Definition of 1. Market Research

Market research (Market Research) refers to the systematic, purposeful and planned collection, recording, analysis and interpretation of market-related information activities in order to provide a basis for market decision-making. The purpose of market research is to understand the current situation and future development of the market, as well as the characteristics, behaviors, attitudes, needs, preferences and influences of consumers, competitors, channels, policies, regulations and other factors in the market. The object of market research is the market itself, as well as the various subjects and elements in the market. The scope of market research includes market potential, market demand, market segmentation, market positioning, market mix, market competition, market opportunities, market risks, and market effects of products or services.

Types of 2. Market Research

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

According to the purpose of market research, it can be divided into exploratory market research, descriptive market research and causal market research. Exploratory market research refers to market research that discovers and understands market phenomena, problems or opportunities through open, unstructured, qualitative methods, such as in-depth interviews, focus groups, and literature analysis, when market problems or opportunities are unclear. Descriptive market research refers to market research that describes and measures the characteristics, behaviors, attitudes, needs, preferences, etc. of the market through structured and quantitative methods, such as questionnaires, observations, and experiments, when market problems or opportunities have been identified. Causal market research refers to market research that verifies and infers the causality of the market by controlling variables, experimental methods, such as factor analysis, regression analysis, variance analysis, etc., when the causes and results of market problems or opportunities have been assumed.

According to the time of market research, it can be divided into regular market research and irregular market research. Periodic market research refers to market research conducted according to a certain time period, such as monthly, quarterly, annual, etc., which can help companies continuously monitor and evaluate market changes and developments, as well as the effectiveness of market strategies. Irregular market research refers to market research conducted according to the special circumstances or needs of the market, such as the development of new products, the entry of new markets, the emergence of new competition, etc., which can help enterprises to respond to and take advantage of market problems and opportunities in a timely manner.

According to the source of market research, it can be divided into primary market research and secondary market research. First-hand market research refers to the original, untreated, market information collected directly from the market for specific problems or opportunities, such as questionnaires, observation, experimental methods, etc., which can provide the latest, most accurate and most relevant market information. Second-hand market research refers to the market information that has been collected and analyzed indirectly from other channels, such as government reports, industry reports, professional magazines, network resources, etc., which can provide the most extensive, convenient and economical market information.

3. the process of market research

The process of market research refers to a series of steps and activities that go through from determining the purpose of market research to completing the report of market research. The process of market research generally includes the following six stages:

Determine the purpose of market research: The purpose of market research refers to the main problems or opportunities of market research, as well as the expected results and uses of market research. Determining the purpose of market research is the starting point and direction of market research, which can help companies clarify the necessity, importance and urgency of market research, as well as the scope, content and methods of market research.

Design the plan of market research: the plan of market research refers to the specific plan and arrangement of market research, including the type, source, object, sample, method, tool, time, budget, personnel, etc. The design of market research program is the core and key of market research, it can help enterprises to develop reasonable, effective and feasible market research strategies and measures.

Collect market research information: market research information refers to the market data and facts related to the purpose of market research, including first-hand market information and second-hand market information. Collecting market research information is the basis and resources of market research, which can help enterprises to obtain sufficient, accurate and reliable market information.

Analysis of market research information: Market research information analysis refers to the process of sorting, summarizing, classifying, comparing, counting, interpreting and evaluating the collected market information in order to extract valuable, meaningful and enlightening market information.

4. methods of market research

The method of market research refers to the specific techniques and tools for collecting and analyzing market information, which can select appropriate, effective and feasible methods according to the type and characteristics of market information. The methods of market research are generally divided into two categories: qualitative market research methods and quantitative market research methods.

