1. background introduction

Shangpu Consulting is a professional consulting firm specializing in industry research, market surveys, investment and financing advisory services, and IPO advisory. Founded in 2008, the company boasts extensive industry expertise and a robust client base. It is one of China’s leading and authoritative independent third-party firms providing industry research and investment/financing consulting services. In 2023, Shangpu Consulting received a commission from an office furniture manufacturer to provide it with a market research report on the office furniture industry to help it understand the current market situation and development trends, and formulate a reasonable market strategy and marketing plan. In order to accomplish this task, Champ Consulting adopted a variety of market research methods, collected and analyzed a large amount of data and information, and finally formed a detailed market research report. This paper will sort out and analyze the market research process and results of Shangpu Consulting Company in order to provide some reference and enlightenment for similar projects.

2. market analysis

Market analysis is the basis and premise of market research, the main purpose is to understand the size, structure, characteristics, trends, influencing factors, etc. of the market, to provide a macro perspective and framework for market research. In conducting market analysis, Champ Consulting mainly uses the following methods:

Industry analysis: By consulting relevant industry reports, policy documents, statistical data, etc., this paper analyzes the development process, current situation, problems and challenges of the office furniture industry, as well as the future development direction and opportunities. According to industry analysis, Shangpu Consulting found that the office furniture industry is a mature and stable industry with high market demand and competitiveness, but it is also facing pressure and pressure from product homogeneity, environmental protection requirements, and technological innovation. challenge. It is expected that in the future, the office furniture industry will develop in the direction of intelligence, customization and environmental protection, and will also be affected by new trends such as the new coronavirus epidemic, telecommuting and shared office.

Market segmentation: By segmenting the market, the market is divided into different sub-markets in order to better understand the needs and characteristics of the market and provide a basis for market positioning and target selection. According to the dimensions of product type, distribution channel and geographical region, Shangpu Consulting has subdivided the office furniture market, and evaluated the size, share, growth rate and competition of each market segment. According to market segmentation, Shangpu Consulting found that in the office furniture market, system furniture and office chairs are the two largest market segments, accounting for 35.6 and 24.7 of the market respectively, and have high growth potential. The online channel is the fastest growing distribution channel in the office furniture market, and is expected to account for 18.2 percent of the market in 2028, mainly due to the development of e-commerce and consumer preference. The Asia Pacific region is the fastest growing geographic region in the office furniture market, which is expected to account for 38.5 percent of the market in 2028, mainly driven by economic development and commercial activities in countries such as China, Japan, and India.

SWOT analysis: by analyzing the strengths, weaknesses, opportunities and threats of the market, assessing the internal conditions and external environment of the market, and providing reference for the formulation of market strategy.

3. user research

User research is the core and focus of market research, the main purpose is to understand the user's needs, preferences, behavior, satisfaction, etc., to provide a basis for the formulation of market strategy. In conducting user research, Champu Consulting mainly uses the following methods:

Questionnaire survey: through the design and distribution of online or paper questionnaires, collect the user's basic information, purchase behavior, use experience, satisfaction evaluation and other data, in a quantitative way to analyze the user's needs and preferences. Shangpu Consulting Company has designed different questionnaires for different user groups, including corporate users, individual users, distributors, designers, etc. A total of 1000 questionnaires were distributed and 800 valid questionnaires were recovered, with a recovery rate of 80%. According to the results of the questionnaire survey, Shangpu Consulting found that users' demand for office furniture is mainly concentrated in the following aspects: functionality, comfort, aesthetics, environmental protection, intelligence, customization and so on. Users' preference for office furniture is mainly affected by the following factors: price, brand, quality, service, reputation, recommend and so on. The user experience of office furniture mainly depends on the following indicators: durability, safety, maintenance, compatibility, upgrading, etc. Users' satisfaction evaluation of office furniture is mainly based on the following dimensions: cost performance, functionality, comfort, aesthetics, environmental protection, intelligence, customization, etc.

