Purpose of 1. Market Research

The purpose of market research is to solve a specific problem or meet a specific need, through the collection, analysis and interpretation of relevant information, to provide a basis for decision-making and recommendations. The purpose of market research determines the scope, content, method and form of market research, and is also the first dimension to evaluate the quality of market research.

Assess the quality of the purpose of market research, mainly to see whether the market research is clear, specific, feasible and valuable. Specifically, it can be tested from the following aspects:

-Does the market research identify the background, objectives, significance and expected results of the problem or demand?

-Does the market research specify the definition, scope, dimensions and indicators of the problem or need?

-Is it feasible for market research to select appropriate data sources, samples, methods and tools?

-Does market research provide valuable, meaningful, informed and suggested information?

For example, Champu Consulting conducted a market research on smart air purifiers for a home appliance brand. The purpose was to understand the needs, preferences and competition of the target market and provide guidance for product development and marketing strategies. When designing the market research program, Champu Consulting identified the following aspects:

-Background: With the increase of air pollution and health awareness, the air purifier market is showing a rapid growth trend. As an emerging market segment, smart air purifiers have greater potential and competitive advantages.

-Objective: To explore the use, needs, preferences and expectations of consumers in the target market for air purifiers, analyze the market size, structure, trends and competitiveness, and provide basis and suggestions for product development and marketing strategies.

-Meaning: Help the client to grasp market opportunities, enhance product competitiveness, increase market share, and improve brand awareness and reputation.

-Expected results: Provide a report containing the purpose, method, process, results, analysis and recommendations of the market research, as well as related data, charts and attachments.

2. the process of market research

The process of market research refers to the whole process of market research from designing the plan to implementing the survey to analyzing the data to writing the report. It is the second dimension to evaluate the quality of market research. The process of market research requires science, standardization, effectiveness and transparency, avoiding deviations, errors and loopholes, and ensuring the credibility and reliability of market research.

Assessing the quality of the market research process depends on whether the market research follows the basic principles and standards of market research, whether reasonable methods and techniques are used, whether the quality and safety of data are guaranteed, whether adequate analysis and interpretation are carried out, and whether clear reports and statements are written. Specifically, it can be tested from the following aspects:

-Does market research follow the basic principles of market research, such as objectivity, systematicness, comparability, timeliness, etc?

-Does market research use reasonable methods and techniques, such as quantitative research, qualitative research, first-hand data, second-hand data, sample surveys, experimental design, statistical analysis, model building, etc?

-Does market research ensure the quality and security of data, such as data validity, accuracy, integrity, consistency, confidentiality, etc?

-Has market research conducted adequate analysis and interpretation, such as data collation, induction, classification, comparison, correlation, attribution, prediction, evaluation, etc?

-Has the market research written clear reports and statements, such as the structure, content, format, language, charts, attachments, etc. of the report?

For example, Champ Consulting followed the following process when conducting market research on smart air purifiers:

-Design scheme: According to the purpose of market research, the content, methods, tools, samples, time and budget of market research are determined, the market research scheme is prepared, and the client is communicated and confirmed.

-Implementation survey: According to the market research plan, two methods of online questionnaire survey and laboratory experiment were used to collect the basic information, usage, needs, preferences and expectations of 1000 home users, as well as their different functions, designs and The purchase intention and satisfaction of the price air purifier.

-Analysis of data: According to the market research program, using descriptive statistics, cross-analysis, factor analysis, cluster analysis, regression analysis and other techniques, the collected data were collated, summarized, classified, compared, associated, attributed, predicted and evaluated, and a seriesConclusionand found.

-Report writing: according to the market research plan, according to the standard format of market research report, wrote a report containing the purpose, method, process, results, analysis and suggestions of market research, as well as relevant data, charts and attachments, and reported and discussed with the entrusting party.

3. the results of market research

The results of market research refer to the final output of market research, including market research.Conclusion, findings, recommendations, etc., are the third dimension for assessing the quality of market research. The results of market research are required to be valuable, meaningful, well-founded and recommended, to provide effective support and guidance for decision-making, and to bring the expected benefits to the client and executor of market research.

Evaluating the quality of market research results mainly depends on whether the market research has achieved the purpose of market research, whether it has solved the problems or needs of market research, whether it has provided valuable, meaningful, based and suggested information, whether it meets the standards and requirements of market research, and whether it meets the expectations of the entrusting and executing parties of market research. Specifically, it can be tested from the following aspects:

-Does the market research achieve the purpose of market research, such as understanding the needs, preferences and competition of the target market, and providing guidance for product development and marketing strategies?

-Does market research address market research issues or needs, such as determining the size, structure, trends and competitiveness of the target market, and analyzing consumer usage, needs, preferences and expectations?

-Does market research provide valuable, meaningful, well-founded and suggested information, such as revealing opportunities and challenges in the target market, proposing suggestions and solutions for product development and marketing strategies, etc?

-Does the market research meet the standards and requirements of the market research, such as the structure, content, format, language, charts, attachments, etc. of the report?

-Does the market research meet the expectations of the client and executor of the market research, such as the quality, time, cost, and effectiveness of the report?

For example, after completing the market research of smart air purifiers, Champ Consulting obtained the following results:

-Market research achieves the purpose of market research, provides the client with detailed information about the needs, preferences and competitive conditions of the target market, and provides valuable guidance for product development and marketing strategies.

-Market research solves the problems or needs of market research, determines that the scale of the target market is about 1 billion US dollars, the structure is dominated by middle and high-end users, the trend is to turn intelligence, personalization and multi-function into the direction, and the competitiveness is relatively high. It analyzes the use, demand, preference and expectation of consumers, and reveals that the core demand of consumers for air purifiers is clean air, the core preference for smart air purifiers is intelligent control and intelligent monitoring, and the core expectation for smart air purifiers is cost-effective and high quality.

-Market research provides valuable, meaningful, based and suggested information, reveals the opportunities and challenges of the target market, such as the growth of market demand, the improvement of consumer awareness and acceptance, the increase of competitors and the lack of innovation, etc., and puts forward suggestions and plans for product development and marketing strategies, such as highlighting intelligent control and intelligent monitoring in product functions, improve product performance and quality, reduce product costs and prices, increase product differentiation and personalization, and use a combination of online and offline marketing strategies to improve brand awareness and reputation, and increase consumer trust and loyalty.

-Market research meets the standards and requirements of market research, the structure, content, format, language, charts, attachments, etc. of the report are in line with the specifications of the market research report, the quality of the report has also been recognized and appreciated by the client.

-The market research meets the expectations of the client and the executor of the market research, and the time, cost and effect of the report have reached the expected level. The results of the report also provide effective support and guidance for the decision-making of the client and have a positive impact on the performance and reputation of the executor.

Conclusion

Market research is an important basis for corporate decision-making, and it is also one of the core services provided by Shangpu Consulting. The quality of market research directly affects the validity and reliability of decision-making. Therefore, evaluating the quality of market research is an essential link. This paper introduces the common indicators and standards for evaluating the quality of market research from the three aspects of the purpose, process and results of market research, as well as the application cases of Champ Consulting in practice. The purpose of this paper is to provide some reference and reference for the entrusting and executing parties of market research, and to help them improve the quality and efficiency of market research.