Qualitative market research methods refer to methods of collecting and analyzing market information through non-numerical, unstructured, and subjective methods, such as in-depth interviews, focus groups, literature analysis, case studies, and scenario analysis. The advantage of qualitative market research methods is that they provide insight into the nature, motivation, meaning and impact of market phenomena, problems or opportunities, as well as the psychology, attitudes, feelings and thoughts of consumers, competitors, channels, etc. in the market. The disadvantage of qualitative market research methods is that it is difficult to quantify and measure market information, as well as to promote and generalize market information.Conclusionand revelation.

Quantitative market research methods refer to the methods of collecting and analyzing market information through numerical, structured and objective methods, such as questionnaires, observation, experiments, statistical analysis, mathematical modeling, etc. The advantage of quantitative market research methods is that they can accurately describe and measure the characteristics, behaviors, needs, preferences, etc. of the market, as well as the number, proportion, distribution and relationships of consumers, competitors, channels, etc. in the market. The disadvantage of quantitative market research methods is that it is difficult to capture and reflect the changes and developments in the market, as well as the dynamics, complexity and diversity of consumers, competitors, channels, etc. in the market.

5. case of market research

The case of market research refers to the practical application of collecting and analyzing market information through market research methods to provide basis and guidance for market decision-making. The case of market research can show the value and significance of market research, as well as the methods and techniques of market research. Here are some examples of market research:

Market research conducted by Champ Consulting for an automaker: The automaker plans to launch a new electric vehicle in the Chinese market, but is not sure about the product's market potential, target market, market positioning and market mix. Shangpu Consulting conducted a series of market research for the automaker, including exploratory market research, descriptive market research and causal market research, using in-depth interviews, questionnaires, experimental methods, statistical analysis and other methods to collect and analyze information on the demand, preferences, trends, competition and opportunities of electric vehicles in the Chinese market. According to the results of market research, Shangpu consulting provides the following suggestions for the automobile manufacturer: the market potential of this product is large, but it needs to carry out differentiated market positioning and market combination according to different market segments, so as to meet the needs and preferences of different consumers, as well as the strategies and actions to deal with different competitors.

Market research conducted by Shangpu Consulting for a cosmetics brand: The cosmetics brand has a high reputation and market share in the European market, but its performance in the Asian market is not good. It wants to enhance its brand image and market influence in the Asian market. Shangpu Consulting conducted a series of market research for the cosmetics brand, including descriptive market research and causal market research. It used questionnaire survey, observation method, regression analysis and other methods to collect and analyze the demand, preference, trend, competition and opportunity of cosmetics in Asian market, as well as the brand knowledge, brand attitude, brand loyalty and brand value of the cosmetics brand. According to the results of market research, Shangpu Consulting has provided the following suggestions for the cosmetics brand: the cosmetics brand needs to carry out brand reshaping and brand communication according to the characteristics of the Asian market and the characteristics of consumers. in order to enhance its brand awareness, brand association, brand emotion and brand loyalty in the Asian market, so as to enhance its brand image and market influence in the Asian market.

The Value and Significance of 6. Market Research

Optimize market decision-making: market research can help enterprises understand the problems and opportunities of the market, as well as the risks and benefits of market decision-making, so as to determine the most reasonable, effective and sustainable market decision-making objectives, programs and measures, as well as the most suitable, most effective and sustainable market decision-making processes and methods.

Conclusion

Market research is a method of collecting, analyzing and interpreting market-related information that helps companies understand market needs, preferences, trends, competition and opportunities in order to develop effective market strategies. The value and significance of market research is not only reflected in the level of providing information, but also in the level of providing strategy. Market research can help companies identify target markets, locate products or services, develop marketing portfolios, evaluate market effectiveness, and optimize market decisions. Market research can also help companies innovate products or services, expand new markets, enhance brand image, and enhance competitive advantage. The process of market research includes determining the purpose of market research, designing market research programs, collecting market research information, analyzing market research information, and completing market research reports. The methods of market research include qualitative market research methods and quantitative market research methods, as well as various specific techniques and tools. The case of market research can show the value and significance of market research, as well as the methods and techniques of market research.