organize, interpret and analyze data
• Report back findings

What is marketing research?

Marketing research is much broader. It deals with all four Ps of Marketing – including Place. It covers diverse areas, some of which market research wouldn’t touch, and others where it would only touch lightly:

• New product research
• Product development
• Advertising research
• Customer research
• Distribution methods
• Public relations

In essence, marketing research covers the conception, development, placement and evolution of a product or service, its growing audience and its branding – all the way from brand awareness to, we hope, brand equity .

Market research, because it emphasizes Place, is an integral part of marketing research. We could sum it up like this: market research is a subset of marketing research.

A typical marketing research process is as follows:

• Identify an issue, discuss alternatives and set out research objectives
• Develop a research program
• Gather information
• Organize and analyze information and data
• Present findings
• Make a decision based on the research

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The differences between marketing research and market research

Although market research informs marketing research, the table below compares the considerable differences between them.

The similarities between marketing research and market research

• crucial for a business’s success.
• research projects, and as such produce valuable data.
• useful for quantitative and qualitative tools and techniques such as surveys, focus groups, questionnaires and interviews to gather information
• effective for making decisions regarding type and quality of products and services offered to customers, suitable locations for the business, the best advertising, and the most efficient distribution channels and networks.

We offer research services for both marketing research and its subset, market research. Run any customer, brand, or product research project with confidence.

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Market Research vs. Marketing Research

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Market research vs. marketing research – they may look similar, but there are distinct differences you should know.

By the end of this post, you’ll understand exactly what differentiates market research from marketing research. And be confident in explaining each and how they serve a business .

What is market research?

Market research examines a target market, looking at a marketplace and the people within it . Most market research types can be either primary , secondary, qualitative , or quantitative .

It’s a type of research that typically gathers information tied to a specific research objective.

The process collates, analyzes, and interprets data relating to:

• A target market (or several)
• A service or product
• A target audience – be it past, present, or forward-looking.

A company can use market research to determine many things. A few examples are:

• Whether to take a new product to market.
• Assess the viability of a business within a market.
• Uncover opportunities for growth.
• Decide on investment.
• Develop strategies to enter a new market.

What is marketing research?

Marketing research addresses a broader set of questions than market research. It goes beyond simply looking at the marketplace – considering pricing, product features, positioning, go-to-market strategy, channels, branding, customer journeys, and more. It seeks to answer a more broad set of questions than market research – as it covers the conception, development, delivery, and evolution of a product or service within a market.

• Different marketing channels .
• Opportunities for growth.
• Ad-spend for various channels or products.
• The types of creatives and content to use.
• Organic and paid traffic analysis.
• Website traffic and engagement metrics .
• Social media analysis .

A company can use marketing research to determine many things. A few examples are:

• Which channels deliver ROI for others in the same market.
• Audience demographics , including geography , age, gender, loyalty , search interests, and cross-shopping behaviors of a target audience.
• The most popular pages , content, products, and campaigns.
• The ad creatives and content resonate most with a target audience.
• The levels of pricing, promotions, and packages offered by others in a market.
• Customer journey mapping.

Market vs marketing research similarities

Both marketing and market research are crucial to the success of a business. Although both are different, here are a few areas and ways they can overlap.

• A tool to inform decisions about the type of products or services to offer.
• Types of online market research take the form of a project.
• Seek to provide answers to organizational questions.
• Used to uncover optimal markets or geographical locations to enter.
• Gather information using qualitative and quantitative research methods.

Differences between marketing research and market research

Marketing research looks at products, pricing, positioning, and promotions (the four Ps of marketing), whereas market research focuses mainly on the marketplace.

Market research informs marketing research. However, some believe marketing research is part of market research, whereas others think market research is part of marketing research. To clarify things, I spoke with various leaders in Similarweb – and asked each to explain marketing research vs. market research in their own words.

Here’s what they had to say…

Definition of marketing research vs. marketing research

Marketing research is research around the marketing process. Market research is research around the market/marketplace – sometimes, it’s called business research. Under market research, you have market positioning , market sizing (PAM, TAM, SAM), demand analyses, and comparing different geographies.

There is an overlap between consumer needs, audience demand, and consumer trends are interesting from both a market and marketing perspective. But market research is done when you plan to enter a new market or think about creating a new product when you launch a company or acquire via an M&A/partnership.

Marketing research is done once you already have a product and region, and you need to run marketing activities for this product efficiently and effectively. So I would say the purpose is the most significant difference.

