Basic concepts and classification of 1. market research

Market research refers to the process of collecting, collating, analyzing and interpreting market-related data and information to help companies understand the current situation and trends of the market, discover market opportunities and problems, and formulate and evaluate market strategies and plans. The purpose of market research is to provide valuable market insights for companies, help companies make more informed decisions, and improve their market competitiveness and profitability.

Market research can be classified according to different standards, and the common classification methods are as follows:

According to the timeliness of the research, it can be divided into regular research and irregular research. Regular research refers to research conducted at certain time intervals (e. g. monthly, quarterly, annual, etc.) and is mainly used to monitor market changes and dynamics, such as market size, market share, market growth rate, market structure, market environment, etc. Irregular research refers to research conducted according to specific purposes or problems, mainly used to solve market problems and challenges, such as new product development, new market entry, new brand launch, new marketing strategy formulation, etc.

According to the object of the research, it can be divided into supply-side research and demand-side research. Supply-side research refers to the research conducted on the supply side of the market (e. g., enterprises, competitors, distributors, suppliers, etc.), mainly used to understand the characteristics, capabilities, behaviors, attitudes, strengths, weaknesses, etc. of the supply side. Demand-side research refers to the research conducted on the demand side of the market (e. g. consumers, customers, users, stakeholders, etc.), which is mainly used to understand the demand side's needs, preferences, satisfaction, loyalty, influencing factors, decision-making process, etc.

According to the method of research, it can be divided into quantitative research and qualitative research. Quantitative research refers to research conducted through quantitative data and statistical methods, mainly used to measure the size, share, growth rate, structure, distribution, etc. of the market, as well as the relationship, impact, and differences between market-related variables. The common methods of quantitative research are questionnaire survey, experimental design, mathematical model and so on. Qualitative research refers to research conducted through non-quantitative data and interpretation methods, which is mainly used to explore market phenomena, causes, motivations, meanings, feelings, etc., as well as the connotations, connections, and influences between market-related variables. Common methods of qualitative research include in-depth interviews, focus groups, observations, and case studies.

Characteristics and advantages of the expertise and methods of 2. market research companies

A market research company is an institution that specializes in market research services, providing companies with the collection, collation, analysis and interpretation of market-related data and information, as well as the formulation and evaluation of market-related strategies and recommendations. The professional knowledge and methods of market research companies refer to the professional theories, techniques, tools and processes used by market research companies in conducting market research services.

The expertise and methods of market research companies have the following characteristics and advantages:

Systemic. The professional knowledge and methods of market research companies are based on the scientific system and logical framework of market research, which can analyze and explain the market comprehensively and deeply from the whole and local, from the macro and micro, from the static and dynamic perspective, so as to avoid one-sided and superficial understanding and misunderstanding.

Objectivity. The professional knowledge and methods of market research companies are based on the rigorous standards and norms of market research, which can ensure the authenticity and accuracy of market research results and avoid subjective bias and error through effective data and information collection, collation, analysis and interpretation.

Innovative. The professional knowledge and methods of market research companies are based on the continuous updating and development of market research. They can adopt the latest theories, technologies, tools and processes according to the changes and needs of the market, provide the most cutting-edge market insights and strategies, and avoid outdated thinking and methods.

Practicality. The professional knowledge and methods of market research companies are based on the actual purposes and problems of market research, and can provide the most suitable market research programs and services according to the characteristics and needs of enterprises, help enterprises solve practical market problems and challenges, and enhance the market effect and value of enterprises.

A case study 3. the expertise and methodology of Champu Consulting

Shangpu Consulting is an internationally renowned market research and consulting company with more than 30 years of market research experience and has provided high-quality market research services to more than 1000 companies around the world. When providing market research services to customers, Shangpu Consulting has used its own professional knowledge and methods to achieve good market results and customer satisfaction. The following are some examples of applications of market research services from Champu Consulting:

Provides consumer insight into the Chinese market for an international automotive brand. Shangpu Consulting provided an international car brand with consumer insight services in the Chinese market, helping the brand understand the needs, preferences, behaviors, attitudes, etc. of Chinese consumers for car purchase and use, as well as the factors and motivations that affect consumer decisions. Shangpu Consulting Company adopts a combination of quantitative and qualitative methods. Through questionnaires, in-depth interviews, focus groups, observation methods, etc., it collects a large amount of first-hand and second-hand data and information, conducts in-depth analysis and explanations, and provides comprehensive and detailed consumer insight reports, including consumer segmentation, portraits, journeys, contacts, pain points, demand points, satisfaction points, etc, and marketing strategies and recommendations for different consumer groups. According to the consumer insight of Shangpu Consulting Company, the brand has adjusted its product design, brand positioning, marketing communication, channel management, etc., to enhance its competitiveness and popularity in the Chinese market, and increase its market share and profit margin.

