Wk 2 Discussion - Marketing and Market Research Business Essay

Marketing and Market Research
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Marketing and Market Research
Market research and marketing research are two terms in the marketing domain used interchangeably, yet they refer to different concepts. In simple terms, marketing research can be understood as an umbrella term that considers the overall aspects of a marketing mix. In contrast, market research narrows down the research to a specific component of the market mix and seeks to understand consumers' behavior in a target market (Wilson, 2018). Take, for instance, a food service company that rolls out a new product. The prices vary across the different restaurants located in different places. The company then uses social media or traditional media to popularize the meal and, after that, tracks the sales and profits from the new meal in the different restaurants. This kind of research considers the product, place, promotion, and price components of the marketing mix, thus qualify...