Definition of market research vs. marketing research

Market Research is analyzing the ‘macro’ environment in which your company exists: audiences, major player moves, emerging industries trends, and competitor benchmarking across business impact metrics, e.g. (sales, revenue, job hires, ad spend, customers), etc

Marketing Research is analyzing more at the micro level. So, reviewing either specific or multiple marketing channel activity (PPC, SEO, Referral, Advertising), campaign efficacy, and looking for opportunities to drive ROI on your marketing budget to become more efficient.

As you can see, each person answers the same question with a slightly different sentiment, but fundamentally, they all say the same thing. Market research addresses the marketplace, and marketing research takes a broader view that considers many factors relevant to the marketing mix.

Similarweb: A tool for marketing and market research

Both types of research deliver value to organizations that help shape strategy, uncover opportunities, and enable a razor-sharp focus on efficient growth.

Similarweb Digital Research Intelligence is designed to help you measure the digital world. With coverage that spans web, mobile web, and app data, you can evaluate an entire market in an instant.

• Market research tools
• Company research
• Audience analytics
• Consumer journey Analyzer
• App Intelligence
• Benchmarking tools

Here’s a quick example of how Similarweb Research Intelligence is being used to do market research.

For market research, you’d look at things like market distribution, market size, and perhaps industry leaders and emerging players too. 

Similarweb Digital Marketing Intelligence helps you get granular and uncover the tactics, tools, techniques, and channels used in a market or company at any time.

• Competitive analysis tool
• Keyword research suite
• Ad & Media Intelligence
• Affiliate finder

Wrapping up….

Whether you’re doing market or marketing research, you need up-to-date data , relevant to your research objectives. The information you use must be timely, trustworthy, and telling. What’s more, you need a way to analyze an industry, company, or market fast so you extract the most telling of insights, relevant to your market or marketing strategy.

Similarweb’s suite of Digital intelligence solutions gives you immediate access to timely market and marketing data you can trust . Showing you what’s important, and helping you find insights, trends, and opportunities to leverage in your business.

Stop Guessing, Start Analyzing

Get actionable insights for market research here

Is market research and marketing research the same thing?

Marketing research is an element of market research. Market research is focused on the market and its consumers. In comparison, marketing research looks deeper into the product, pricing, positioning, and promotion.

Can you do marketing research without market research?

You need to do market research to evaluate things like pricing, positioning, promotions, and product. So, you can do market research without marketing research, but you cannot do marketing research without first conducting market research.

Is market research or marketing research best for a start-up?

Both can be important, depending on the industry and stage of the start-up. If it’s pre-launch, you need market research to inform you of the marketplace, and its consumers. Marketing research will help you determine the best opportunities to leverage your market if you’ve already launched.

by Liz March

Digital Research Specialist

Liz March has 15 years of experience in content creation. She enjoys the outdoors, F1, and reading, and is pursuing a BSc in Environmental Science.

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Market Research vs. Market Analysis: Understanding the Difference

AI Generated Summary

Introduction to the Blog Summary

This blog clarifies the differences between market research and market analysis, emphasizing their unique roles in helping businesses understand market dynamics, predict trends, and make informed decisions.

Key Points Overview

• Market research focuses on understanding consumer behavior, preferences, and sentiments through various research methodologies.
• Market analysis examines market variables, trends, and competition to reveal market size, growth trajectory, and opportunities.
• Both processes incorporate big data technologies but serve different purposes within a business strategy.

Top Takeaways

• Market research: Essential for determining new product viability, acquiring customers, and improving customer satisfaction.
• Market analysis: Crucial for developing business models, understanding product demand, and discovering hidden opportunities.
• Integration of insights: Quid's platform combines both research and analysis, leveraging AI for comprehensive data collection and actionable insights.

Understanding the distinct roles of market research and analysis is vital for businesses to make strategic decisions, innovate effectively, and stay competitive. Utilizing platforms like Quid ensures a seamless integration of data and insights, driving success and growth.

It’s easy to see why market research and analysis are often conflated. Both equip decision makers with crucial intelligence around the current state of the market, helping leaders analyze trends and predict future scenarios. And to do this, both incorporate big data technologies. But they’re not the same. Let’s find out how they differ!

The concepts of market research and analysis are as different as the individual body parts are to the body. While market research deals with a focused view of the market, answering questions around customer behavior, market analysis takes a contextualized view of the market, revealing action items and trend progression. Yes, we’ll explain further below.

What is Market Research?

