Although these two terms are often used interchangeably, they have some differentiating qualities. Market research is specific in nature, i. Qualitative data collection is invaluable for product design and marketing research. Experts in marketing research have shown that studies featuring multiple and often competing hypotheses yield more meaningful results than those featuring only one dominant hypothesis.
These procedures are patented, given brand names, and marketed like any other branded product. Organisations need to be proactive and change in line with their marketing environment. One person will describe market research as a subset of marketing research, while another will say just the opposite.
Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.
In the absence of relevant information, consumers' response to marketing programs cannot be predicted reliably or accurately.
Standardized services are research studies conducted for different client firms but in a standard way. These decisions are complicated by interactions between the controllable marketing variables of product, pricingpromotion, and distribution.
By the s, Ernest Dichter was pioneering the focus group method of qualitative research. Market research is basically any planned activity that results in the gathering of information about markets, competitors, and customers.
If a secondary source of data is unable to serve the purpose, a convenience sample of small size can be collected.