Definition and Significance of Market Research

Market research is a process of collecting, analyzing and interpreting market information, which aims to help enterprises understand market demand, competitive situation, customer satisfaction and industry trends, so as to formulate effective market strategies. Market research is an important part of marketing and is the basis and basis for marketing decisions. The significance of market research is mainly reflected in the following aspects:

Market research can help companies understand the current situation and changes in the market, find market opportunities and threats, and make correct market judgments and forecasts.

Market research can help companies understand customer needs and preferences, assess customer satisfaction and loyalty, and improve customer value and relationships.

Market research can help enterprises understand the strengths and weaknesses of competitors, analyze the strategies and behaviors of competitors, and formulate effective competitive strategies and advantages.

Market research can help enterprises understand the development and trend of the industry, master the technology and standards of the industry, so as to promote the innovation and progress of enterprises.

Methodology of Market Research

The methodology of market research refers to the principles, methods, techniques and tools of market research, which is the basis of the theory and practice of market research. The methodology of market research mainly includes qualitative and quantitative, which are suitable for different purposes and scenarios.

Qualitative market research refers to the collection and analysis of the qualitative characteristics and connotations of market information, such as market motivations, attitudes, feelings, opinions, beliefs, etc., through unstructured or semi-structured methods. The purpose of qualitative market research is to gain an in-depth understanding of the nature and internal logic of the market, to identify market problems and opportunities, and to generate market assumptions and concepts. There are several methods of qualitative market research:

In-depth interviews: refer to long, open, and flexible conversations with key market players (such as customers, competitors, suppliers, experts, etc.) in a one-on-one manner to obtain their in-depth thoughts. And feelings.

Focus group: refers to a multi-to-one approach in which representative figures of the market (e. g. target customers, potential customers, loyal customers, etc.) are invited to form a group, and a moderator guides them to discuss and communicate on one or more market topics in order to obtain their common or different views and feelings.

Observation: refers to the direct or indirect way to observe the behavior and phenomena of the market, such as the customer's purchase process, the marketing activities of competitors, the technical demonstration of the industry, etc., in order to obtain their actual and implied information.

Case analysis: refers to the collection and analysis of market success or failure cases, such as the launch and feedback of a product, the establishment and development of a brand, the rise and fall of an enterprise and the transformation, etc., in order to obtain their experience and lessons.

Quantitative market research refers to the collection and analysis of the quantitative characteristics and relationships of market information, such as market size, structure, distribution, demand, satisfaction, and loyalty, in a structured or standardized manner. The purpose of quantitative market research is to accurately measure the current situation and changes in the market, to verify market assumptions and concepts, and to assess the impact and effects of the market. There are several methods of quantitative market research:

Survey method: refers to a series of closed, quantitative questions to a large number of people in the market (such as customers, competitors, suppliers, experts, etc.) through questionnaires, telephone, Internet, mail, etc., in order to obtain their objective and unified answers.

Experimental method: refers to the control of some variables of the market (such as product price, function, packaging, etc.), to observe the changes of other variables of the market (such as customer purchase volume, satisfaction, loyalty, etc.), in order to obtain their causal relationship.

Simulation: refers to the mathematical model of the market (e. g. demand model, competition model, forecasting model, etc.) and input some data of the market (e. g. market size, price level, competition intensity, etc.) to obtain some output of the market (e. g. market demand, market share, market growth, etc.).

Statistical method: refers to the use of some statistical methods (such as descriptive statistics, inferential statistics, multivariate statistics, etc.) to organize, analyze and interpret market data in order to obtain some characteristics and laws of the market.

Practice of Market Research

The practice of market research refers to the specific operation and implementation of market research, which is the application and embodiment of the methodology of market research. The practice of market research consists of the following steps:

Determine the purpose and scope of market research: refers to the clear market research subject, object, content, time, place, etc., in order to select the appropriate market research methods and techniques.

Design of market research programs and tools: refers to the development of market research plans and budgets according to the purpose and scope of market research, the design of market research questionnaires, interview guides, observation forms, case materials, etc.

