What is marketing research?
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; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. (Approved October 2004)
What is market research?
The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area.
What is the difference between marketing research and market research?
Based on the above definitions, marketing research is focused on marketing activities (direct mail response rates, etc.) and market research is research associated with a specific customer group in a specific geographic area (millennials in the US).
Why do you care?
Both marketing research and market research are critical to your business – without them, you wouldn’t know where you and where you need to go in order to push continual improvement.