Market research is a process of systematically collecting, recording, analyzing and interpreting market-related information, including market size, structure, trends, needs, preferences, competition, opportunities, etc. The purpose of market research is to help enterprises or organizations understand the current situation and future development of the market, so as to formulate appropriate market strategies, improve market performance, enhance competitive advantage, and meet customer needs and expectations.

The importance of market research is self-evident, but the methods and techniques of market research are different. Many people think that market research is a questionnaire, but this is actually a misunderstanding. Questionnaire is only a tool for market research, and it has its limitations and defects. A questionnaire is a method of collecting the opinions, attitudes, behaviors and characteristics of a target group by designing and distributing a series of questions. The advantages of questionnaires are that they can collect a large amount of data, facilitate statistical analysis, are objective and standardized, are low-cost, and are suitable for verifying or testing hypotheses. However, questionnaires also have their drawbacks, such:

The design and preparation of the questionnaire requires professional skills and experience, otherwise it may lead to ambiguity, bias, guidance or ineffectiveness of the question.

The distribution and recovery of the questionnaire needs to consider the accessibility and response rate of the target group, otherwise it may lead to the deviation or deficiency of the sample.

The questionnaire data needs to be cleaned and processed to eliminate invalid or abnormal data, otherwise the quality and credibility of the data may be affected.

The data of the questionnaire can only reflect the superficial phenomenon of the target group, and can not deeply understand the motivation, feelings, thoughts and reasons of the target group, nor can it capture the non-verbal information of the target group, such as expression, tone, body language, etc.

Therefore, market research is not only a questionnaire, but also need to use other methods and techniques to supplement and make up for the shortcomings of the questionnaire. Market research methods and techniques can be divided into two categories: qualitative research and quantitative research.

Qualitative research is a method of collecting and analyzing in-depth information about a target group in an unstructured or semi-structured manner. The advantages of qualitative research are that it can explore the motivations, feelings, thoughts and reasons of the target group, capture the non-verbal information of the target group, discover new problems or opportunities, and generate new hypotheses or theories. However, qualitative research also has its drawbacks, such:

The data collection and analysis of qualitative research requires more time and effort, is costly, and is difficult to scale and standardize.

The data of qualitative research comes from a small number of samples, which is difficult to promote and generalize, and the representativeness and comparability are low.

The data of qualitative research is affected by the subjective influence of researchers, which is difficult to quantify and objectification, and the reliability and validity are low.

The common methods and techniques of qualitative research are:

In-depth interview: A method of collecting detailed information through a one-on-one conversation with a target group, such as face-to-face or over the phone.

Focus Groups: A Kind of Through-Invitation6-12A representative of the target group, and a researcher have a thematic discussion to collect their common information.

Observation: A method of collecting implicit information about a target group by directly or indirectly observing its behavior, environment, interaction, etc.

Experimental method: A method of collecting information about an experiment by designing and implementing an artificial situation to manipulate and observe the reactions of a target group.

Quantitative research is a method of collecting and analyzing quantitative information about a target group in a structured or standardized manner. The advantage of quantitative research is that it can measure the size, distribution, degree, relationship, etc. of the target group, can carry out statistical analysis and inference, can verify assumptions or theories, and can provide objective and credible evidence. However, quantitative research also has its drawbacks, such:

The data collection and analysis of quantitative research needs to rely on existing theories or models, and it is difficult to adapt to new problems or opportunities.

The data of quantitative research ignore the personality and diversity of the target group, and it is difficult to reflect its complex and dynamic characteristics.

The data of quantitative research is limited by measurement tools, and it is difficult to capture its subtle and hidden information.

Common methods and techniques for quantitative research are:

Questionnaire: A method of collecting the opinions, attitudes, behaviors, and characteristics of a target group through the design and distribution of a series of questions.

Experimental method: A method of collecting information about an experiment by designing and implementing an artificial situation to manipulate and observe the reactions of a target group.

Digital Analytics: A method of evaluating the behavior and effectiveness of a target group by collecting and analyzing digital data, such as website visits, click-through rates, conversion rates, etc.

Scenario analysis: A method of predicting and evaluating target group responses and outcomes by constructing and simulating different scenarios, such as market changes, competitive strategies, policy impacts, etc.

The methods and techniques of market research are not isolated, but complement and combine with each other. In general, the relationship between qualitative and quantitative research can be divided into the following:

Qualitative first, quantitative follow-up: This approach is to explore market problems or opportunities through qualitative research, and then to verify or test the assumptions or theories of qualitative research through quantitative research. This approach is suitable for new areas of the market or new problems, the need for discovery and innovation.

Quantitative first, qualitative follow-up: This method is to measure the current situation or trend of the market through quantitative research, and then explain or deepen the data or results of quantitative research through qualitative research. This way is suitable for mature or stable market situation, need to explain and optimize the situation.

Qualitative and quantitative parallel: This approach is to conduct qualitative and quantitative research at the same time, and then compare and integrate the data or results of the two to obtain more comprehensive and accurate market information. This approach is suitable for complex or dynamic situations in the market, where balance and coordination are required.

The selection and combination of market research methods and techniques need to be determined according to the purpose, object, scope, resources, time and other factors of market research. No method or technology is omnipotent, and no method or technology is useless. The use of market research methods and techniques requires flexibility and innovation, and cannot be immutable or blindly followed. The use of market research methods and techniques also needs to be rigorous and scientific, not arbitrary or subjective. The application of market research methods and techniques ultimately needs to serve the objectives of market research and cannot be separated from or deviated from.

Conclusion

Market research is a method of collecting, analyzing, and interpreting market-related information to help a business or organization make better decisions. There are a variety of methods and techniques for market research, including the differences and advantages and disadvantages of qualitative and quantitative research, and how to combine different methods and techniques for effective market research. The selection and combination of market research methods and techniques need to be determined according to the specific situation and objectives of market research, and cannot be generalized or one size fits all. The application of market research methods and technologies needs to be flexible and innovative, as well as rigorous and scientific, and ultimately needs to serve the goal of market research, rather than become the purpose of market research.