In-depth research: Through in-depth face-to-face or telephone conversations with users, collect users' feelings, thoughts, suggestions and other information, and analyze users' needs and preferences in a qualitative way. According to different user groups, Shangpu Consulting Company selected some representative users and conducted in-depth research, including enterprise users, individual users, dealers, designers, etc., and conducted a total of 50 in-depth research, each time about 30 minutes. According to the results of in-depth research, Shangpu Consulting found that users' demand for office furniture is mainly reflected in the following aspects: improving work efficiency, protecting health, displaying corporate image, highlighting personal style, adapting to different scenes, and so on. Users' preference for office furniture is mainly affected by the following factors: personalization, humanization, specialization, innovation, internationalization, etc. The user experience of office furniture is mainly reflected in the following aspects: convenient operation, flexible adjustment, space utilization, color matching, unified style, etc. Users' satisfaction evaluation of office furniture is mainly based on the following aspects: in line with expectations, beyond imagination, worthy of recommendation, willing to buy again, high loyalty.

User observation: by observing the user's behavior and reaction in the actual scene of using office furniture, collect the user's action, expression, language and other information, in an intuitive way to analyze the user's needs and preferences. For different user groups, Shangpu Consulting Company selected some typical users and conducted user observations, including corporate users, individual users, distributors, designers, etc., and conducted a total of 20 user observations. The length is about 60 minutes. According to the results of user observation, Shangpu Consulting found that when users use office furniture, they mainly show the following behaviors and reactions: selection, combination, adjustment, use, evaluation, etc. When choosing office furniture, users mainly consider the following factors: function, size, shape, color, material, etc. When users combine office furniture, they mainly follow the following principles: coordination, adaptation, saving, optimization, innovation, etc. When adjusting office furniture, users mainly focus on the following aspects: height, angle, distance, direction, position, etc. When users use office furniture, they mainly experience the following feelings: comfort, convenience, safety, beauty, intelligence, etc. When evaluating office furniture, users mainly express the following opinions: satisfaction, dissatisfaction, like, dislike, improvement, etc.

4. Benchmarking Enterprise Survey

Benchmarking enterprise survey is an important part of market research, the main purpose is to understand the situation and strategy of benchmarking enterprises, to provide a basis for the analysis and response of market competition. In conducting the benchmarking business survey, Champu Consulting mainly used the following methods:

Benchmarking: Identify the main benchmarking companies in the market, as well as their position and influence in the market, by analyzing the structure and segmentation of the market. According to the results of market analysis, Shangpu Consulting has identified the following major benchmark enterprises in the office furniture market: piano furniture, Hans furniture, IKEA furniture, China Resources furniture, Red Star Macalline, etc.

Benchmarking enterprise analysis: by collecting and sorting out the relevant information of benchmarking enterprises, the advantages, disadvantages, strategies and trends of benchmarking enterprises are analyzed to reveal the characteristics and laws of benchmarking enterprises. By consulting the official website, social media, news reports, financial reports, market reports, etc. of benchmarking enterprises, Shangpu Consulting has collected the following types of information about benchmarking enterprises: company profile, product introduction, market strategy, performance data, development plan, etc. According to the results of the analysis of benchmarking enterprises, Shangpu Consulting found that the advantages of benchmarking enterprises are mainly reflected in the following aspects: brand influence, product innovation, market penetration, customer loyalty, partners and so on. The disadvantages of benchmarking enterprises are mainly reflected in the following aspects: product homogenization, market differentiation, cost pressure, policy risk and so on. The strategy of benchmarking enterprises is mainly reflected in the following aspects: product diversification, channel diversification, market internationalization, service personalization, brand visualization and so on. The trend of benchmarking enterprises is mainly reflected in the following aspects: the launch of new products, the development of new markets, the establishment of new cooperation, the application of new technologies, and the occurrence of new events.

Comparison of benchmarking enterprises: By comparing the information and data of benchmarking enterprises, the advantages, disadvantages and threats of benchmarking enterprises are evaluated to determine the relative position and competitiveness of benchmarking enterprises. According to the results of benchmarking enterprise analysis, Shangpu Consulting Company compared the following aspects of benchmarking enterprises: market share, brand awareness, product quality, service level, innovation ability, customer satisfaction and so on.

