Basic concepts and classifications of 1. market research

Market research refers to the process of collecting, collating, analyzing and interpreting market-related information to help companies understand the current situation and trends of the market, identify market problems and opportunities, and formulate and evaluate market goals and strategies.

The purpose of market research is to improve the efficiency and effectiveness of the market, enhance the competitiveness and adaptability of the market, and meet the needs and expectations of the market.

The methods of market research can be classified according to different criteria, and the common classification methods are as follows:

According to the way of investigation, it can be divided into active investigation and passive investigation. Active investigation refers to the method in which the investigator actively asks questions or requests to the respondent in order to obtain information, such as questionnaire, interview survey, experimental method, etc. Passive investigation refers to the method of obtaining information by observing or analyzing existing data without directly asking questions or requests to the respondent, such as observation, literature investigation, and speculation.

According to the scope of the survey, it can be divided into a comprehensive survey and a sample survey. Comprehensive survey refers to the method of investigating all or most of the respondents, such as population census, industrial census, etc. Sampling survey refers to the method of taking a part of the survey object as a sample according to certain rules, such as random sampling, stratified sampling, group sampling and so on.

According to the time of the survey, it can be divided into cross-sectional survey and longitudinal survey. Cross-sectional surveys are methods of investigating respondents at a particular point in time or time period, such as market snapshots, market slices, etc. Vertical survey refers to the method of conducting multiple surveys of the same survey object within a certain time span, such as market tracking and market monitoring.

According to the content of the survey, it can be divided into qualitative survey and quantitative survey. Qualitative investigation refers to the methods of investigating the quality, characteristics, attitudes, opinions and feelings of the subjects, such as group discussions, in-depth interviews, projection techniques, etc. Quantitative survey refers to the method of investigating the number, proportion, frequency and degree of respondents, such as questionnaire survey, telephone survey, network survey, etc.

The advantages and disadvantages of the method of 2. market research and the conditions of application.

The methods of market research have their own advantages and disadvantages and applicable conditions, and choosing the right method is the key to carry out effective market research. The following is a brief analysis of the advantages and disadvantages of commonly used market research methods and applicable conditions:

Observation method: The advantage is that it can directly obtain real information, not subject to the subjective influence of the respondent, and is suitable for observing objective phenomena and behaviors, such as consumer purchasing behavior, market supply and demand, etc. The disadvantage is that it can not obtain the intrinsic motivation and feelings of the respondents, which takes a long time and high cost, and is suitable for observing subjective feelings and attitudes, such as consumer satisfaction and loyalty.

Group discussion method: the advantage is that it can obtain the deep-seated information of the respondents, stimulate the creativity and ideas of the respondents, and is suitable for exploratory research, such as the development of new products and the development of new markets. The disadvantage is that it does not represent the views of the market as a whole, is heavily influenced by the moderator and panelists, and is suitable for descriptive and causal studies, such as the size, structure, and changes in the market.

Online access method: the advantage is that it can obtain a large amount of information quickly, conveniently and at low cost, which is suitable for the investigation of network users, such as the use of websites and the behavior of online shopping. The disadvantage is that the representativeness and quality of the sample cannot be guaranteed. It is limited by the network environment and technology and is suitable for surveys of non-network users, such as the needs of rural consumers and the preferences of the elderly.

Situation speculation: the advantage is that it can use existing information and experience to make inferences and predictions, which is suitable for situations where there is a lack of direct information, such as emerging market trends, the strategic intentions of competitors, etc. The disadvantage is that the accuracy and reliability of speculation cannot be guaranteed, and it is greatly influenced by subjective judgment. It is suitable for situations with sufficient information, such as the sales status of the existing market and consumer satisfaction.

Literature investigation method: the advantage is that the existing data and literature can be used for analysis and utilization, saving time and cost, suitable for the preliminary research stage, such as the background of the market, the definition of the problem, etc. The disadvantage is that the timeliness and pertinence of data and literature cannot be guaranteed, and it is limited by the quality and quantity of data and literature, which is suitable for in-depth research stages, such as market segmentation and target setting.

