Purpose of Market Research

The main purpose of market research is to provide valuable market insights to help companies make better decisions. Market research can help companies:

Understand the size, structure, distribution, growth and change of the market, as well as the strengths and weaknesses of competitors;

Understand consumer needs, preferences, behavior, motivation and satisfaction, and the factors that influence consumer decision-making;

Identify and evaluate new market opportunities and needs, as well as potential target markets and market segments;

Test and optimize new product, service, price, promotion and channel mix elements, and evaluate their market response and effectiveness;

Monitor and evaluate the execution and performance of market strategies, as well as changes and impacts of the market environment.

Types of Market Research

Market research can be divided into two types: secondary research and primary research.

Secondary research refers to market research that uses existing data and information, such as government statistics, industry reports, academic research, media reports, and online data. The advantages of secondary research are low cost, fast speed, and wide range, but the disadvantage is that the data may be inaccurate, incomplete, untimely, irrelevant or unreliable.

Primary research refers to market research conducted with raw data and information collected for a specific purpose, such as questionnaires, interviews, observations, experiments, focus groups, etc. The advantages of primary research are that the data is more accurate, more complete, more timely, more relevant and more reliable, but the disadvantages are high cost, slow speed and narrow scope.

Generally speaking, market research should be combined with secondary research and primary research to obtain more comprehensive and in-depth market insights.

Process and method of market research

The process of market research usually includes the following steps:

Determine the research objectives: clarify the purpose, scope, object and expected results of market research, and how to use the results of market research;

Design research plan: select appropriate market research types, methods, tools and samples, and determine the way of data collection, analysis and presentation;

Perform research activities: collect, organize and verify data according to the research plan to ensure the quality and validity of the data;

Analyze research results: use appropriate statistical methods, models and techniques to analyze and interpret data to extract valuable market insights and findings;

Report ResearchConclusion: Present the results of the survey in a clear, concise and persuasive manner to relevant decision makers and stakeholders, and propose feasible suggestions and action plans.

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

Quantitative research refers to market research using numerical and statistical methods, such as questionnaires, experiments, and network analysis. The advantage of quantitative research is that it can obtain more objective, accurate and representative data, but the disadvantage is that it may ignore factors that are difficult to quantify, such as consumers' feelings, attitudes and motivations.

Qualitative research refers to market research conducted using text and image methods, such as interviews, observations, focus groups, case studies, etc. The advantage of qualitative research is that it can obtain more subjective, deeper, and more insightful data, but the disadvantage is that it may be affected by personal biases, emotions, and misunderstandings.

In general, market research should use a combination of quantitative and qualitative research to get a more comprehensive and balanced market insight.

How to use market research to explore new market opportunities and needs

Market opportunities are consumer needs that exist in the market but have not yet been fully met, or potential consumer needs that have not yet been identified in the market. Market opportunities can bring benefits such as new revenue streams, increased market share, brand awareness and loyalty. Market demand refers to the willingness and ability of consumers to buy a product or service in the market. Market demand can reflect the size of the market, the degree of growth and competition, as well as consumer preferences and behavior.

Market research can help companies explore new market opportunities and needs, so as to formulate effective market strategies, improve competitiveness and profitability. Here are some examples and suggestions for using market research to explore new market opportunities and needs:

Analysis of market trends and changes: Market research can help companies understand the direction of market development, the speed of change and influencing factors, as well as changes in consumer needs, preferences and behavior, so as to discover new opportunities and needs in the market. For example, through market research, Shangpu Consulting has discovered a new opportunity in the Asian market, that is, to provide professional digital transformation consulting services to small and medium-sized enterprises to help them cope with the increasingly fierce market competition and changes in consumer demand.

Identify market gaps and gaps: Market research can help companies find consumer needs that exist in the market but have not yet been fully met, or potential consumer needs that have not yet been discovered in the market, thereby filling market gaps and gaps. For example, through market research, Champu Consulting found a new demand in the European market, thereby creating a unique value proposition and competitive advantage. For example, through market research, Shangpu Consulting has identified a new need in the European market to provide environmentally conscious consumers with sustainable development consulting services to help them choose more environmentally friendly products and services, and improve their lifestyle and consumption habits.

Innovative market solutions and experiences: Market research can help companies develop and test new products, services, prices, promotions and channels and other market portfolio elements, as well as design and optimize consumer purchase and use processes and experiences to meet and exceed consumer expectations and needs. For example, through market research, Shangpu Consulting has developed an artificial intelligence-based consulting platform that can provide consumers with real-time, personalized and intelligent consulting services to improve consumer satisfaction and loyalty.

Conclusion

Market research is a method of collecting, analyzing and interpreting market-related information designed to help companies understand the current situation, trends and potential of the market, as well as consumer needs, preferences and behaviors. Market research can help companies find new market opportunities and needs, so as to formulate effective market strategies, improve competitiveness and profitability. Market research should use a combination of secondary and primary research, as well as quantitative and qualitative research to gain more comprehensive and in-depth market insights. The process of market research should include determining research objectives, designing research plans, performing research activities, analyzing research results and reporting research.Conclusionand other steps. Market research can help companies analyze market trends and changes, identify market gaps and gaps, innovate market solutions and experiences, and explore new market opportunities and needs.