Definition and significance of 1. market research

Market research refers to the process of collecting, collating, analyzing and interpreting information related to a specific market to help companies understand the current situation and potential of the market, assess market opportunities and risks, and formulate or optimize market strategies and action plans. Market research can be divided into qualitative research and quantitative research, according to different purposes and objects, can be further subdivided into industry research, market segmentation and user behavior research, channel model research, competitor research, market entry research, consumer research, investment decision evaluation and so on.

Market research is of great significance to enterprises, mainly reflected in the following aspects:

（12) Provide objective, reliable and timely information support. Market research can help enterprises obtain first-hand or third-party data and information, reveal the scale, structure, characteristics, trends, needs, preferences and satisfaction of the market from multiple angles and levels, and provide scientific basis for enterprise decision-making.

（2) Enhance customer insight and satisfaction. Market research can help companies gain an in-depth understanding of customer needs and expectations, identify customer problems and pain points, and discover customer potential needs and value points, so as to design products or services that better meet customer needs and improve customer satisfaction and loyalty.

（3) Optimize competitive strategies and enhance competitiveness.

2. market research challenges and responses

Market research is a highly specialized job that requires a wealth of knowledge, skills and experience. With the changing market environment, market research is also facing many challenges, such:

（1) Guarantee of data quality. Data is the foundation and core of market research, and the quality of data directly affects the credibility and validity of the research results. However, in the process of data collection, collation, analysis and interpretation, various errors and deviations may occur, such as sampling error, measurement error, response error, non-response error, etc. Therefore, market research needs to adopt scientific and reasonable methods and techniques to control and reduce the impact of errors and improve the accuracy, reliability, representativeness and timeliness of data.

（2) the need for methodological innovation. There are many methods of market research, such as questionnaires, in-depth interviews, focus groups, experimental methods, and observation methods. Different methods have different advantages and disadvantages and are suitable for different goals and situations. With the complexity and diversification of the market, a single or traditional method may not be able to meet the needs of market research, and continuous innovation and improvement of methods are needed to adapt to market changes and customer needs. For example, using new technologies and new channels such as the Internet, mobile devices, and social media to carry out online or offline market research; using new tools and new methods such as big data, artificial intelligence, and machine learning to carry out intelligent or automated Market research, etc.

（3) Challenges of technology application. Technology is an important support for market research, and the development and progress of technology has brought more possibilities and convenience for market research. However, technology also brings some challenges, such as the rapid upgrading of technology, the need for continuous learning and adaptation; the high cost of technology use, the need to invest more resources; the high risk of technology use, the need to pay attention to information security and privacy protection. Therefore, market research requires reasonable selection and use of technology, give full play to technical advantages, while avoiding technical disadvantages.

（4) The difficulty of talent training. Talent is the core capital of market research, and the quality and ability of talent determine the level and effect of market research. However, in the current market environment, it is not easy to cultivate and retain excellent market research talents.

Opportunities and Value of 3. Market Research

Market research not only faces challenges, but also has broad opportunities. Market research can bring great value to enterprises and society, mainly in the following aspects:

（1) driven by industry demand. With the development of economy and the progress of society, all walks of life have an increasing demand for market research, whether it is traditional industries such as manufacturing, service, financial, education, and medical industries, or the Internet, e-commerce, New energy, new materials and other emerging industries need market research to understand market conditions, formulate development strategies, optimize product design, improve customer satisfaction, and enhance competitiveness. Market research provides professional, customized and intelligent solutions for all walks of life to meet the diversified market needs.

（2) Deepening of customer insights. With the change of consumer's consumption concept and consumption behavior, relying solely on product function and price advantage can no longer meet the needs of consumers. Consumers pay more attention to product quality, experience, emotion, social responsibility and so on. Market research can help companies to understand the psychology and behavior of consumers, tap the potential needs and value points of consumers, create products or services that are more in line with consumer expectations, establish closer customer relationships, and enhance brand image and loyalty.