Collecting market research data and information: refers to obtaining first-hand or second-hand data and information from all aspects of the market through market research methods and tools.

Analysis of market research data and information: refers to the use of market research technology and tools to clean, organize, classify, summarize, compare, calculate, infer, etc., in order to obtain market data and information.Conclusionand insight.

Report the results and recommendations of market research: refers to the presentation of market results and recommendations, as well as the process and methods of market research, to the client or interested parties of market research through text, charts, audio, video, etc.

The Value and Challenges of Market Research

Market research is of great value for the development of enterprises, which can help enterprises to improve the efficiency and effect of the market, enhance the competitiveness and advantages of the market, and create the value and profit of the market. The value of market research is mainly reflected in the following aspects:

Market research can help companies identify market opportunities and threats, develop market goals and strategies, optimize market mix and organization, and achieve market matching and coordination.

Market research can help companies understand customer needs and preferences, provide customer value and satisfaction, build customer relationships and loyalty, and achieve customer retention and development.

Market research can help enterprises analyze the advantages and disadvantages of competitors, choose the objectives and strategies of competitors, form the differences and advantages of competitors, and realize the transcendence and leadership of competitors.

Market research can help enterprises grasp the development and trend of the industry, track the technology and standards of the industry, participate in the cooperation and competition of the industry, and realize the innovation and progress of the industry.

Market research is also facing some challenges, the need for enterprises to continuously improve and perfect, improve the quality and effectiveness of market research, increase the input and output of market research. The challenges of market research are mainly reflected in the following aspects:

The difficulty and cost of obtaining market research data and information are increasing, which requires enterprises to use various channels and means to collect comprehensive and accurate market data and information.

The analysis and interpretation of market research data and information is complex and difficult and requires companies to use various methods and techniques to analyze the market in a profound and useful way.Conclusionand insight.

The presentation and transmission of the results and recommendations of market research is difficult and important, and requires enterprises to adopt various ways and forms to present clear and powerful results and recommendations of the market.

The implementation and evaluation of market research results and recommendations are difficult and necessary, requiring companies to develop various plans and measures to implement market results and recommendations effectively and efficiently.

Market Survey of Special Cable Industry

Special cables refer to cables with special functions or uses, such as fire prevention, explosion-proof, high temperature resistance, corrosion resistance, etc., which are widely used in electric power, petroleum, chemical, aviation, aerospace, military and other fields. Special cable industry is a high-tech, high value-added, high threshold industry, market demand is growing, competition is becoming increasingly fierce. Market research plays an important guiding role in the development of special cable enterprises, which can help enterprises understand the market size, structure, distribution, demand characteristics, competitors, technical level, policies and regulations, etc., so as to formulate reasonable product positioning, price strategy, marketing strategy, innovation strategy, etc.

Shangpu Consulting Company is a company specializing in market research and consulting services. It has many years of market research experience and professional market research team, providing market research services for many enterprises in the special cable industry. The following are specific cases of market research services provided by Shangpu Consulting for special cable companies, including the purpose, method, process, results and recommendations of market research.

Case 1: Market demand analysis of a special cable enterprise

The purpose of market research: The company is a professional manufacturer of special cables. Its main products are fireproof cables, explosion-proof cables, high-temperature cables, etc. Its main customers are large enterprises in power, petroleum, chemical and other industries. The company wants to understand the scale, structure, distribution, characteristics, changes, etc. of the market demand of the special cable industry in order to formulate the production and sales plan of the product.

Market research methods: the enterprise commissioned Shangpu consulting company to carry out market demand analysis, Shangpu consulting company adopted a combination of quantitative and qualitative methods, including the following aspects:

Literature analysis: through the collection and analysis of the special cable industry related literature, such as industry reports, policies and regulations, technical standards, professional journals, etc., to understand the development history, current situation, trends of the special cable industry.

