Marketing Research of Market Research: Does it really Matter?Priya Mishra
Online market research has gained high prominence in these days when it comes to enhancing the bottom line of the business. Whether you want a rise in the revenue of your business or planning to launch a new product, it is a must to seek the assistance of online market research company.
Searching the Market
For determination of market segments which are of interest to you, you can search the market. Research is a prerequisite whether you are studying the market for launching a new product or revising the strategy of existing ones. A well-defined market research is known to be the basis of market research where in an extremely competitive market, the understanding of potential or existing customers is a must for gaining success.
Difference between the Terms
A number of people use the term of marketing research in lieu of market research and vice versa. There is a difference between the two. However, it is beneficial to keep in mind that marketing research is specifically about marketing procedures like effects of the marketing mix on the trends and behavior of consumers. It can be said that difference actually depends on the kind of business and definition of research practitioner.
For an online market research company, analyzing and gathering market information, the primary concern is not regarding the marketing procedures of other company which will be using the data for launching a product. With the research company conducting market research, other companies make use of information for the development of marketing strategy.
Data Collection Time
Another type of differentiation which is considered is known to be the data collection time. Suppose, you work for a mobile operator, research which is conducted is primarily to collect information about the demographics, economy, and geography among several other factors for deciding how and when to launch the product. With the launching of services and products, you will be capable of collecting internal data about the requests and trends of the customer which is reflected on similar market factors. It does not matter how the research was classified, it is useful for benefitting the company.
Though a number of people prefer sticking to well-defined terminology, in real life, a number of concepts merge and turn into different accepted understanding. However, for some companies, it is not important what the research is called till it confers the prerequisite data for understanding the market and for launching products in a successful manner.
The terminology differentiation is certainly not a priority if you are working in the developing markets, where updated and useful data does not exist. You still require least data for the operation in similar markets. For entering a market, it is a must to conduct basic research. The information collected and analyzed aids in understanding the requirements of the potential customer and enabling to strategize marketing approach.
The online market research company make use of different terms at different times. Though most of the times it does not matter what it is called, there is just a fine line which exists between market research and marketing research.