Monday, March 08, 2021

The Difference Between Market Research and Marketing Research


I recently came across this interesting infographic, a Venn diagram considering the differences and similarities between market research and marketing research. It accompanies a July 2020 post titled "Market Research vs Marketing Research: What’s the Difference?" on the site My Market Research Methods, which might not have been updated since last October. 

Regardless of the site's currency, this diagram interested me. People often use "market research" and "marketing research" interchangeably. If you read "Market Research Guy"'s post—which I won't summarize here—he makes a compelling case: They're distinct but related practices.

What's missing here, however, is a circle for Product Development Research, perhaps. (That could also include User Experience Research as a subset.) And I'm thinking about the placement of market segmentation. If you also think about it in terms of audience research, that could inform marketing, as well as product development. And if you also think about it in terms of audience segmentation, that might even more squarely—or roundly?—overlap with marketing research.

Or is market the same as audience? I would say not. Let's discuss!

What do you think about this representation? Anything you'd change? Anything you'd add? 

If we were to add Product Development Research, what might that encompass?

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