Market research is a systematic, purposeful, planned and methodical information gathering and analysis activity that involves all aspects of the market, including its size, structure, characteristics, changes, potential, opportunities, risks, needs, preferences, satisfaction, loyalty, competition, and influencing factors. The purpose of market research is to help enterprises understand the real situation of the market, find market problems and opportunities, formulate reasonable strategies and decisions, and improve the market efficiency and effectiveness of enterprises.

The importance of market research is self-evident, but how to do market research? There are many methods of market research, such as questionnaires, in-depth interviews, focus groups, observation, experimental methods, literature analysis, etc., different methods have different advantages and disadvantages, suitable for different scenarios and purposes. However, no matter what method is used, market research needs to have a clear goal and a reasonable framework, otherwise it will be trapped in the ocean of information, can not get effectiveConclusionand recommendations.

A common market research framework is 5W2H analysis, which asks questions from the perspectives of five W(why, what, who, when, where) and two H(how, how much), and finds clues to solve the problem from the answers. The specific meaning of 5W2H analysis is as follows:

why: why do market research? what is the purpose of market research? what value can market research bring? what are the emphases and difficulties of market research?

what: what is the object of market research? what kind of information should be collected and analyzed in market research? what is the content and scope of market research?

who: who is the subject of market research? who is the target of market research? who are the participants of market research? who are the stakeholders of market research?

When: What is the time of market research? How long is the cycle of market research? What are the stages and nodes of market research?

Where: What is the location of the market research? What is the area and scope of the market research? What is the scene and environment of the market research?

how: what are the methods of market research? what are the processes and steps of market research? what are the tools and techniques of market research?

How much: What is the cost of market research? What are the effects and benefits of market research? What are the risks and challenges of market research?

Through 5W2H analysis, we can systematically think and plan all aspects of market research, so as to improve the quality and efficiency of market research. Below, we will take some successful cases of Shangpu Consulting Company as an example to introduce how to use 5W2H analysis to conduct market research, as well as some issues that should be paid attention to in the process of market research.

Shangpu Consulting Company is a well-known independent third-party research and investment and financing consulting agency in China, dedicated to providing professional solutions for corporate strategic decision-making, product development, marketing and other activities. Shangpu Consulting Company has accumulated rich professional experience and customer resources in the fields of industry research, market research, investment and financing consulting, and IPO listing consulting. With its strong consulting innovation ability, first-class service quality, and strong market competitiveness, it has been highly recognized by all sectors of society, and has become one of the most leading and authoritative independent third-party research and investment and financing consulting institutions in China.

Case 1: Market research of a well-known catering brand

A well-known restaurant brand is one of the largest hotpot chain stores in China, with nearly 1,000 stores covering all parts of the country. The brand has won the love of consumers with its high-quality ingredients, unique taste, comfortable environment, preferential price and good service. However, as the market changes and competition intensifies, the brand also faces some challenges, such:

How to maintain the brand differentiation advantage, improve brand loyalty and reputation?

How to expand new markets and customers and increase brand awareness and influence?

How to optimize products and services to meet the needs and preferences of different consumers?

How to deal with emerging competitors, such as takeaway platform, self-service hot pot, net red hot pot, etc?

In order to solve these problems, the brand commissioned Shangpu Consulting to conduct a comprehensive market research to understand the current situation, trends, opportunities, needs, competition and other aspects of the market, so as to provide effective guidance and suggestions for the brand's strategy and decision-making. The 5W2H analysis method used by Shangpu Consulting has clearly defined the objectives and framework of market research, as follows:

Why: To help the brand maintain and enhance its leading position in the hot pot market, increase the brand's market share, increase brand loyalty and reputation, as well as expand new markets and customers, increase brand awareness and influence.

What: The object of market research is the hot pot market, including hot pot consumers, competitors, suppliers, distributors, governments, etc. The information to be collected and analyzed by market research includes the size, structure, characteristics, changes, potential, opportunities, risks, needs, preferences, satisfaction, loyalty, competition, and influencing factors of the hot pot market. The content and scope of the market research is the hot pot market nationwide, as well as the performance and status of the brand in various regions and cities.

who: The main body of market research is Shangpu Consulting Company. The object of market research is the hot pot market. The participants of market research are the management, store managers, employees and consumers of the brand. The stakeholders of market research are the shareholders, partners and regulatory agencies of the brand.

When: The time of market research is the fourth quarter of 2023. The period of market research is three months. The stages and nodes of market research are: the first stage (the first month): determine the objectives, framework, methods, tools, samples, budget, etc. of market research; The second stage (the second month): carry out market research, collect and sort out data, and carry out preliminary analysis; the third stage (the third month): in-depth analysis of data, refiningConclusionand recommendations, writing reports and debriefing.

Where: The location of market research is in various regions and cities across the country. The area and scope of market research is the hot pot market across the country. The scene and environment of market research are the brand's stores, competitors' stores, consumers' homes, offices, social places, etc.

How: The method of market research is to comprehensively use questionnaire survey, in-depth interview, focus group, observation method, literature analysis and other methods. The process and steps of market research are carried out according to the framework of 5W2H analysis method. The tools and techniques of market research are to use the professional software, database, model, index, etc. of Shangpu Consulting Company.