Provide market research on new product development for a domestic FMCG brand. Shangpu Consulting provided a domestic FMCG brand with market research services for new product development, helping the brand explore new market opportunities and innovations, and develop new products that meet market needs and consumer preferences. Shangpu Consulting Company adopts innovative market research methods, through experimental design, mathematical model, case analysis, etc., systematically analyzes and predicts the current situation and trend of the market, the advantages and disadvantages of competitors, the needs and preferences of consumers, and provides the design and testing of the concept, function, form, price, packaging and so on of new products, as well as new product marketing and channel distribution strategies and recommendations. According to the market research of new product development of Shangpu Consulting Company, the brand successfully launched a new product with differentiation and competitiveness, which was welcomed and recognized by the market and consumers, and achieved market breakthrough and growth.

Provide an entry strategy to the Chinese market for a foreign educational institution. Shangpu Consulting provided a foreign educational institution with China market entry strategy services to help the institution assess the attractiveness and feasibility of the Chinese market, and formulate appropriate market entry models and plans. Shangpu Consulting Company adopts professional market research technology and tools, collects relevant data and information of China market through network survey, telephone interview, expert interview, etc., carries out effective collation and analysis, and provides the assessment report of the general situation, scale, structure, growth rate, environment, opportunity and risk of China market, and the comparative analysis of the advantages and disadvantages, costs, benefits, risks, etc. of different market entry modes (such as joint ventures, sole proprietorship, franchising, agency, distribution, etc.), as well as the formulation and implementation of the best market entry mode and plan. According to the entry strategy of Shangpu Consulting Company in the Chinese market, the agency chose the most suitable market entry mode, successfully entered the Chinese market, and obtained good market response and performance.

Suggestions and Precautions for 4. Enterprises to Learn from and Learn from the Professional Knowledge and Methods of Market Research Companies

The professional knowledge and methods of market research companies are of great reference and learning value for enterprises to carry out market research, and can help enterprises to improve their own market research ability and effect. However, enterprises learn from and learn from the expertise and methods of market research companies also need to pay attention to the following points:

Do not blindly imitate, to local conditions. The expertise and methods of market research companies are customized according to the characteristics and needs of different markets and customers, and may not be applicable to all markets and enterprises. When enterprises learn from and learn from the professional knowledge and methods of market research companies, they should combine their own market and the actual situation of the enterprise, select and adjust the most suitable market research knowledge and methods, and avoid one-size-fits-all and mechanically applied practices.

Don't rely too much on independent innovation. The expertise and methods of market research companies are based on the continuous updating and development of market research and continuous improvement and innovation, which may not be able to meet the needs and expectations of all markets and enterprises. When enterprises learn from and learn from the professional knowledge and methods of market research companies, they should maintain their own market sensitivity and innovation consciousness, and constantly improve and innovate their own market research knowledge and methods according to the changes and needs of the market. avoid the phenomenon of over-dependence and lagging behind the times.

Don't use it in isolation, consider it comprehensively. The expertise and methods of market research companies are targeted based on the actual purpose and problems of market research, and may not be able to solve all market problems and challenges. When enterprises learn from and learn from the professional knowledge and methods of market research companies, they should comprehensively consider their own market objectives and strategies, as well as other relevant factors of the market, such as products, brands, marketing, channels, services, etc., combine market research knowledge and methods with other market activities, and avoid isolated use and divorced from the actual situation.

Conclusion

Market research is an important means for enterprises to understand the market and make decisions, and the professional knowledge and methods of market research companies are important reference and learning objects for enterprises to conduct market research. Enterprises can learn from and learn from the professional knowledge and methods of market research companies, which can improve their own market research ability and effect. However, they should also pay attention not to blindly imitate, over rely on and use in isolation. They should adjust measures to local conditions, innovate independently and consider comprehensively to realize the maximum value of market research.