Navigating the Maze: Revealing Market Research, Marketing Research and Business Intelligence

In the ever-evolving landscape of global markets, the quest for insights is a universal language spoken by businesses seeking growth and success. Since our establishment in 1999, we’ve been receiving research requests from around the globe daily. But here’s the twist – the terminology used can be a linguistic labyrinth, especially when communicating in different parts of the world. “Market research,” “market analysis,” “marketing research,” “market insight,” “market study,” and “business intelligence” are a few examples that are thrown into the mix interchangeably. It’s easy to get tangled up, but fear not; we’re here to untangle the threads.

Defining Market Research:

Let’s take a step back and examine different definitions of market research from trusted sources like Investopedia, Cambridge Dictionary, and QuestionPro. Each offers a unique perspective, highlighting the diversity in how these terms are understood:

• Investopedia defines market research as “the process of evaluating the viability of a new service or product through research conducted directly with potential customers.”
• According to the Cambridge Dictionary, it involves “the collection and examination of information about things that people buy or might buy and their feelings about things that they have bought.”
• QuestionPro focuses on “the collection, analysis, and use of market intelligence and market statistics,” emphasizing its relationship with one of Marketing’s four Ps – Place.

Decoding the Difference: Market Research vs. Business Intelligence in Global Markets

Now, let’s unravel the mystery between market research as marketing research and market research as business intelligence. While these terms are often used interchangeably, they represent distinct concepts. Marketing research is a broad concept, diving into understanding target markets and all aspects of product development and placement. It dives deep into consumer behaviors, motivations, and preferences through surveys, interviews, and observations. It requires further in-depth analysis of the data collected for accurate insights.

On the flip side, market research as business intelligence paints a broader and more holistic picture. It involves researching a market or business segment to grasp key aspects like market size, shares, stakeholders, market structure, sales channels, competition, trends, forecasts, and more. Business intelligence is the key to successful market entry and growth, especially in foreign markets where a comprehensive analysis must be done with a local understanding. This is where FMC Group shows its competency with 20+ years of experience in Turkey, the Middle East, and North Africa.

Conclusion:

As we navigate the complex realm of global business, “understanding” is crucial. No matter what the terminology is having the required insight plays a unique role in guiding businesses toward informed decisions and successful ventures. Stay tuned as we dive deeper into the dynamics of acquiring practical business intelligence for your business.