MARKETING RESEARCH: Research always starts with a question to which we seek an answer using scientific methods. We define the question as a “Problem”
Research is often described as an active, diligent, and systematic process of inquiry aimed at discovering, interpreting and revising facts.
The word research is derived from the French language; its literal meaning is ‘to investigate thoroughly.
Research can be classified into two broad categories:
1. Basic Research and
2. Applied Research
Basic Research
Basic research is also called fundamental or pure research. As the name itself refers, Basic Research is of basic nature which is not carried out in response to a problem. It is more educational towards understanding the fundamentals and aims at expanding the knowledge base of an individual or organisation. It does not have any commercial potential.
Applied research
Applied Research, on the other hand, is carried out to seek alternate solutions for a problem at hand. Applied research is done to solve specific, practical questions; its primary aim is not to gain knowledge.
Difference between Market Research and Marketing Research
Market Research: Market Research involves researching a specific industry or market.
Ex: Researching the automobile industry to discover the number of competitors and their market share.
Marketing Research: Marketing Research analyses a given marketing opportunity or problem, defines the research and data collection methods required to deal with the problem or take advantage of the opportunity, through for the implementation of the project. It is a more systematic method which aims to discover the root cause for a specific problem within an organisation and put forward solutions to that problem.
Ex: Research carried out to analyze and find solutions for increasing turnover in an organisation.
Summary:
The meaning of research is to investigate thoroughly. It can be divided into basic and applied research. Basic research is pure research which is more educational. Applied research is carried out to seek alternate solution for a problem. Applied research can further be classified as problem-solving research and problem-oriented research depending upon the research problem at hand. Marketing research is a systematic and objective study of problems pertaining to the marketing of goods and services. It is applicable to any area of marketing.
For ex. Product management, sales, advertising research, etc. Marketing Research can be Primary Market Research or Secondary Market research depending on the data source used. It can be qualitative or quantitative research depending upon the nature of the research. Marketing Research is different from Market Research wherein the former is oriented towards solving marketing problems and the latter is market related.