Market research refers to the investigation and study of various phenomena and factors in the marketing environment through the use of scientific methods to find and solve problems. The purpose of market research is to obtain information about the market, including market size, market structure, market demand, market potential, market trends, market opportunities, market risks, market competition, market segmentation, market positioning, market performance, market satisfaction, etc. The results of market research are intended to provide a basis for market decisions, including market objectives, market strategies, market portfolios, market budgets, and market control.

The basic principle of market research is market-oriented, problem-centered, data-based, analysis-based, and problem-solving. The basic process of market research includes the following steps:

1. Determine research objectives

Before starting market research, a specific and feasible research goal should be formulated according to the purpose, content, scope and object of the research. Research objectives are the guidelines for research projects and the yardstick for evaluating the quality of research. Therefore, research objectives must be as accurate, specific and practical as possible. Research objectives can usually be divided into three levels: overall objectives, specific objectives and operational objectives. The overall goal refers to the ultimate goal of the research, which is the soul of the research; the specific goal refers to the intermediate goal that needs to be achieved in order to achieve the overall goal, which is the framework of the research; the operational goal refers to the specific measures that need to be taken in order to achieve the specific goal, which is the detail of the research.

2. Develop research plan

The research plan is a research plan formulated to achieve the research objectives, is the action program for the implementation of the research project, provides a framework structure for answering specific questions, and ensures the smooth progress of the research work. A research plan typically includes the following aspects: identifying sources of information; designing specific research content; setting a timetable for the research; identifying respondents and researchers; and describing the research budget. Because different types of research programs focus on different aspects, the first task of developing a research plan is to determine whether the research is exploratory, descriptive or causal. Exploratory research is research conducted in an informal way without a specific structure and is usually used to understand and define problems or to track and seek market opportunities. Descriptive research refers to the research conducted for the purpose of describing the characteristics, functions and attributes of the research object, and the scope of research includes: the attitude, behavior, evaluation of the enterprise, and some basic information of competitors. Causality research refers to research conducted through the study of multiple factors to determine the cause of the problem, and researchers need to examine whether one variable affects another variable and whether there is some correlation between the variables.

3. Collect market information

After the research plan is formally determined, the next step is to collect market information according to the research plan. Generally, two data collection methods: personnel collection and machine recording can be adopted. Personnel collection refers to the collection and investigation of existing copywriting data by researchers; or directly communicating with respondents and collecting information through interviews, filling out questionnaires, etc.; or collecting relevant information through observation of respondents; machine records are mainly collected by scanning data. Data collection is usually divided into two stages: the front stage and the subject research stage. The front phase refers to the use of subsamples to determine whether the data collection plan for the subject's research is appropriate; the thematic research phase refers to the formal large-scale research.

4. Analysis of market information

Usually, most of the collected data are scattered, sporadic or even inaccurate. Therefore, the collected data are first processed to form systematic, standardized and objective data, which are specifically divided into four steps: the first step is to classify the data, that is, to group them according to quantity, time sequence, region and quality; The second step is to compile and correct the data, that is, to review and verify whether the data are correct, revise or eliminate data that do not conform to reality; the third step, data coding and entry, that is, to give each question and answer a numerical code, and enter it into the computer; the fourth step, the preparation of a chart, that is, the number of times each answer appears, to form a database of all information. Secondly, the analysis of the data, that is, the use of statistical analysis techniques to analyze the data, and thus describe and infer the overall characteristics, revealing the internal relations of things. Commonly used analysis techniques include: descriptive statistics, that is, generalizing the data to explain the central trend and discrete trend of the phenomenon; parameter estimation, that is, using sample information to infer the confidence interval of population parameters; correlation and regression analysis, that is, studying two or more The correlation between more than two variables; multivariate statistical analysis, that is, analysis of multiple variables.

5. Write research report

The research report is a written report of the results after the investigation, and puts forward concluding observations and suggestions. Research reports usually come in three forms: data reports (providing data from surveys), analytical reports (providing data and analysis), and advisory reports (not only providing data and analysis, but also making recommendations to solve problems). The content and structure of the research report should be based on factors such as research objectives, research objects, research methods and research results, but should generally include the following parts: cover, catalog, abstract, text, appendices, and references. The writing of research report should follow the following principles: objective, accurate, clear, concise, logical and persuasive.

6. Develop a marketing strategy

After the research report is completed, the researcher should propose a reasonable marketing strategy for the company based on the research results, including market objectives, market segmentation, market positioning, and market mix. The formulation of marketing strategy should consider the internal and external environment of the enterprise, the resources and capabilities of the enterprise, the competitive advantage of the enterprise, the demand and change of the market and other factors, in order to maximize the profit and market share of the enterprise.