How much: The cost of market research is 1 million yuan. The effect and benefit of market research are to provide comprehensive, accurate and in-depth market information and analysis for the brand, to provide strong support and basis for the brand's strategy and decision-making, and to provide valuable suggestions and solutions for the brand's market development and competitive advantage, it provides a strong guarantee and promotion for the brand's brand value and market share. The risks and challenges of market research are the complexity and uncertainty of the market, the reliability and validity of data, the objectivity and rationality of analysis, the feasibility and implementation of suggestions, etc.

According to the framework of 5W2H analysis, Shangpu Consulting conducted a comprehensive market research for the brand, collected a large amount of first-hand and second-hand data, and used a variety of analysis methods and techniques to obtain the following mainConclusionand recommendations:

The current situation of the hot pot market: The hot pot market is an important part of the Chinese catering market. It has a high market size and growth rate, but it also faces fierce competition and changeable consumer demand. According to data from Shangpu Consulting, the scale of China's hot pot market in 2023 is about 500 billion yuan, an increase of 10% year-on-year, accounting for about 10% of the catering market. The structure of the hot pot market is dominated by the middle and low end, and the high-end market accounts for a relatively low proportion, but there is more room for development. The characteristics of the hot pot market are diversification, differentiation, personalization, and experience. Consumers have different needs and preferences for the taste, ingredients, environment, service, and price of hot pot. The change of hot pot market is affected by economic, social, cultural, scientific and technological, policy and other factors, showing the characteristics of rapid, frequent and unpredictable. The potential of the hot pot market is that with the changes in consumers' income level, consumption concepts, consumption habits, consumption scenarios, etc., the hot pot market has broad development prospects and market space. The opportunity of the hot pot market is that with the upgrading of consumer demand, the enhancement of brand awareness, the improvement of consumer confidence, the acceleration of consumer innovation, etc., the hot pot market has a variety of innovation opportunities and growth points. The risk of hot pot market is that with the diversification of consumer demand, fierce brand competition, strict consumption supervision and increased consumption risk, the hot pot market has multiple challenges and threats.

The performance of the brand: The brand is one of the leaders in the hot pot market, with high brand awareness, influence, loyalty and reputation, but there are also some problems and shortcomings. According to data from Shangpu Consulting, the number of stores of the brand will be about 1000 in 2023, an increase of 5% year-on-year, and accounting for about 2% of the hot pot market. The brand's turnover is about 10 billion yuan, up 8% year-on-year, accounting for about 2% of the hot pot market. The brand's profit margin is about 10%, down 2 percentage points year-on-year. The brand's advantages are its high-quality ingredients, unique taste, comfortable environment, preferential prices and good service, which have won the love and trust of consumers. The problem with the brand is that its brand's differentiated advantages are not obvious enough, and it is facing challenges and impacts from emerging competitors, such as takeaway platforms, self-service hot pot, and online red hot pot. The shortcoming of the brand is that its products and services are not innovative enough to meet the needs and preferences of different consumers, such as healthy hot pot, vegetarian hot pot, private custom hot pot, etc.

The brand's recommendations: In order to maintain and enhance the brand's leading position in the hot pot market, Champ Consulting gives the following recommendations:

Strengthen the brand's differentiation strategy, highlight the core values and characteristics of the brand, improve competitiveness and profitability, analyze market demand, preferences, behavior and satisfaction, as well as the strengths and weaknesses of competitors, so as to formulate or improve the strategy and action plan of its products and services.

What: The object of market research is the hot pot market, including hot pot consumers, suppliers, competitors, partners, etc. The information to be collected and analyzed by market research includes the size, structure, characteristics, changes, potential, opportunities and risks of the hot pot market, as well as the needs, preferences, behavior and satisfaction of hot pot consumers, as well as the strengths and weaknesses of hot pot competitors. The content and scope of the market research covers all aspects of the hot pot market, from macro to micro, from the whole to the details, from the current situation to the future.

Who: The main body of market research is Shangpu Consulting Company, and its professional market research team is responsible for all aspects of market research, including designing research plans, formulating research plans, selecting research methods, collecting research data, analyzing research results, writing research reports, etc. The object of market research is the target market of the brand, that is, the hot pot market, including hot pot consumers, suppliers, competitors, partners, etc. Market research participants are the brand's management and related departments, they need to provide market research needs and objectives, as well as market research support and cooperation. Market research stakeholders are the brand's shareholders, employees, customers, partners, etc., they will be affected by market research and bring value.

When: The time of market research is the fourth quarter of 2023. The period of market research is three months. The stages and nodes of market research are as follows:

The first stage: design the research plan, determine the purpose, content, scope, methods, tools, processes, steps, budget, personnel, time, etc. of the research plan, form the research plan document, submit to the brand's management for approval, the time is October 2023.

The second stage: formulate the research plan, according to the research plan, refine the specific tasks, division of labor, responsibilities, progress, standards, risks, etc. of the research, form the research plan document, and submit it to the relevant department of the brand for confirmation, the time is early November 2023.

