Industrial market research refers to the systematic and purposeful information collection and analysis activities on the demand, supply, competition, price, channels, etc. of industrial products or services, aiming to provide basis and suggestions for enterprise decision-making. The process and steps of industrial market research include the following aspects: determining the research objectives and scope, designing research programs and methods, collecting and processing data, analyzing and interpreting data, writing and presenting reports. Taking Shangpu Consulting Company as an example, this paper introduces the specific implementation process of industrial market research, and analyzes the key points and precautions.

1. determination of research objectives and scope

The first step in industrial market research is to clarify the purpose and problem of the research, as well as the object and scope of the research. This step is the guidance and basis of the whole research process, which needs to be formulated according to the actual situation and needs of the enterprise. In general, the objectives of industrial market research can be divided into the following categories:

Understand the market environment and trends, such as market size, growth rate, structure, changes, etc;

Assess market opportunities and potential, such as demand, potential customers, purchasing behavior, preferences, etc;

Analysis of market competitiveness and advantages, such as competitors, product characteristics, pricing strategies, channel selection, etc;

Testing market responses and effects, such as acceptance, satisfaction, loyalty, etc. of new products or services;

Provide market strategy and advice, such as target market, positioning, portfolio, promotion, etc.

For example, Champu Consulting was commissioned by a company that produces high-end CNC machine tools to conduct an industrial market study for the Chinese market. The company wants to understand the current situation and development trend of China's CNC machine tool market, as well as its competitiveness and opportunities in the market. Therefore, Champ & Co. has identified the following research objectives:

Analyze the scale, structure, growth rate and driving factors of China's CNC machine tool market;

Identify the main customer groups, demand characteristics and purchase behavior of China's CNC machine tool market;

Evaluate the main competitors, product differentiation, price level, etc. in China's CNC machine tool market;

Explore potential opportunities and threats in China's CNC machine tool market, as well as influencing factors;

Propose entry strategies and marketing recommendations for China's CNC machine tool market.

After determining the research objectives, it is also necessary to clarify the object and scope of the research, I .e., the market segmentation, geographical scope, and time span of the research. These factors will affect the difficulty, cost and effect of the research, so it is necessary to make a reasonable selection and definition according to the research objectives and resources. For example, according to the product characteristics and target market of the entrusted enterprise, the following research objects and scope have been selected:

The market is subdivided into high-end CNC machine tools, that is, CNC machine tools with high precision, high efficiency, high intelligence and other characteristics;

The geographical scope of the study is the main industrial regions of China, namely, East China, South China, North China and Southwest China;

The time span of the study is nearly three years, I .e.2019Year2021Year.

2. Design Research Scheme and Method

The second step of industrial market research is to design the research plan and method, that is, to determine the data type, source, collection method, sample size, analysis tools, etc. This step is the key to ensure the quality and efficiency of the research, which needs to be formulated according to the research objectives and scope. Generally speaking, the data of industrial market research can be divided into the following two categories:

Secondary data, I .e. data that already exists, such as official statistics, industry reports, professional journals, online materials, etc;

Primary data, I .e. data obtained through self-designed and implemented data collection activities, such as questionnaires, interview visits, observation experiments, etc.

The advantages of secondary data are easy access, low cost, and extensive coverage, but the disadvantages are that it may be inaccurate, incomplete, untimely, or not applicable. The advantages of primary data are closer to the research goal, more reliable and more flexible, but the disadvantages are difficult to obtain, high cost, long time or difficult to operate. Therefore, when designing research plans and methods, it is necessary to comprehensively consider the advantages and disadvantages of secondary data and primary data, as well as the applicability and effectiveness of various data collection methods. In general, there are several methods of data collection commonly used in industrial market research:

Document analysis, I .e. extracting relevant information from a variety of written or electronic documents, such as policies and regulations, industry standards, corporate information, etc;

Digital analysis, that is, extracting relevant information from various figures or statistics, such as market size, growth rate, share, etc;

Case analysis, I .e. extracting relevant information from specific success or failure cases, such as competitors' strategies, customer feedback, etc;

Questionnaire surveys, that is, by designing and issuing a series of questions about market conditions or opinions, to collect relevant information from the target population;

Interview, that is, through face-to-face or telephone communication with the target population to collect relevant information;

Observational experiments, that is, collecting relevant information by observing the behavior or reaction of the target population or object in a real or simulated environment.