Market Research Case of Champ Consulting

Shangpu Consulting is a company specializing in market research and consulting services, with many years of industry experience and professional team, providing tailor-made solutions for customers in all walks of life. The following are some of the market research cases of Shangpu Consulting, showing the application of market research in different industries and fields, as well as the important role of market research in the development of enterprises.

Case 1: Market Research of an Automobile Brand

An automobile brand is an internationally renowned automobile manufacturer with a variety of high-end automobile products, but its sales and popularity in the Chinese market are not high. Therefore, the brand hopes to understand the needs and preferences of Chinese consumers through market research. And the situation of competitors, so as to formulate effective market strategies. Champ Consulting provides the following market research services for the brand:

Research objectives: to understand the scale, structure, trends, opportunities and risks of China's high-end automobile market; to understand the characteristics, behaviors, attitudes, satisfaction and loyalty of target consumers; to understand competitors' products, prices, channels, promotions and brand image, etc.

Research methods: Hybrid research methods are used, combined with qualitative and quantitative data collection techniques, including literature analysis, online surveys, in-depth interviews, focus groups, questionnaires, mysterious customers, etc.

Research results: Through the analysis of the data, Champ Consulting provided the following research report for the brand:

Overview of China's high-end car market: The scale of China's high-end car market continues to expand, and it is expected to reach 5 million by 2024, accounting for about 10% of the entire car market; the market structure is dominated by German brands, accounting for nearly 70% of the market share, followed by Japanese, American and domestic brands; the market trend is that consumers' demand for high-end cars is increasingly diversified, not only focusing on brand and performance, it also pays attention to comfort, safety, intelligence, environmental protection, etc.; market opportunities mainly exist in market segments such as new energy vehicles, luxury SUVs, and personalized customization; market risks mainly come from policy uncertainty, fierce competition, and consumption The pickiness of the person, etc.

Portrait of target consumers: Target consumers are mainly urban elites with high income, high education, and high positions between the ages of 30 and 50. They have a strong demand and preference for high-end cars. They believe that high-end cars are a symbol of identity and taste. The way to enjoy life; when they buy high-end cars, they will comprehensively consider the brand, performance, design, price, service and other factors of the product, at the same time, they will also be affected by external factors such as society, family, and friends; their satisfaction and loyalty to high-end cars are average, and they are vulnerable to the temptation of new products and brands, as well as negative information and word-of-mouth.

Competitor analysis: The competitors are mainly German brands, such as Mercedes-Benz, BMW, Audi, etc. They have a high reputation and reputation in the Chinese market, and their product performance and design are also relatively good, and the price is relatively reasonable. The service is also relatively complete, and the brand image is relatively stable; other brands, such as Japanese, American and domestic brands, although they are not as good as German brands in market share, however, it also has its own advantages and characteristics. For example, Japanese brands are famous for their reliability and energy saving, American brands are famous for their luxury and dynamicity, and domestic brands are famous for their price advantages and localization.

Marketing strategy recommendations: Based on the results of the survey, Champ Consulting has proposed the following marketing strategy recommendations for the brand:

Market target: by 2024, increase the sales volume of the Chinese market to 100000 vehicles, accounting for about 5% of the high-end car market, enhance brand awareness and reputation, and increase consumer satisfaction and loyalty.

Market segmentation: According to the needs and preferences of consumers, the market is subdivided into four market segments, namely: young consumers who pursue performance and design, middle-aged consumers who pursue comfort and safety, and new energy consumers who pursue intelligence and environmental protection. Energy consumers, high-end consumers who pursue individuality and customization.

Market positioning: position the brand as a "high-end, innovative and personalized" automobile brand, highlight the core value and differentiation advantages of the brand, form a clear difference with competitors, and create a unique image of the brand.

Market mix: According to different market segments, the corresponding market mix strategy, including product strategy, price strategy, channel strategy and promotion strategy. Specific as follows:

Product strategy: According to different market segments, launch corresponding product series to meet the different needs and preferences of consumers, while maintaining product high quality and high performance, continuous product innovation and improvement, and enhance product added value and competitiveness. For example, for young consumers who pursue performance and design, launch a sports car with strong power and smooth lines, highlighting the speed and passion of the product; for middle-aged consumers who pursue comfort and safety, launch a luxury Car, with spacious space and advanced safety system, highlighting the comfort and safety of the product; for new energy consumers who pursue intelligence and environmental protection, launch an intelligent car, with efficient battery and intelligent navigation, highlighting the energy saving and intelligence of the product; for high-end consumers who pursue individuality and customization, a customized car is launched, with a variety of colors and configurations, highlighting the individuality and customization of the product.

