Purpose of Market Research

The purpose of market research is to help innovators solve the problems encountered in the process of innovation and improve the efficiency and effectiveness of innovation. Market research can be divided into the following types:

Opportunity discovery: through the analysis of the market, to find potential market opportunities, to provide inspiration and direction for innovation.

Demand verification type: through the investigation of target users, verify the needs and feasibility of innovation, and provide basis and guidance for innovation.

Competitive analysis: through the study of competitors, to understand the advantages and disadvantages of competition, to provide reference and optimization for innovation.

Market test type: through the testing of innovative products or services, evaluate the feedback and acceptance of the market, and provide improvement and promotion for innovation.

The purpose of market research determines the focus and scope of market research, and different types of market research require different methods and tools to achieve the best results.

methods of market research

Market research methods can be divided into two categories: quantitative research and qualitative research.

Quantitative research: By collecting and analyzing large amounts of data, objective and statistical results are obtained, reflecting the size, structure, trends and other characteristics of the market. The methods of quantitative research include questionnaire survey, experimental design, mathematical model and so on.

Qualitative research: Through in-depth and detailed observation and interviews, subjective and comprehensive understanding is obtained, reflecting the motivations, attitudes, feelings and other characteristics of the market. Qualitative research methods include in-depth interviews, focus groups, and situational analysis.

The method of market research should be based on the purpose and object of market research, select the appropriate combination and proportion to ensure the effectiveness and comprehensiveness of market research.

Market Research Process

The process of market research generally includes the following steps:

Determine objectives: clarify the purpose, scope, object, expectation, etc. of market research, and formulate plans and programs for market research.

Collect information: according to the method of market research, design and implement data collection and recording to ensure the accuracy and integrity of data.

Analytical information: according to the objectives of market research, the use of appropriate techniques and tools to organize, summarize, analyze and interpret the data to obtain valuable information.Conclusionand recommendations.

Presentation report: according to the needs of market research, the preparation and presentation of market research reports, including background, methods, results, discussions, suggestions and other content, as well as related charts, attachments and so on.

The process of market research should follow the principles of science and standardization to ensure the quality and efficiency of market research.

Market Research Report

The market research report is the result and carrier of market research. It conveys the information and significance of market research to innovators and helps innovators to make decisions and actions. Market research report should have the following characteristics:

Clarity: The market research report should use concise and clear language, avoid the use of professional terms and abbreviations, or give explanations and comments, so that the reader can understand and accept.

Accuracy: Market research reports should be based on true and reliable data, avoid using wrong and misleading information, or give source and evidence to increase the trust and confidence of readers.

Useful: Market research reports should provide valuable and meaningful information about the innovator's needs and problems.ConclusionAnd advice, avoid using irrelevant and useless information, or give reasons and grounds to stimulate the reader's interest and action.

Interesting: Market research reports should use appropriate format and style to increase the attractiveness and influence of the report, avoid using monotonous and boring expressions, or give examples and stories to increase reader participation and resonance.

Market research reports should be based on the characteristics and preferences of innovators, select the appropriate media and channels to achieve the best results.

The case of Champ Consulting.

Shangpu Consulting Company is a professional market research company with many years of market research experience and excellent market research team, providing high-quality market research services for innovators in all walks of life. Here are some of the successful market research examples from Champ Consulting that show how the professionalism of Champ Consulting makes innovators more innovative.

Case 1: Opportunity Discovery Market Research for an Emerging Electric Vehicle Company

An emerging electric vehicle company wants to enter the Chinese market, but does not know much about the situation in the Chinese market. It needs to find a potential market segment and an attractive product positioning. Champu Consulting provides the company with the opportunity to discover the market research, through the following methods and steps:

Identify objectives: Champu Consulting communicated with the company to understand the purpose and budget of its market research, developed plans and programs for market research, identified the scope and target of market research, and the time and resources for market research.

Analytical information: Champu Consulting used a variety of techniques and tools to clean, classify, count, analyze and interpret the data collected, resulting in the followingConclusionand recommendations:

The demand for electric vehicles in the Chinese market is showing a rapid growth trend, which is mainly affected by policy support, environmental awareness, technological progress and other factors.

Electric vehicle consumers in the Chinese market are mainly concentrated in first-tier and second-tier cities, aged between 25 and 40, with incomes above mid-to-high-end, and education levels above bachelor's degree. There are high requirements and expectations for the performance, brand, design, and safety of electric vehicles.

The competition for electric vehicles in the Chinese market is fierce. The main competitors include well-known domestic and foreign brands such as Tesla, BYD, Weilai, and Xiaopeng, as well as some emerging innovative brands such as Weima and Ideal.

There are some opportunities and challenges for electric vehicles in the Chinese market, such as policy changes, charging facilities, consumer awareness, and innovation capabilities.

