Question

Compare and contrast the use of research for academic work and the use of research in a marketing plan.

Answer 1

Research is a study in a particular area to get information about it and gain an understanding of the subject. Here the two types of reseaches mentioned are academic research and marketing research. These are two different type of researches done in their own fields and important for the researchers for getting the best outcomes of the situation they are dealing with. Research for academic work refers to the research done to gain knowledge about a particular subject or in a particular field. Gathering information by self study, observation, questioning and writing the thoughts and ideas about a particular topic on which the research is made. This information is complied together to make it an effective research study material. This research is done in academic environment such as university, college, laboratories etc.

Research in marketing plan refers to the research and study done about the market where the product is to be brought and sold. Identifying and understanding target customers, their needs, their tastes and lifestyle habits, their spending capacity, surveyin the competition in the market, the products that can compete or substitute our product and all market conditions are identified and studied in a market research. It is basically done to sell our product in the market successfully, satisfying the customer, earning profits and making a sustainable position in the market for a long term. This research helps in making a market plan that is effective and beneficial. The information gathered in a market research helps in formaing strategies of selling the product in the market in the most efficient way.