-Price strategy: According to different market segments, formulate corresponding price strategies to reflect the value of the product and the image of the brand, while considering the ability of consumers to pay and the price level of competitors. For example, for young consumers who pursue performance and design, adopt high-price strategy to emphasize the quality of the product and the status of the brand, and at the same time provide certain discounts and concessions to attract consumers' purchases; for middle-aged consumers who pursue comfort and safety, adopt medium-high price strategy to reflect the cost-effectiveness of the product and the credibility of the brand, while providing certain gifts and services to increase consumer satisfaction; for new energy consumers who pursue intelligence and environmental protection, adopt a mid-price strategy to reflect product innovation and brand responsibility, while providing certain subsidies and guarantees to encourage consumers' choice; for high-end consumers who pursue individuality and customization, Adopt a high-price strategy to highlight the uniqueness of the product and the dignity of the brand, while providing certain customization and consultation to meet the needs of consumers.

-Channel strategy: According to different market segments, formulate corresponding channel strategies to facilitate product distribution and sales, while considering consumers' buying habits and competitors' channel layout. For example, for young consumers who pursue performance and design, use direct sales channels to directly contact consumers through the brand's official website and specialty stores to show the characteristics of the product and the image of the brand, and at the same time provide certain test drives and experiences to enhance Consumers' trust; for middle-aged consumers who pursue comfort and safety, use distribution channels to indirectly contact consumers through authorized distributors and service providers of the brand, in order to transmit product information and brand reputation, and at the same time provide certain after-sales and maintenance to continue consumer loyalty; for new energy consumers who pursue intelligence and environmental protection, use joint channels, through brand partners and platforms, and cooperate with Consumers contact to share product advantages and brand concepts, while providing certain charging and maintenance to support consumers' use; for high-end consumers who pursue individuality and customization, we use exclusive channels to focus on contacting consumers through brand customization consultants and private butlers to meet product needs and brand expectations, and at the same time provide certain consulting and services to exceed Consumer expectations.

-Promotion strategy: According to different market segments, formulate corresponding promotion strategies to increase product visibility and sales, while considering consumers' purchase motives and competitors' promotion activities. For example, for young consumers who pursue performance and design, advertising promotion is adopted, and the performance and design of products are widely publicized through the Internet, TV, magazines and other media to attract consumers' attention and interest. At the same time, certain lucky draws and gifts are provided to stimulate consumers' desires and actions; for middle-aged consumers who pursue comfort and safety, public relations promotion is adopted, through news, activities, exhibitions and other means, in-depth introduction to the comfort and safety of products to increase consumers' awareness and trust, and at the same time provide certain recommend and rewards to promote the spread and recommend of consumers; for new energy consumers who pursue intelligence and environmental protection, educational promotion is adopted, and the intelligence and environmental protection of products are explained in detail through lectures, training, demonstrations and other forms, so as to improve consumers' understanding and acceptance, while providing certain education and subsidies, to help consumers learn and buy; for high-end consumers who pursue individuality and customization, experience promotion is adopted, and the individuality and customization of products are personally displayed through invitations, visits, experiences, etc. to meet the needs and expectations of consumers. Provide certain experience and discounts to touch the hearts and emotions of consumers.

Case 2: Market Research of a Cosmetic Brand

A cosmetics brand is a well-known domestic cosmetics manufacturer with a variety of low-end cosmetics products, but it is facing changes in consumer demand and challenges from competitors in the market. Therefore, the brand hopes to understand the market through market research Status and trends, as well as consumer demand and satisfaction, so as to formulate effective market strategies. Champ Consulting provides the following market research services for the brand:

Research objectives: to understand the scale, structure, trends, opportunities and risks of China's cosmetics market; to understand the characteristics, behavior, attitude, satisfaction and loyalty of target consumers; to understand the products, prices, channels, promotions and brand image of competitors.

Research methods: Hybrid research methods are used, combined with qualitative and quantitative data collection techniques, including literature analysis, online surveys, in-depth interviews, focus groups, questionnaires, mysterious customers, etc.