There is a potential market segment for electric vehicles in the Chinese market, that is, the high-end electric sports car market. Consumers in this market have a high pursuit and preference for the speed, control and appearance of electric vehicles, and are not very sensitive to the price. However, the supply of this market is relatively small, the competition is relatively weak, and there is a large market space and growth potential.

Electric vehicles in the Chinese market have an attractive product positioning, that is, to create high-performance, high quality, and high-value electric sports car with innovation as the core, to meet the personalized and differentiated needs of high-end consumers, and to create a unique brand Image and value form obvious differences and advantages with competitors.

Presentation Report: According to the company's needs and preferences, Champ Consulting has prepared and presented a market research report, including the following content and format:

Background: The purpose, scope, object and expectation of market research are introduced, as well as the plan and scheme of market research.

Methods: The methods, tools, samples and data of market research are introduced, as well as the process and steps of market research.

Results: Presents the results of market research,Conclusion, recommendations, etc., as well as the basis and evidence of market research.

Discussion: Introduced the significance, value, impact, etc. of market research, as well as the limitations and shortcomings of market research.

Recommendations: Describes the market research recommendations, programs, strategies, etc., as well as the implementation and evaluation of market research.

Charts: The use of bar charts, pie charts, line charts, scatter charts, etc., in an intuitive and vivid way to show the market research data and information.

Annex: provides the relevant literature, data, questionnaires, codes, etc. of market research to increase the credibility and reference of market research.

The market research report of Shangpu Consulting Company has been highly recognized and appreciated by the company. According to the suggestions of market research, the company has successfully developed and launched a high-end electric sports car, which has achieved good market response and performance.

Case 2: Provide demand verification market research for a well-known coffee chain.

A well-known coffee chain wants to launch a new coffee product, but the demand and feasibility of the product are uncertain, and the market potential and consumer preferences of the product need to be verified. Champu Consulting provided the company with a demand verification market research, through the following methods and steps:

Identify objectives: Champu Consulting communicated with the company to understand the purpose and budget of its market research, developed plans and programs for market research, identified the scope and target of market research, and the time and resources for market research.

Gathering Information: Using both quantitative and qualitative methods, Champ Consulting designed and implemented the following data collection and recording:

Questionnaire survey: Champ Consulting issued a questionnaire to the target users through the network and on-site:

Basic information: basic information such as the user's gender, age, occupation, income, and education is collected to understand the basic characteristics and distribution of users.

Coffee consumption: the user's coffee consumption frequency, occasion, brand, type, price and other information are collected to understand the user's coffee consumption habits and preferences.

New product awareness: collects users' awareness and expectations of new products, including the name, taste, packaging, price and other information of new products to understand users' needs and feasibility of new products.

New product intentions: The users' willingness and reasons for purchasing and recommend new products were collected to understand users' attitudes and behaviors towards new products.

In-depth interviews: Shangpu Consulting conducted in-depth interviews with some users through telephone and video to gain an in-depth understanding of users' motives, attitudes, and feelings about coffee consumption, as well as users' opinions and suggestions on new products.

Scenario Analysis: Champ Consulting conducted a scenario analysis of some users through simulation and observation to truly experience and evaluate the effects and impact of new products, as well as user reactions and satisfaction.

Analytical information: Champu Consulting used a variety of techniques and tools to clean, classify, count, analyze and interpret the data collected, resulting in the followingConclusionand recommendations:

The demand and feasibility of new products are high, mainly affected by the following factors:

Market factors: the coffee products on the market are more homogeneous, lack of innovation and differentiation, consumers have a strong demand and curiosity for fresh and personalized coffee products.

Product factors: the name, taste, packaging, price and other aspects of the new product are in line with the preferences and expectations of consumers, and have strong attractiveness and competitiveness.

Consumer factors: the frequency, occasion, brand, type, price and other aspects of coffee consumption match the positioning and characteristics of new products, and have higher willingness and reasons to buy and recommend.

The market potential and consumer preferences of new products have the following characteristics and recommendations:

Market size: According to the results of the questionnaire survey, the target market size of the new product is expected to be about 50 million people, accounting for 10% of the total market, with a large market space and growth potential.

Market structure: According to the results of in-depth interviews, it is found that the target market of new products can be divided into the following four market segments, namely, fashionistas, tastors, creatives and explorers, which have different characteristics and needs of coffee consumption and need to adopt different marketing strategies and means.

Market trends: Based on the results of the scenario analysis, it is predicted that the target market for new products will be affected by the following factors: social culture, technological innovation, policies and regulations, and the competitive environment, which require timely attention and response to market changes and opportunities.

Market strategy: Based on the above analysis, it is recommended that the new product adopt the following market strategies, namely, product strategy, price strategy, channel strategy and promotion strategy, in order to increase the market share and profit margin of the new product.

The market research report of Shangpu Consulting Company has been highly recognized and appreciated by the company. According to the suggestions of market research, the company successfully launched a new coffee product and achieved good market response and performance.