Market research is the process of examining the consumer base of a particular market. It is designed to create a complete understanding of the target market in terms of both existing as well as potential customers. To accomplish this, it incorporates primary, secondary, quantitative, and qualitative research methodologies.

Market research helps brands sort out:

• Customer buying behavior: How do customers find out about us? Why are there more customers on our online stores than the physical premises
• Customer preferences: Do our customers prefer pick up or delivery? How many customers have adopted mobile transactions as a preferred mode of payment?
• Customer sentiments: What is the general consumer opinion about our brand vs. other brands? Which of our values do consumers appreciate most?

Why Conduct Market Research?

There are many reasons why you would need to conduct market research. Below are just a few:

1. Determine New Product Viability

A lot of new products are created each year, but many of them fail. We wager that a big reason for this is poor market fit. Harvard Business Review’s list of   five major factors   comes very close to affirming our claim. If that is the reason, market research (or lack thereof) is the primary cause. Companies are usually in too much hurry or too trusting of their unqualified intuition to conduct proper market research and determine the viability of a product to the target market.

If you want to increase your chances of success, market research is your friend.

2. Acquire New Customers

It costs to acquire new customers. Considering what it takes to create brand awareness, build credibility, and provide a winning customer experience, it’s no wonder that it costs, on average,   five times more   than customer retention. Does this mean businesses should shrink from customer acquisition? Not when there are ways to reduce this cost.

See, one of the main reasons why it costs so much is that businesses accomplish low conversion rates. Thus, the total cost of conversion divided by the number of new customers is high. Market research can help you boost your conversion rates and drive down the cost of customer acquisition.

3. Improve Customer Satisfaction

While customer acquisition is difficult, customer retention is apparently easy. The average rate of retention is   upwards of 60% . That’s three to 12 times the conversion rate. But is it really easy to sell to existing customers unless they are satisfied with their previous purchase(s)? Customer satisfaction is what fuels brand loyalty, advocacy, and a generally healthy customer relationship.

With market research, you can better understand your customers through their direct feedback, the sentiments of their peers, and the current consumer trends.

What is Market Analysis?

Market analysis is the process of examining all the variables in a particular market and how they interact to produce observed and future conditions. It is aimed at obtaining a clear look around the environment in which a business operates to uncover the true size of the market, state of competition, and growth trajectory.

To accomplish this lofty objective, market analysis applies the insights gathered from market research, and then some. It goes further to study the business models, production processes, technologies being used, partnerships being forged, and the resultant successes.

Some of the research problems in market analysis are:

• Market size: What is the current market growth rate? How much market share do each of the major players command?
• Market trends: What is the adoption of environmentally sustainable business practices in our industry? How can we improve our sales this holiday season compared to the previous five years?
• Market regulations: How has change in political leadership in Country X affected the industry? What are the barriers to entry facing our new consumer product line?

Market analysis in action :

BCG   is a consulting firm working with leading businesses across the globe. The firm helps them solve some of their most pressing challenges as well advise them on how to move on new opportunities. Because of its critical function in the success of these organizations, BCG is especially concerned with market analysis using advanced platforms.

We learned this from BCG’s Michael Wahlen when he gave a   LIVE presentation   on how his team uses Quid to uncover trends and opportunities in the market. In particular, Wahlen’s talk centered on how BCG advised its manufacturing client on the market trajectory by first uncovering a battalion of more than 2,500 emerging competitors.

Market analysis allowed Wahlen and his team to scrutinize the incoming companies based on their sub-sector, their innovations, and capital range. This made them understand the level of threat and advise the client accordingly.

Why Conduct Market Analysis?

Here are three good reasons to conduct market analysis:

1. Develop Your Business Model

Creating a strong   business model   involves two main considerations: Pricing and costs. There are other factors to consider such as product category and target market. However, they are secondary to the first two. In a market economy, the majority of businesses have to set prices based on the market rather than internal deliberation. And the information you need to make these crucial decisions can be obtained through market analysis.

2. Understand Product Demand

Product demand precedes product market fit, discussed above. Product demand is what tells you that there is an unmet need in the market. Product market fit is the fine tuning of your offering to make sure it meets that need; making it the preferred choice amidst the competition.

Market analysis shows you   why there is an unmet need. Is it a hidden opportunity? Or is someone trying and failing? You need to learn from this information to save yourself from experiencing the same expensive mistakes.