For example, in designing industrial market research programmes and methodologies, Champu Consulting has adopted the following approaches:

Document analysis: Obtain the basic situation and development trend of China's CNC machine tool market from China Machine Tool Industry Association, China Bureau of Statistics and other official institutions;

Digital Analysis: From the International Machine Tool Association (CMTBA), International Federation of Machine Tool Manufacturers (CIMT) and other professional institutions to obtain the international comparison and competitiveness of China's CNC machine tool market;

Case analysis: select several customer cases similar to the entrusted enterprise from the database of Shangpu Consulting Company, and analyze its strategy and effect in China's CNC machine tool market;

Questionnaire survey: through the network platform to China's CNC machine tool market potential customers (such as automotive, aviation, shipbuilding and other industries manufacturing enterprises) to collect their demand for high-end CNC machine tools, preferences, budget and other information;

Interviews: Interviews with representatives of major competitors in China's CNC machine tool market (such as Haas, Mazak, Sadik and other international brands) by telephone or video to collect their views, plans, challenges and other information on the Chinese market.

After determining the data collection method, it is also necessary to determine the sample size and analysis tools of the data. Sample size refers to the number of objects or individuals involved in data collection activities, and analysis tools refer to methods or software used to process and analyze data. The selection of sample size and analysis tools needs to be based on the type, quality, availability and other factors of the data to ensure the representativeness and validity of the data. In general, the analysis tools commonly used in industrial market research are the following:

Descriptive analysis, that is, used to describe the basic characteristics and distribution of data, such as mean, standard deviation, frequency, percentage, etc;

Exploratory analysis, I .e., for discovering potential patterns and relationships in the data, such as correlations, factor analysis, cluster analysis, etc;

Confirmatory analysis, I .e., used to validate assumptions or models in the data, such as hypothesis testing, regression analysis, variance analysis, etc;

Visual analysis is used to display data in the form of graphs or charts, such as bar charts, pie charts, scatter charts, etc.

For example, Champ Consulting used the following methods to determine the sample size and analysis tools for the data:

Document analysis: according to the credibility and relevance of the document to filter and organize, a total of collected20A document;

Digital analysis: According to the accuracy and completeness of the numbers, a total30Figures;

Case study: according to the typical and comparable case screening and sorting, a total of selected.5cases;

Questionnaire: Sampling and calculations based on the size and structure of the customer base, a total500A questionnaire was collected.450a valid questionnaire;

Interviews: Sampling and inviting according to competitors' share and influence, a total10Interviews;

Descriptive analysis: usingExcelorSPSSSoftware such as descriptive statistics for all collected data, such as calculating the average, standard deviation, etc;

Exploratory analysis: usingSPSSorRsoftware such as exploratory analysis of some of the collected data, such as correlation analysis, factor analysis, etc;

confirmatory analysis: usingSPSSorRand other software for confirmatory analysis of some of the collected data, such as hypothesis testing, regression analysis, etc;

visual analysis: usingExcelorPowerPointSoftware such as visual analysis of some of the collected data, such as drawing bar charts, pie charts, etc.

3. collection and processing of data

The third step of industrial market research is to collect and process data, that is, to obtain and organize data according to the designed scheme and method. This step is the basis for ensuring the credibility and validity of the research results and needs to be performed according to the characteristics and requirements of the data. Generally speaking, the main tasks of collecting and processing data in industrial market research are as follows:

Data acquisition, that is, obtaining the required data from various sources through various methods, such as downloading, purchasing, applying, distributing, accessing, etc;

Data cleaning, that is, through various methods to remove or correct errors or abnormal values in the data, such as deletion, replacement, interpolation, etc;

Data coding, I .e., the conversion of data into a format or type that facilitates analysis through various rules, such as digitization, classification, standardization, etc;

Data storage, that is, through various tools to save data in a safe and convenient location or platform, such as folders, databases, clouds, etc;

Data integration, that is, through various technologies to merge or connect different sources or types of data, such as aggregation, splicing, matching, etc.

For example, when collecting and processing data, Champ Consulting performed the following tasks:

Data acquisition: downloading documents and figures from the websites of official institutions or professional institutions; extracting cases from the database of Shangpu Consulting; issuing questionnaires and collecting responses through the online platform; conducting interviews and recording contents by telephone or video;

Data cleaning: check for errors or missing in documents and numbers, and delete or replace them; check for invalid or abnormal responses in the questionnaire, and delete or interpolate them; check for ambiguities or inconsistencies in interviews, and make clarifications or corrections;

Data coding: convert text information in documents to numbers or category information, such as market size to numbers, industry types to categories, and multiple-choice or scale questions in questionnaires to numerical information, such as converting very satisfied5points, converting very dissatisfaction1points; converting the open questions in the interview into category information, such as converting a positive attitude towards the market and a negative attitude towards market concerns;

Data storage: all collected data is stored in different folders or databases according to different sources or types, and is backed up and encrypted;

Data integration: Combining or linking data from different sources or types according to common variables or indicators, such as aggregating information about market size from documents, numbers, cases, questionnaires, and interviews, to form a complete market size dataset.

