Difference between market research and business research?

Answer 1

Market ResearchMarket research is the information you collect that will guide the business decisions you make. This information includes but is not limited to data on your customers' needs, your competitors' abilities and trends within your industry. Gathering information is critical, even if you're working on a shoestring budget. Research can start easily by asking customers to complete comment cards or online surveys. Attending trade shows and reading industry magazines and websites will keep you up to date on industry news and happenings. Marketing StrategyA marketing strategy establishes the guidelines for how to use the information gathered from your market research. The Business Owner's Toolkit website says the marketing strategy should include a path to specific goals, such as reaching a specific market demographic or a distinctive way to position your company and product. The marketing strategy is also useful in defining where your company fits in among competitors: as a leader, follower, challenger or niche company. Blending Research and Strategy Marketingresearch apart from a sound strategy will not benefit your organization. Constant research needs to keep your finger on the pulse of your target customer. It will alert you to pressure from competitors and opportunities to launch new products. Conversely, it should tell you when a new product is not right for the market. Reviewing your strategy, in light of your current research, several times a year will keep your advertising and sales efforts on track and allow you to discern if changes in your marketing approach need to be made

BY SUMIT SOAM (INDUS BUSINESS ACADEMY)