Data analysis: By collecting and analyzing relevant data of the special cable industry, such as industry output value, output, sales, price, import and export, etc., understand the market size, structure, and distribution of the special cable industry.

Survey method: through the design and distribution of special cable industry questionnaire, to the special cable industry related personnel, such as manufacturers, distributors, users, etc., to investigate, understand the characteristics of the special cable industry market demand, changes.

In-depth interviews: By arranging and conducting in-depth interviews in the special cable industry, we will conduct in-depth, open and flexible dialogues with key figures in the special cable industry, such as industry experts, leaders, innovators, etc., to understand the special cable industry Motivation, attitude, and feelings of market demand.

The process of market research: the enterprise signed a contract with Shangpu Consulting Company for market demand analysis, which determined the purpose, scope, method, time and cost of the market research. According to the market research program and tools, Shangpu Consulting conducted a two-month market survey, collected a large number of literature, data, questionnaires, interviews, etc., carried out a detailed analysis and explanation, and formed a market demand analysis report.

Results of the market survey: Champ Consulting submitted a market demand analysis report to the company, which mainly includes the following aspects:

Market size: The market size of the special cable industry has maintained steady growth in the past five years and is expected to continue to grow in the next five years, mainly driven by the demand of the power, petroleum, chemical and other industries.

Market structure: The market structure of the special cable industry shows the characteristics of diversification. Different special cable products have different market share and growth rate. For example, the market share of fire-resistant cables is the highest, but the growth rate is low, while the market share of high-temperature cables is low, but the growth rate is high.

Market distribution: The market distribution of the special cable industry presents regional characteristics, and different regions have different market demands and competition. For example, the market demand in East China is the largest, but the competition is also the most intense, while the market demand in Northwest China is smaller, but the competition is also weak.

Market demand characteristics: The market demand characteristics of the special cable industry show the characteristics of diversification, individualization, and high-end. Different customers have different needs and preferences. For example, customers in the power industry pay more attention to the safety and stability of special cables. Customers in the aerospace industry pay more attention to the portability and intelligence of special cables.

Changes in market demand: changes in market demand in the special cable industry show growth, volatility and uncertainty, which are influenced by industry development, technological innovation, policies and regulations and other factors, such as the development of the new energy industry has brought new market demand, while the outbreak of the new crown epidemic has brought about a decline in market demand.

Recommendations for market research: Based on the results of the market demand analysis, Champu Consulting made the following recommendations to the company:

Product strategy: The company should optimize the structure and function of the product according to the structure and characteristics of market demand, improve the quality and performance of the product, and develop new products and technologies to meet the needs and preferences of different customers.

Price strategy: The enterprise should formulate a reasonable price strategy according to the distribution and change of market demand, consider the cost, value, competition, demand and other factors of the product, implement differentiated price strategy, and improve the price competitiveness and profit margin of the product.

Marketing strategy: The enterprise should formulate effective marketing strategies according to the scale and growth of market demand, use various channels and means to promote the brand and image of the product, expand the market share and popularity of the product, and enhance the market influence and loyalty of the product.

Innovation strategy: The company should formulate innovative strategies based on the diversification, individualization, and high-end of market demand, strengthen product research and development and innovation, track industry technology and standards, participate in industry cooperation and competition, and achieve product innovation and progress.

Case 2: Competitor analysis of a special cable company

The purpose of market research: The company is a professional manufacturer of special cables. The main products are high-temperature cables, corrosion-resistant cables, radiation-resistant cables, etc. The main customers are large enterprises in aviation, aerospace, military and other industries. The company wants to understand the strengths and weaknesses of competitors in the specialty cable industry and analyze their strategies and behaviors to develop effective competitive strategies and advantages.

Market research methods: the company commissioned a competitor analysis by Shangpu Consulting, which used a combination of quantitative and qualitative methods, including the following:

Literature analysis: By collecting and analyzing the relevant literature of the special cable industry, such as industry reports, policies and regulations, technical standards, professional journals, etc., to understand the competition pattern, competition rules, competition trends, etc. of the special cable industry.