The third stage: select research methods, according to the content and scope of the research, select appropriate research methods, including questionnaire survey, in-depth interview, focus group, observation method, experimental method, literature analysis, etc., design specific research tools, including questionnaire, interview guide, observation table, experimental scheme, literature list, etc., form research methods and tool documents, and submit them to the relevant departments of the brand for review, the time is mid-November 2023.

The fourth stage: collect research data. According to the research methods and tools, conduct research on various objects of the hot pot market through online and offline methods, and collect relevant data and information, including the market scale, structure, characteristics, changes, Potential, opportunities and risks, as well as the needs, preferences, behaviors and satisfaction of hot pot consumers, as well as the advantages and disadvantages of hot pot competitors, etc., to form research data documents, submitted to the relevant departments of the brand for verification, the time is from late November to early December 2023.

The fifth stage: analyze the research results, according to the research data and information, use statistical analysis, SWOT analysis, PEST analysis, 5W2H analysis and other methods to analyze all aspects of the hot pot market, find market problems and opportunities, put forward market suggestions and strategies, form a research result document, and submit it to the relevant departments of the brand for evaluation in mid-December 2023.

The sixth stage: write a research report, according to the results and recommendations of the research, write a market research report, including the purpose of market research, content, methods, data, results, recommendations, strategies, etc., to form a market research report document, submitted to the brand's management review, the time is in late December 2023.

Where: The location of the market research is the hot pot market in China, including first-tier, second-tier, third-tier and fourth-tier cities, as well as rural areas. The region and scope of market research is national, covering all geographical regions of China, including eastern, central, western, northern, southern, etc. The scene and environment of market research are diverse, including hot pot restaurant, supermarket, online, street, family and so on.

How: Market research methods are varied, including questionnaires, in-depth interviews, focus groups, observation methods, experimental methods, literature analysis, etc., according to different research objects and content, choose the appropriate method, or use a variety of methods to improve the effectiveness and reliability of research. The process and steps of market research are carried out in accordance with the research plan and plan, from six stages: designing the research plan, formulating the research plan, selecting the research method, collecting the research data, analyzing the research results, and writing the research report. Each stage has clear tasks, division of labor, responsibilities, progress, standards, risks, etc. Market research tools and technologies are based on research methods and tools, using the corresponding software, hardware, network, equipment, etc., such as using Excel, SPSS, R and other software for data entry, sorting, analysis, visualization, etc., using mobile phones, computers, recording pens, cameras and other equipment for data collection, storage, transmission, etc, use WeChat, Alipay, Taobao and other network platforms to obtain, publish and interact with data.

How much: The cost of market research is estimated and controlled according to the content, scope, methods, tools, personnel, time and other factors of the research, including labor costs, material costs, time costs, etc., such as wages paid to researchers, bonuses, subsidies, etc., purchase or lease research equipment, software, networks, etc., and the time, energy, opportunities, etc. spent in the research process.

Shangpu Consulting is a professional industry research, market research, investment and financing consulting, and IPO listing consulting agency. It was established in 2008, with a 50 million registered capital, a number of qualifications and honors, and has served more than 5000 customers, covering multiple industry fields.

Market research is a method of collecting, analyzing and interpreting market-related information to help companies understand market needs, scale, trends, competition, opportunities, etc., so as to develop more effective marketing strategies and decisions.

5W2H analysis is a method of finding clues to solve the problem from the answers by asking five English words beginning with W and two English words beginning with H, namely: why (why),what (what),who (who),when (where),where (how),how (how),how much (how).

Starbucks localization strategy in the Chinese market: Starbucks understands the preferences and needs of Chinese consumers through market research, adjusts the marketing mix of products, prices, channels, promotions, etc., and introduces drinks and foods that meet Chinese tastes, such as green tea latte, red bean milk tea, moon cakes, etc., while also retaining the core value and brand image of Starbucks, it has created a coffee brand with both international and local characteristics.

Successful case of red can Wanglaoji advertising investigation: Wanglaoji herbal tea is a kind of Chinese herbal medicine drink with the effect of clearing heat and removing dampness. Originally, it only had a certain market in Guangdong, Guangxi and other regions. However, in 2009, Wanglaoji found out the national consumers' demand and cognition for herbal tea, as well as the advantages and disadvantages of competitors through advertising investigation, So he formulated a series of advertising strategies, such as choosing the Spring Festival schedule to put advertising, choose Zhao Benshan and other stars to endorse, highlight the efficacy of herbal tea and brand culture, so as to achieve a sales miracle from 0.1 billion yuan to 9 billion yuan.

Market research services provided by Shangpu Consulting for a family education institution: This institution is an online platform focusing on family education, providing services such as parent courses, parent-child activities, and family education consulting. It wants to understand the needs and competition of the market, as well as its own strengths and weaknesses, so as to formulate more reasonable development plans and marketing strategies. Shangpu Consulting conducted in-depth interviews with consumers who partially filled in the questionnaire by telephone or video to obtain more details and background information, as well as data on consumers' thoughts, feelings, and motivations.