4. analysis and interpretation of data

The fourth step of industrial market research is to analyze and interpret the data, that is, to use the designed analysis tools to process and analyze the collected and processed data. This step is the core of the research findings and conclusions, which need to be carried out according to the research objectives and questions. In general, the main tasks of analyzing and interpreting data in industrial market research are the following:

Data processing, that is, the use of various software to carry out the necessary calculations or conversion of data, such as averaging, standard deviation, etc;

Data analysis, that is, the use of various methods to explore or verify the data, such as correlation analysis, regression analysis, etc;

Data interpretation, that is, the use of various theories or logic to make necessary explanations or inferences about the data, such as explaining the meaning, causes, effects, etc. of the data;

Data display, that is, the use of various forms of data to present or summarize the necessary, such as drawing graphics, tables, etc.

For example, Champ Consulting performed the following tasks in analyzing and interpreting the data:

Data processing: usingExcelorSPSSSoftware such as descriptive statistics for all collected data, such as calculating the average, standard deviation, etc;

Data analysis: usingSPSSorRsoftware such as exploratory analysis of some of the collected data, such as correlation analysis, factor analysis, etc.;SPSSorRand other software for confirmatory analysis of some of the collected data, such as hypothesis testing, regression analysis, etc;

Data interpretation: use marketing theory or industrial economic theory to explain the data, such as explaining the factors of market size, the reasons for the characteristics of demand, the evaluation criteria of competitiveness, etc;

Data display: useExcelorPowerPointSoftware such as visual analysis of some of the collected data, such as drawing bar charts, pie charts, etc.;WordorPowerPointSuch as software to summarize and summarize all the collected data, such as writing reports or presentations.

5. writing and presenting reports

The fifth step of industrial market research is to write and present a report, that is, to form the results and conclusions of the research based on the analyzed and interpreted data, and to report to the client or other stakeholders in written or oral form. This step is key to delivering the value and impact of the research and needs to be performed according to the target and audience of the report. In general, the main tasks of writing and presenting reports in industrial market research are the following:

Summary of results, I .e. summarizing and refining the main findings and conclusions from data analysis and interpretation, such as market opportunities and potential, competitive advantages and disadvantages, market strategies and recommendations, etc;

Conclusion induction, that is, the main findings and conclusions in the results summary are classified and sorted to form a clear and logical conclusion system, such as induction according to research objectives or problems;

Suggestion, that is, based on the main findings and conclusions in the results summary and conclusion summary, specific and feasible suggestions or action plans for the client or other stakeholders, such as entry strategy, positioning strategy, combination strategy, promotion strategy, etc;

Report writing, that is, according to the results of the summary, conclusions and recommendations put forward in the content, in accordance with a certain format and specifications to prepare a complete and professional written report, such as the title, abstract, directory, text, references and other parts;

Report presentation, that is, according to the content of the report writing, according to a certain form and skills to produce a concise and wonderful oral report, such as presentations, speech, question and answer sessions and other parts.

For example, in writing and presenting the report, Champ Consulting performed several tasks:

Results summary: Summarize and refine the main findings and conclusions obtained from data analysis and interpretation, such as the scale, structure, growth rate, driving factors, main customer groups, demand characteristics, purchasing behavior, main competitors, product differentiation, price level, potential opportunities and threats, influencing factors, etc. of China's CNC machine tool market;

Conclusion induction: classify and sort the main findings and conclusions in the results summary to form a clear and logical conclusion system, such as according to the four parts of market environment analysis, market opportunity assessment, market competitiveness analysis and market strategy recommendations;

Suggestions: According to the main findings and conclusions in the summary of results and conclusions, specific and feasible suggestions or action plans for the entrusted enterprise are put forward. For example, East China is selected as the main target market, differentiated positioning strategy is adopted, the characteristics of high precision, high efficiency and high intelligence of high-end CNC machine tools are highlighted, and sales are carried out through direct sales or agents, and publicity is carried out through exhibitions or networks, promotions, etc., through offers or services;

Report writing: according to the contents of the results summary, conclusion summary and suggestion, a complete and professional written report shall be prepared according to certain format and specifications, for example, it includes title (industrial market research report-China's high-end CNC machine tool market analysis and strategic recommendations), summary (brief introduction of research objectives, methods, results and recommendations), catalog (list the various parts and page numbers of the report), and text (divided into four parts according to research objectives and issues: market environment analysis, market opportunity assessment, market competitiveness analysis, and market strategy recommendations, and display data in the form of charts or tables in each section), references (listing the sources of documents or figures cited in the report), and other sections;

Report presentation: according to the content of the report writing, according to a certain form and skills to produce a concise and wonderful oral report, such as including a presentation (usePowerPointSuch as software to create a title page, catalog page, text page, end page and other content of the slide, and in each page using graphics or charts and other forms of display data), speech (useWordSuch as software to write a speech including opening remarks, topic introduction, text explanation, summary questions, etc., and use language or tone skills to attract the attention of the audience in each part), question and answer session (prepare some questions that may be asked and their answers, and use evidence such as data or cases to support your point of view when answering), etc.