（3) enhancement of value creation. Market research can not only help enterprises to obtain information and knowledge, but also help enterprises to create value and advantages. Market research can help companies discover new market opportunities and risks, and open up new market areas and channels; market research can help companies innovate products and services, improve product quality and service levels; market research can help companies optimize marketing strategies and activities, and improve Marketing efficiency and effectiveness; market research can help companies improve operational efficiency and cost control capabilities, and increase profit margins and returns.

（4) Extension of social contribution. Market research can not only bring commercial value to enterprises, but also bring public welfare value to society. Market research can help government departments understand public opinion and social conditions, and formulate reasonable and effective policies and plans; market research can help public welfare organizations understand social problems and group needs, and carry out targeted public welfare activities and projects; market research can help academic institutions understand academic trends and academic needs.

4. market research trends and prospects

As an important commercial activity and social service, market research is constantly innovating and developing with the changes of the times and the progress of technology. We believe that future market research will present the following trends and prospects:

（1) Acceleration of digital transformation. Digitalization is one of the main features of today's society and one of the important driving forces of market research. Digitalization can provide more support and optimization of data sources, data analysis and data presentation for market research, and improve the efficiency and effectiveness of market research. For example, the use of cloud computing, big data, artificial intelligence and other technologies can achieve rapid collection, processing, mining and visualization of massive data; the use of mobile Internet, Internet of Things, blockchain and other technologies can achieve multi-dimensional and multi-channel, Real-time tracking, verification and sharing of multi-scene data; using virtual reality, augmented reality, mixed reality and other technologies, three-dimensional, immersive and interactive display and experience of data can be realized.

（2) Enhancement of customer experience. Customer experience is one of the core objectives of market research and one of the core competencies of market research. Customer experience refers not only to the ultimate beneficiaries of market research——The experience of corporate or social customers, also refers to the direct participants in market research.——the experience of respondents or consumers. To improve customer experience, market research needs to make efforts in the following aspects: first, to provide more valuable, insightful and creative market research results to meet customers' information needs and decision-making needs; The second is to provide more convenient, flexible and personalized market research services to meet customers' time needs and communication needs. The third is to provide a more friendly, interesting and rewarding market research process, meet the participation needs and motivational needs of respondents or consumers.

（3) Continuance of methodological innovation. Method innovation is one of the core competencies of market research and one of the core driving forces of market research. Method innovation can provide more possibilities and options for market research and adapt to different goals and situations. Method innovation not only refers to the improvement and perfection of traditional methods, but also refers to the introduction and application of emerging methods. For example, using the knowledge of neuroscience, behavioral economics and other disciplines, we can develop methods such as neuromarketing and behavioral marketing that can better reveal consumers' subconscious and irrational behavior; using design thinking such as storytelling and gamification, we can develop more Attract stories that consumers participate and express.

（4) Presentation of storytelling. Storytelling is a way to improve the attractiveness and influence of market research. It can convey the purpose, process, results and suggestions of market research by telling a story with plot, conflict, turning point and ending, and stimulate the interest and resonance of the audience. Storytelling can be presented in various forms such as text, pictures, video, audio, etc., and the appropriate media and style can be selected according to different audiences and occasions. For example, here are some examples of storytelling market research:

Clothing brand story: this website in the design of the story marketing, using the"1.Objectives→ 2. Efforts→ 3. Results”The formula, first about their own brand goals——To be a brand that wears real clothes, does not exaggerate and highlights the design in details. Then there is the effort made in designing clothing, how to integrate fashion elements into the clothing brand; What results have been achieved in the end. This kind of story marketing has a clearer story narrative technique, which novice can refer.

Technology brand story: this case in the narrative of their story marketing, the story structure is1.Objectives→ 2, hinder→3. Efforts→ 4. The ending first describes what your goals are, what efforts you have made during the period, and how to overcome difficulties, then makes an introduction to your background, and finally achieves what ending. This story marketing technique is a more typical narrative technique, allowing customers to understand the company's construction background, and allowing customers to have a general understanding of the company through background introduction, which helps to improve the conversion rate.

Rice brand story: when telling the background story of their products, this case describes the differences between their products and other products, and what advantages this product has, so that consumers may have a sense of trust in the products. This story marketing approach is to use product characteristics to create a differentiated advantage, so that consumers realize the value and quality of the product.