Data analysis: by collecting and analyzing the relevant data of the special cable industry, such as industry output value, output, sales, price, import and export, etc., to understand the scale, structure and distribution of competitors in the special cable industry.

Survey method: through the design and distribution of special cable industry questionnaire, to the special cable industry related personnel, such as manufacturers, distributors, users, etc., to investigate, understand the special cable industry competitors products, prices, marketing, innovation, etc.

Case analysis: by collecting and analyzing the success or failure cases of the special cable industry, such as the launch and feedback of a competitor's product, the establishment and development of a competitor's brand, the rise and fall and transformation of a competitor's enterprise, etc., to understand the experience and lessons of competitors in the special cable industry.

The process of market research: the company signed a contract with Shangpu Consulting for competitor analysis, which determined the purpose, scope, method, time and cost of the market research. According to the market research program and tools, Shangpu consulting company conducted a two-month market research, collected a large number of literature, data, questionnaires, cases, etc., carried out detailed analysis and explanation, and formed a competitor analysis report.

Results of market research: Champ Consulting submitted a report on competitor analysis to the company, which included the following:

Identification of competitors: The competitors in the special cable industry mainly include the following categories: domestic special cable manufacturers, such as CLP Cable, Huaneng Cable, China Railway Cable, etc.; foreign special cable manufacturers, such as Prister, Southern Cable, Saiwei Cable, etc.; domestic and foreign comprehensive cable manufacturers, such as Siemens of Germany, Alstom of France, Sumitomo of Japan, etc.

Advantages and disadvantages of competitors: Competitors in the special cable industry have their own advantages and disadvantages. For example, the advantage of domestic special cable manufacturers is their understanding and adaptation to the local market, as well as the advantages of cost and price, while the disadvantage is the lack of technology and brand, as well as the lack of market development and innovation. The advantage of foreign special cable manufacturers is the leading technology and brand, as well as the ability of market development and innovation, while the disadvantage is the unfamiliarity and inadaptability to the local market, as well as the non-competition of cost and price; the advantage of comprehensive cable production enterprises at home and abroad is the diversification and integration of products, as well as the integration and coordination of resources, while the disadvantage is the lack of specialization and specialization of products, as well as the dispersion and differentiation of the market.

Competitors' strategies and behaviors: The strategies and behaviors of competitors in the special cable industry mainly include the following: differentiation strategy, that is, by providing special cable products with unique functions or uses to meet the needs and preferences of different customers, thereby Forming product differences and advantages; low-cost strategy, that is, by reducing the production and sales costs of special cable products, to provide competitive prices, so as to form the advantages and attractiveness of the price; the concentration strategy, that is, by focusing on specific market segments or regions to provide more professional and closer services, so as to form the loyalty and trust of the market; the diversification strategy, that is, by providing various types and specifications of special cable products to adapt to different market needs and changes, so as to form the coverage and expansion of the market.

Market Research Recommendations: Based on the results of the competitor analysis, Champ Consulting made the following recommendations to the company:

Product strategy: The company should strengthen the differentiation and specialization of its products according to the differentiation strategy of its competitors, highlight the functions and uses of its products, improve the quality and performance of its products, and develop new products and technologies to meet the needs and preferences of different customers.

Price strategy: The enterprise should formulate a reasonable price strategy according to the low-cost strategy of its competitors, consider the cost, value, competition, demand and other factors of the product, implement a differentiated price strategy, and improve the price competitiveness and profit margin of its products.

Marketing strategy: the enterprise should be based on the competitor's concentration strategy, develop effective marketing strategy, the use of various channels and means to promote the brand and image of their products, expand the market share and visibility of their products, enhance the market influence and loyalty of their products.

Innovation strategy: the enterprise should formulate innovative strategies according to the competitor's diversification strategy, strengthen the research and development and innovation of its own products, track the technology and standards of the industry, participate in the cooperation and competition of the industry, and realize the innovation and progress of its own products.