3. Discover Hidden Opportunities

Speaking of hidden opportunities, the market is full of them. A hidden opportunity would be something like a gap in the market that appears unexplored by others. It can also be a useful capability on top of your core business that you never thought could be packaged. Further, it may be the creativity of your team that produces new innovations you didn’t see coming.

Before you can explore these hidden opportunities, you need strong inspiration. And nothing comes close to the power of market intelligence.

Market research and analysis converge on some key points. But that’s only because market research is a part of the market analysis process. Other than that, they are distinct processes focused on different objectives, following different methods, and affected by different factors.

As a consumer and market intelligence platform, Quid is designed with both aspects of your business strategy in mind. It can reach across the web to gather all the relevant data needed while keeping you focused on your goals. It is built on cutting edge AI technology that enhances collection and analysis of all data formats, quantitative or qualitative. Further, it works seamlessly with other research tools, playing a true hybrid role in your market research and analysis ecosystem. And it all happens inside a single platform equipped with a powerful and intuitive dashboard that is easy to read and navigate.

And we didn’t even touch on the Intelligence Connector – for tool and insight integration! Be sure to   reach out for a demo   now and we will show you step by step how everything fits together on our platform to support your business and help you win again!

Coming November 13: Insight7 Launches as a Conversational Intelligence Platform.  Learn more

Extract insights from interviews. at scale., market and marketing research difference explained.

Home » Market and Marketing Research Difference Explained

Understanding the distinction between market and marketing research is essential for businesses aiming to thrive. While both terms are often misused interchangeably, they serve different purposes in data gathering. Market research focuses on understanding consumer needs, market size, and trends. In contrast, marketing research dives deeper into consumer behavior, preferences, and perceptions surrounding products or services.

Recognizing these differences allows businesses to tailor their strategies more effectively. Market research enables companies to gather data on potential clients and competitors, while marketing research helps them refine their messaging and outreach. By mastering the nuances of market vs. marketing research, businesses can make informed decisions, leading to successful campaigns and greater customer satisfaction.

Understanding the Market vs. Marketing Research Distinction

When distinguishing between market and marketing research, it's essential to focus on their unique roles. The market refers to the overall environment where businesses operate, encompassing consumers, competitors, and industry trends. Understanding the market involves analyzing economic conditions, customer behaviors, and emerging opportunities. This comprehensive view helps organizations set the stage for tailored strategies.

On the other hand, marketing research is a focused effort to gather actionable insights about specific customer needs and preferences. It involves various techniques, such as surveys, interviews, and data analysis . By identifying what drives customer decisions, marketing research supports targeted strategies that resonate with potential buyers. Understanding this distinction illuminates how market insights and research methodologies work together, enabling businesses to make informed decisions that foster growth.

What is Market Research?

Market research is a systematic process that gathers, analyzes, and interprets information about a market, including information about the target audience and competitive landscape. It plays a vital role in decision-making and helps organizations understand consumer needs and preferences. By identifying trends and consumer behavior, businesses can tailor their strategies to meet market demands effectively.

In contrast to marketing research, which focuses on specific marketing activities, market research takes a broader approach. It helps businesses to determine market potential and identify problems that could affect their success. Gathering insights from customer feedback and monitoring industry developments can lead to informed decisions. This understanding of the nuances in market vs. marketing research provides a foundation for businesses to craft strategies that resonate with their audience and enhance overall performance.

What is Marketing Research?

Marketing research is a systematic approach to gathering, analyzing, and interpreting data related to market conditions and consumer behaviors. The goal is to understand the dynamics that influence purchasing decisions and identify opportunities for businesses to thrive. This research goes beyond simply collecting data; it involves a detailed process of assessment, allowing marketers to recognize trends, preferences, and perceptions within the target market.

In exploring the difference between market and marketing research, it’s important to note that market research focuses specifically on understanding the target audience and their behaviors. Marketing research, however, encompasses both this inquiry and the evaluation of marketing strategies and practices. By engaging in effective marketing research, companies can uncover critical insights that shape their marketing efforts, product development, and overall business strategies. Understanding this distinction helps businesses navigate the complexities of the marketplace efficiently.

Key Differences in Market vs. Marketing Research

Understanding the key differences in market vs. marketing research can significantly influence business strategies. Market research focuses on gathering data about industry trends, competition, and customer demographics. It identifies the overarching opportunities and threats in the marketplace. Businesses utilize this insight to shape their overall strategy and product development efforts.