Questionnaire: The advantage is that standardized and quantitative information can be obtained, which is convenient for statistics and analysis, and is suitable for descriptive and causal research, such as the size, structure and change of the market. The disadvantage is that it cannot obtain in-depth and detailed information, which is greatly influenced by questionnaire design and recovery, and is suitable for exploratory research, such as the development of new products and the development of new markets.

Interview research method: the advantage is that it can obtain high-quality and in-depth information, which is suitable for complex and sensitive issues, such as consumers' motivation, attitude, feeling, etc. The disadvantage is that it requires higher time and cost, is greatly influenced by the cooperation of visitors and the quality of investigators, and is suitable for simple and direct problems, such as consumer behavior, preferences, satisfaction, etc.

Telephone research method: the advantage is that it can obtain information quickly, conveniently and at low cost, and is suitable for a wide range of simple problems, such as the size, structure and change of the market. The disadvantage is that it cannot obtain in-depth and detailed information, which is greatly affected by the telephone connection rate and access time, and is suitable for narrow and complex problems, such as consumers' motivation, attitude and feelings.

Experimental method: The advantage is that causal information can be obtained, which is suitable for the study of verifying hypothesis and testing effect, such as the test of new products, the test of new advertisements, etc. The disadvantage is that it requires high time and cost, is greatly influenced by experimental design and experimental conditions, and is suitable for exploratory and descriptive research, such as the development of new products, the development of new markets, etc.

Best practices and case studies in industrial companies 3. on market research methods

An industrial enterprise is an enterprise whose main business is the production of industrial products, such as manufacturing, construction, and energy. The selection and application of market research methods in industrial enterprises need to be flexibly combined and adjusted according to the characteristics and objectives of the market in order to achieve the best results. The following are specific examples of market research services provided by Shangpu Consulting for industrial enterprises, demonstrating the best practices and case studies of market research methods in industrial enterprises:

Case 1: An auto parts manufacturing company wants to develop a new product line to meet different customer needs and market opportunities. Champ Consulting provides the following market research services for the company:

First of all, through the literature survey method, collect and analyze the development trend of the automobile industry, market size, competition pattern, customer demand and other related information, for the development of new products to provide the market background and direction.

Secondly, through the group discussion method, some customers and potential customers of the enterprise were invited to have an in-depth discussion to understand their expectations, needs and preferences for the new product, and to provide market feedback and suggestions for the design of the new product.

Finally, through the experimental method, the sample of the new product is made, the test and test are carried out, the performance, quality and reliability of the new product are evaluated, and the market verification and evaluation are provided for the improvement of the new product.

Case 2: A power equipment manufacturer wants to enter a new market in order to expand its business scope and market share. Champ Consulting provides the following market research services for the company:

First of all, through the situation speculation method, using the existing information and experience, the new market is inferred and predicted, the development potential of the new market, market demand, market obstacles and other related factors are analyzed, and the market plan and strategy are provided for entering the new market.

Secondly, through the online access method, using the network platform, the target customers in the new market were investigated, and their use of power equipment, satisfaction, loyalty and other related data were obtained, which provided the basis and support for entering the new market.

Finally, through the face-to-face research method, professional investigators were sent to visit the main competitors in the new market to understand their product characteristics, price strategy, market share and other relevant information, in order to enter the new market to provide a market reference and comparison.

Conclusion

Market research is an important means for industrial enterprises to carry out market analysis, formulate market strategies and evaluate market effects. There are many methods of market research, and different methods are suitable for different purposes, objects and environments. The selection and application of market research methods in industrial enterprises need to be flexibly combined and adjusted according to the characteristics and objectives of the market in order to achieve the best results. Shangpu Consulting provides professional market research services for industrial enterprises, combining the advantages and disadvantages of market research methods and applicable conditions, providing industrial enterprises with best practices and case studies of market research methods to help industrial enterprises achieve market success.