Market research is the process of collecting, analyzing and interpreting information about the market, consumers, benchmarking companies and the environment to provide a basis and recommendations for a company's marketing decisions. The purpose of market research is to solve the problems encountered by enterprises in marketing, or to find and take advantage of market opportunities. The object of market research is a variety of subjects in the market, including consumers, benchmarking enterprises, distributors, suppliers, government, media, etc. The content of market research is the various elements of the market, including market size, structure, trends, needs, preferences, satisfaction, loyalty, buying behavior, influencing factors, etc. The form of market research is the way in which the results of market research are presented, including reports, charts, tables, images, videos, etc.

There are many methods and tools for market research, but not all of them are suitable for every situation. Market research tools refer to the technology, equipment, software, procedures, etc. used to collect, process, analyze and present market information. Market research tools can be divided into two categories: qualitative research tools and quantitative research tools. Qualitative research tools are tools used to explore and understand the underlying causes, motivations, attitudes, feelings, and meanings of market phenomena, usually involving a small but representative sample, using open-ended questions and unstructured communication to generate non-numerical data. Quantitative research tools are tools used to measure and describe the size, distribution, relationships, and differences of market phenomena, usually involving large and random samples, using closed questions and structured communication to generate numerical data.

The "nine tools" of market research refer to the nine most commonly used and effective tools in market research practice, namely: research, focus group, observation, experiment, questionnaire, sample, statistics, model and visualization. The following describes the characteristics, advantages, and limitations of each of these nine tools, as well as the principles and techniques for selecting and using them.

Research

Research is a qualitative research tool, which refers to the process of one-to-one communication with market research subjects through face-to-face or telephone to obtain their views, feelings, experiences and suggestions. The objects of research are usually key figures in the market, such as consumer leaders, opinion leaders, experts, decision makers, etc. The questions of the survey are usually open-ended, allowing the researcher to follow the answers of the survey subjects and guide them to gain insight into their thoughts and reasons. The research data is usually written or spoken, and valuable information needs to be extracted through the steps of recording, sorting, coding and interpretation.

The advantages of research are:

You can obtain rich, profound, detailed and true market information, and discover the potential needs, problems and opportunities of the market.

According to the characteristics and situation of the research object, the content, method and rhythm of the research can be flexibly adjusted to improve the efficiency and effect of the research.

It can establish and maintain a good relationship with the research object, enhance their trust and participation in market research, and enhance the brand image of market research.

The limitations of the research are:

It takes more time, effort and cost to cover a wide range of markets, and there may be sample biases and deficiencies.

High research skills and analytical skills are required to avoid subjectivity and misleading research and to ensure the quality and effectiveness of research.

Complex processing and interpretation of the research data is required, which makes it difficult to measure and compare quantitatively, and there may be ambiguity and inaccuracy of the data.

The principles and techniques for selecting and using research are:

In the early or exploratory stage of market research, when information about the market is lacking or unclear, research can be used to obtain the basic situation and direction of the market.

When the target of market research is a small but important person, the research can be used to obtain their professional knowledge and individual needs.

When the content of market research involves sensitive or complex topics, research can be used to obtain real and in-depth feedback from research objects.

When designing research questions, follow the SMART principles, that is, specific, clear, achievable, relevant and time-bound.

In the process of conducting research, we should follow the RAPPORT principles, that is, respect, concern, appreciation, listening, observation, response and gratitude.

When analyzing the research data, we should follow the SWOT principle, that is, to identify the strengths, weaknesses, opportunities and threats of the market.

A specific case of research is:

Shangpu Consulting provides market research services for an automobile manufacturer to understand consumer needs and preferences for new electric vehicles.

Shangpu Consulting selected 100 eligible consumers through the Internet and telephone, and invited them to participate in the survey.

According to the purpose and content of the research, Shangpu Consulting has designed a series of research questions, involving consumers' cognition, attitude, demand, preference, obstacles and suggestions for electric vehicles.

Shangpu Consulting Company arranged professional researchers to conduct a survey with the 100 consumers for about 30 minutes, recorded their answers and reactions, and evaluated and summarized the process and results of the survey.

By collating, coding, classifying and interpreting the data from the survey, Champu Consulting made the following key findings:

Consumers have a low level of awareness of electric vehicles, and there are some misunderstandings and concerns about the performance, safety, battery life, and charging of electric vehicles.

Consumers have a positive attitude towards electric vehicles, believing that electric vehicles are the future trend, which is conducive to environmental protection and energy saving, as well as personal image and social responsibility.

Consumers' demand for electric vehicles is diverse. Some consumers pay more attention to the function and cost performance of electric vehicles, some consumers pay more attention to the appearance and brand of electric vehicles, and some consumers pay more attention to the innovation and personality of electric vehicles.

Consumers have different preferences for electric vehicles. Some consumers prefer pure electric vehicles, some consumers prefer hybrid vehicles, and some consumers prefer hydrogen energy vehicles.

Consumers have significant obstacles to the purchase of electric vehicles, mainly including the high price of electric vehicles, insufficient battery life, imperfect charging facilities, and unclear policy support.

Consumers' purchase suggestions for electric vehicles are practical, mainly including reducing the cost of electric vehicles, improving the quality of electric vehicles, improving the service of electric vehicles, and strengthening the publicity of electric vehicles.

focus group

Focus group is a qualitative research tool, which refers to the process of inviting a group of 6 to 12 market research objects with similar characteristics or experience to conduct free and in-depth discussions on a certain topic by a professional moderator in a relaxed and friendly environment to obtain their opinions, feelings, experiences and suggestions. Focus groups are usually aimed at ordinary people in the market, such as consumers, users, customers, etc. The questions of the focus group are usually semi-open, allowing the moderator to guide and control appropriately according to the progress of the discussion to maintain the goal and efficiency of the discussion. Focus group data is usually written or spoken, and valuable information needs to be extracted through the steps of recording, organizing, coding, and interpreting.

The advantages of focus groups are:

You can obtain rich, profound, detailed and true market information, and discover the potential needs, problems and opportunities of the market.

The interaction and influence between the members of the focus group can be used to stimulate their thinking and creativity and generate more opinions and suggestions.

You can capture the emotions and attitudes of the members of the focus group by observing their expressions, tones, postures, etc., and increase the dimension and depth of market information.

The limitations of focus groups are:

It takes more time, effort and cost to cover a wide range of markets, and there may be sample biases and deficiencies.

High leadership skills and analytical skills are required to avoid subjectivity and misleading focus groups and to ensure the quality and effectiveness of focus groups.

Complex processing and interpretation of focus group data is required, which is difficult to quantify and compare, and may be ambiguous and inaccurate.

The principles and techniques for selecting and using focus groups are:

In the mid-term or validation phase of market research, when market information needs further exploration or confirmation, focus groups can be used to obtain market supplements and feedback.

When the target of market research is the majority and ordinary people, focus groups can be used to obtain their general knowledge and daily needs.

Focus groups can be used to obtain innovative and in-depth feedback from focus group members when the content of market research involves novel or complex topics.

When designing questions for focus groups, follow the SPICE principles of being simple, fun, clear, relevant, and instructive.

In the process of focus group, we should follow the principle of GROUP, that is, the goal, rules, roles, interaction and summary.

When analyzing data from focus groups, the THEME principles are followed, I .e., identifying market themes, assumptions, evidence, implications, and implications.