Definition and Purpose of 1. Market Research

Market research is a process of systematically collecting, documenting, analyzing and interpreting market-related information in order to provide valuable insights and recommendations for businesses. The main purpose of market research is to help companies understand the current situation and future development of the market, as well as consumer needs and preferences, so as to develop effective marketing strategies and marketing activities. Market research can help companies achieve the following objectives:

Identify and evaluate market opportunities and threats, as well as competitors' strengths and weaknesses;

Identify and demarcate market segments and targets, as well as determine market positioning and differentiation;

Develop and test new products and services, and improve existing products and services;

Designing and evaluating elements of the marketing mix such as pricing, promotion, distribution and after-sales service;

Monitor and evaluate the effectiveness and satisfaction of marketing strategies and campaigns;

Predict and estimate the needs and potential of the market, as well as consumer behavior and attitudes.

Market research is one of the key factors for business success, because it can help companies better understand the market and consumers, thereby improving the competitiveness and profitability of enterprises.

Classification and Methods of 2. Market Research

Market research can be classified according to different criteria, such as the purpose, scope, source, time and method of the research. Among them, the most commonly used classification method is based on the research method, the market research is divided into quantitative research and qualitative research.

1. Quantitative research

Quantitative research refers to the use of mathematical and statistical tools to quantify the size, structure and trends of the market, as well as consumer behavior and attitudes. The characteristics of quantitative research are:

The collection and analysis of data is structured, I .e. the questions, variables, assumptions and indicators of the research are identified in advance;

The source of data is mainly first-hand data, that is, data collected directly from the market and consumers;

The processing and presentation of data is numerical, that is, the use of numbers, charts, models and formulas to describe and interpret data;

The results of the data are objective, that is, based on facts and evidence, without subjective influence and bias.

The advantages of quantitative research are:

The accuracy and reliability of the data are high, because the data are based on large samples and random samples, and can be statistically tested and inferred;

The universality and representativeness of the data are strong, because the data can reflect the characteristics and laws of the whole market and consumer groups;

The comparability and replicability of the data is good because the data is based on standardization and normalization, and can be compared and verified across time and geography.

The disadvantages of quantitative research are:

The depth and details of the data are insufficient, because the data can only reflect the superficial phenomena of the market and consumers, but cannot reveal the motives, needs and feelings behind them;

The flexibility and innovation of data are poor, because data are based on fixed frameworks and methods, and cannot adapt to the changes and diversity of markets and consumers;

The cost and time of data is high because the collection and analysis of data requires a lot of resources and expertise.

The common methods of quantitative research are:

Survey method, that is, through questionnaires, telephone, Internet and other ways to the market and consumers to ask a series of questions to collect their information and opinions;

The experimental method, I .e. by controlling and changing certain conditions of the market and consumers in order to observe and measure their reactions and results;

Observation, I .e., by directly or indirectly observing the behavior and phenomena of markets and consumers in order to record and analyze their characteristics and patterns.

2. Qualitative research

Qualitative research refers to the use of unstructured methods to explore the motivations, needs and feelings of the market, as well as the psychology and emotions of consumers. The characteristics of qualitative research are:

The collection and analysis of data is unstructured, that is, the problems, variables, assumptions and indicators of the research are not determined in advance, but are adjusted and improved according to the process and results of the research;

The source of data is mainly secondary data, that is, data collected from existing literature, reports, reviews and other information;

The processing and presentation of data is literalized, that is, the use of language, stories, cases and other ways to describe and explain data;

The results of the data are subjective, that is, influenced and preferred by the opinions and emotions of the investigator and the subject.

The advantages of qualitative research are:

The depth and detail of the data is rich, because the data can reflect the internal phenomena of the market and consumers, and can reveal the motivations, needs and feelings behind them;

Data flexibility and innovation, because the data can adapt to the changes and diversity of the market and consumers, and can identify new problems and opportunities;

The cost and time of the data is low because the collection and analysis of the data does not require a lot of resources and expertise.

The disadvantages of qualitative research are:

The accuracy and credibility of the data are low because the data are based on small samples and non-random samples, and cannot be statistically tested and inferred, and are susceptible to subjective influence and bias by the investigator and the investigated;

The universality and representativeness of the data are weak, because the data can only reflect the characteristics and laws of some markets and consumers, but can not be extended to the whole market and consumer groups;

The comparability and replicability of the data is poor because the data is based on non-standardization and non-standardization, and it is difficult to compare and verify across time and regions.

The common methods of qualitative research are:

Interview method, that is, to conduct one-to-one or many-to-many dialogues with the market and consumers through face-to-face or remote methods to collect their information and opinions;

Focus group method, that is, by inviting a group of markets and consumers with similar or different characteristics to participate in the discussion of a topic to collect their information and opinions;

Case analysis, that is, by selecting and analyzing one or more representative or typical examples of markets and consumers to collect their information and opinions.

Market research services and cases of 3. Shangpu Consulting Company

Shangpu Consulting Company is a professional market research and consulting company, with many years of market research experience and professional market research team, providing high-quality market research services to customers in all walks of life. The market research services of Champu Consulting include:

Market analysis, I .e. the collection and analysis of historical and current market data to assess the size, structure, trends, opportunities and threats of the market;

Market forecasting, I .e. the collection and analysis of future market data to estimate market demand, potential, growth and changes;

Market segmentation, I .e. by collecting and analyzing data on different groups of the market to determine market segmentation and targeting, as well as market positioning and differentiation;

Market strategy, that is, by collecting and analyzing data on different elements of the market, in order to develop and evaluate the market's product, price, promotion, distribution and after-sales service marketing mix strategy;

Market satisfaction, I .e. by collecting and analyzing market feedback and evaluation data, to monitor and evaluate market satisfaction and loyalty, as well as market problems and improvements.

The market research service of Shangpu Consulting adopts a combination of quantitative and qualitative methods, which can not only provide objective and comprehensive data, but also provide in-depth and detailed insights, so as to provide customers with effective and feasible suggestions and solutions. The market research services of Champu Consulting have successfully brought significant results and value to many clients. Here are some examples of market research from Champ Consulting:

Analyzed and forecasted the Chinese market for an international automobile manufacturer to help it formulate and adjust its development strategy and marketing plan in the Chinese market;

Segmentation and positioning of the Chinese market for a well-known FMCT brand to help it develop and launch new products and new packaging for different consumer groups;

China market strategy and satisfaction for a leading e-commerce platform to help it optimize and improve its product, price, promotion, distribution and after-sales service in the Chinese market.