On the other hand, marketing research dives deeper into the effectiveness of specific marketing strategies and campaigns. It surveys customer reactions to advertisements or brand messages, allowing companies to fine-tune their approach. While market research provides a broad overview, marketing research offers detailed insights into consumer behavior and preferences. Ultimately, both play pivotal roles, but their focus and applications are distinct, guiding organizations in different aspects of their decision-making processes.

Scope and Focus

The difference between market and marketing research centers on distinct scopes and focuses. Market research dives deep into understanding consumer behavior, market trends, and the competitive landscape. It aims to provide insights that inform product development and overall business strategy. This research often involves gathering quantitative data, such as sales figures and market demographics, to understand where opportunities lie and what drives customer preferences.

On the other hand, marketing research narrows its focus on evaluating marketing strategies and measuring their effectiveness. This can involve analyzing the performance of advertising campaigns, customer feedback, and brand perception. Businesses use this information to refine their marketing efforts, ensuring they resonate with target audiences. By clearly distinguishing between these two areas, organizations can better allocate resources and make informed decisions for future growth and success in their respective markets.

Methods and Techniques

In analyzing the methods and techniques involved in market vs. marketing research, it's essential to distinguish between various approaches used. Market research focuses primarily on understanding the dynamics of a market, such as customer preferences and competitive analysis. Techniques like surveys, focus groups, and observational studies are typically employed to gather this type of data. Each method offers unique insights that contribute to the broader understanding of market conditions.

On the other hand, marketing research centers on the effectiveness of marketing strategies and campaigns. This often involves evaluating consumer response to advertisements and promotional efforts. Techniques such as A/B testing and customer feedback collection can provide valuable information. By blending these methodologies, businesses can optimize their strategies for better outcomes, ensuring that insights are actionable and relevant. Understanding these distinctions can significantly enhance decision-making processes within organizations.

Applications of Market vs. Marketing Research in Business

In business, understanding the applications of market versus marketing research is essential. Market research focuses on gathering data about consumer preferences, competition, and market trends. These insights help businesses make informed decisions about product development, pricing strategies, and target demographics. By analyzing market conditions, companies can identify opportunities and potential threats in their respective industries.

On the other hand, marketing research delves deeper into the effectiveness of marketing strategies. It assesses how well a product or service resonates with consumers and evaluates the success of promotional campaigns. Companies can refine their messaging and optimize customer engagement by understanding consumer reactions. Applying both types of research enables businesses to create tailored strategies that enhance customer satisfaction and drive growth. Thus, the distinction between market and marketing research is critical for informed decision-making in an increasingly competitive environment.

Strategic Planning and Decision Making

Strategic planning is essential in the realm of market vs. marketing. Organizations must clearly differentiate between understanding market dynamics and executing marketing strategies. This distinction allows businesses to develop actionable objectives and tailored approaches to reach their target audiences effectively. Analyzing market data helps identify trends, competition, and customer preferences, laying the groundwork for informed decision-making.

Effective decision-making involves integrating insights from both market and marketing research. This approach not only enhances the overall strategy but also enables teams to align product offerings with consumer needs. Organizations should focus on collecting relevant data, analyzing it thoughtfully, and utilizing these insights to shape marketing strategies. By utilizing a thorough understanding of market conditions, businesses are better equipped to make strategic decisions that foster growth and success.

Product Development and Customer Insights

Product development is deeply intertwined with understanding customer insights . By examining feedback and behaviors, businesses can create products that truly meet market demands. This forms a vital part of the ongoing dialogue between an organization and its customers, ensuring that new offerings are not only innovative but also relevant.

Focusing on customer insights helps identify preferences and pain points, making it easier to refine products. Engaging with customers through surveys or interviews reveals patterns and trends that guide development. Additionally, employing market research allows companies to differentiate between the broad market environment and specific marketing strategies needed to address customer needs effectively. Ultimately, understanding the distinction between market and marketing informs more strategic product development, resulting in offerings that resonate strongly with customers.

Conclusion: Market vs. Marketing Research in Perspective

In the realm of Market vs. Marketing, understanding their distinct roles is crucial for informed decision-making. Market research focuses on gathering and analyzing data about consumers and competitors to identify opportunities and challenges in the marketplace. In contrast, marketing research delves into the effectiveness of promotional strategies and channels, assessing how well a company engages its audience.

Ultimately, distinguishing these two concepts can enhance strategic planning. Recognizing that both market and marketing research contribute valuable insights will empower businesses to adapt their strategies more effectively. This holistic approach fosters adaptability in rapidly changing environments, directly impacting overall success and customer satisfaction.

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