5. market entry strategy

Market entry strategy is the ultimate goal and outcome of market research, the main purpose is to develop market-appropriate objectives, positioning, combinations, channels, promotions and other strategies based on market analysis, user research, benchmarking business surveys, etc., in order to achieve successful market entry and effective competition. Based on the results of the market survey, Champu Consulting has proposed the following market entry strategies for the client:

Market target: According to the results of market segmentation, system furniture and office chairs are selected as the main target market to occupy the dominant position and dominant position in the market. According to the results of the market forecast, set 2028 in the system furniture market to reach 15% market share, in the office chair market to reach 10% market share, as the long-term goal of the market. According to the results of the current market situation, set 2024 in the system furniture market to reach 10% market share, in the office chair market to reach 7% market share, as the market short-term target.

Market positioning: According to the results of user research, determine the functionality, comfort, aesthetics, environmental protection, intelligence, customization as the main market positioning to meet the various needs and preferences of users. According to the comparison results of benchmarking enterprises, the main market differentiation with brand visualization, service personalization and strong innovation ability is determined to distinguish the advantages and disadvantages of benchmarking enterprises.

Product portfolio: According to the results of market objectives and market positioning, design and develop a product portfolio suitable for the market, including the following aspects: product line, product series, product style, product function, product characteristics, etc. Specifically, the product portfolio should include the following aspects: system furniture product line, including desks, office cabinets, office screens, office partitions, etc.; Office chair product line, including office chairs, conference chairs, leisure chairs, training chairs, etc.; Product series are divided into classic series, fashion series, simple series, luxury series, etc. according to different styles, scenes, people, etc. Product styles, according to different shapes, colors, materials, etc., it is divided into squares, circles, ovals, triangles, etc., red, blue, green, black, etc., wood, metal, plastic, fabric, etc.; product functions, according to different needs and Features are divided into adjustable, movable, storable, and disportable; product features, according to different advantages and characteristics, it is divided into comfort, beauty, environmental protection, intelligence, customization, etc.

Distribution channels: According to the results of market segmentation and user research, select the distribution channels suitable for the market, including the following aspects: channel type, channel level, channel members, channel management, etc. Specifically, the distribution channel should include the following aspects: channel type, according to different target markets and user groups, choose a reasonable ratio of direct channels and indirect channels to achieve effective coverage and efficient operation of the channel; channel level, according to different The product type and market scale, choose a reasonable structure of single-layer channels and multi-layer channels to achieve the simplicity and flexibility of the channel; channel members, according to different channel types and channel levels, select the reasonable quantity and quality of partners and intermediaries to achieve channel coordination and stability; channel management, according to different channel members and channel goals, formulate channel goals, policies, contracts, Incentives, control, etc., to achieve effective channel management and optimization.

Promotion strategy: According to the results of market positioning and benchmarking enterprise analysis, formulate promotion strategies suitable for the market, including the following aspects: promotion goals, promotion tools, promotion information, promotion timing, etc. Specifically, the promotion strategy should include the following aspects: promotion goals, according to different market stages and market needs, determine the main goals of promotion, such as increasing visibility, increasing sales, expanding market share, increasing loyalty, etc.; promotion tools, According to different target markets and user groups, choose appropriate promotion tools, such as advertising, public relations, sales promotion, direct marketing, personal sales, etc.; promotional information, according to different market positioning and market differentiation, determine the main information of promotion, such as product characteristics, brand image, service advantages, innovation ability, customer evaluation, etc.; promotion timing, according to different market environment and market opportunities, determine the timing of promotion, such as seasonal, festive, event, emergency, etc.

Conclusion

Taking Shangpu Consulting Company as an example, this paper introduces how to conduct market research in office furniture industry, including market analysis, user research, benchmarking enterprise survey, market entry strategy and so on, and summarizes some methods and experiences of market research for reference and reference. Market research is a complex and important work, according to different markets and projects, select the appropriate market research methods, collect and analyze effective market information, formulate and implement effective market strategies, in order to achieve successful market entry and effective competition. As a professional market research organization, Shangpu Consulting has rich market research experience and resources, which can provide customers with high-quality market research services and help customers realize the maximum value of the market.