Research results: Through the analysis of the data, Champ Consulting provided the following research report for the brand:

Overview of China's cosmetics market: The scale of China's cosmetics market continues to grow and is expected to reach 800 billion yuan by 2024, accounting for about 15% of the entire consumer goods market; the market structure is dominated by skin care products, accounting for nearly 60% of the market share, followed by Make-up, perfume, hairdressing, etc.; the market trend is that consumers' demand for cosmetics is increasingly diversified, not only focusing on the function and quality of products, it also pays attention to the safety, naturalness, and personalization of products; market opportunities mainly exist in market segments such as men's cosmetics, green cosmetics, and customized cosmetics; market risks mainly come from policy changes, intensified competition, and consumer pickiness.

Portrait of target consumers: Target consumers are mainly women aged 18-35. They have a high demand and consumption for cosmetics. They believe that cosmetics are a symbol of beauty and self-confidence, and a way to show their personality and style; they are buying cosmetics. When, the function, quality, price, packaging, reputation and other factors of the product will be comprehensively considered, and it will also be affected by external factors such as social media, stars, and Internet celebrities; their satisfaction and loyalty to cosmetics are low, they are easily attracted by new products and brands, and they are also affected by negative information and evaluation.

Analysis of competitors: competitors are mainly international brands, such as L'Oreal, Estee Lauder, Lancome, etc., which have high popularity and reputation in the Chinese market, excellent product functions and quality, reasonable prices, perfect channels and services, and stable brand image. Other brands, such as domestic brands, Japanese and Korean brands, emerging brands, are inferior to international brands in market share, but they also have their own advantages and characteristics. For example, domestic brands are famous for their price advantage and localization, Japanese and Korean brands are famous for their fashion and affinity, and emerging brands are famous for their innovation and personalization.

Marketing strategy recommendations: Based on the results of the survey, Champ Consulting has proposed the following marketing strategy recommendations for the brand:

Market target: In 2024, increase the sales volume of the Chinese market to 10 billion yuan, accounting for about 2% of the cosmetics market, enhance brand awareness and reputation, and increase consumer satisfaction and loyalty.

Market segmentation: according to the needs and preferences of consumers, the market is subdivided into four market segments, namely: mature consumers pursuing function and quality, healthy consumers pursuing safety and nature, trendy consumers pursuing fashion and personality, and high-end consumers pursuing customization and service.

Market positioning: position the brand as a "low-end, practical, people-friendly" cosmetics brand, highlight the core value and differentiation advantages of the brand, form a clear difference with competitors, and create a unique image of the brand.

Market mix: According to different market segments, the corresponding market mix strategy, including product strategy, price strategy, channel strategy and promotion strategy. Specific as follows:

Product strategy: According to different market segments, launch corresponding product series to meet the different needs and preferences of consumers, while maintaining the practicality and quality of products, continuous product improvement and upgrading, and enhance the cost-effectiveness and competitiveness of products. For example, for mature consumers who pursue function and quality, launch an anti-aging skin care product with effective antioxidant and repair ingredients to highlight the function and quality of the product; for healthy consumers who pursue safety and nature, launch a green color cosmetics product with natural plant and mineral ingredients to highlight the safety and nature of the product; for consumers who pursue fashion and individuality, launch a color hairdressing product, with a variety of colors and effects, highlighting the fashion and personality of the product; for the pursuit of customization and service of high-end consumers, the launch of a customized perfume, with personalized fragrance and packaging, highlighting the product customization and service.

Price strategy: According to different market segments, formulate corresponding price strategies to reflect the value of the product and the image of the brand, while considering the ability of consumers to pay and the price level of competitors. For example, for mature consumers who pursue functions and quality, adopt a mid-price strategy to reflect the cost-effectiveness of the product and the reputation of the brand, and at the same time provide certain gifts and services to increase consumer satisfaction; for the pursuit of safety and natural health Consumers, adopt a low-price strategy to reflect the product's people-friendly and brand responsibility, while providing certain trials and guarantees to encourage consumers' choices; for the pursuit of fashion and personality of the trend of consumers, the use of high-price strategy to emphasize the quality of the product and brand status, while providing certain discounts and concessions to attract consumers to buy; for the pursuit of customization and service of high-end consumers, the use of high-price strategy to highlight the unique products and brand dignity, while providing a certain degree of customization and consulting to meet the needs of consumers.

-Channel strategy: According to different market segments, formulate corresponding channel strategies to facilitate product distribution and sales, while considering consumers' buying habits and competitors' channel layout. For example, for mature consumers who pursue functions and quality, use traditional channels to directly contact consumers through brand counters and shopping malls to display the functions and quality of products, and at the same time provide certain trials and consultations to enhance consumers' Trust; for consumers who pursue safety and natural health, use modern channels to indirectly contact consumers through brand websites and e-commerce, in order to convey product information and word-of-mouth, and at the same time provide certain delivery and exchange to facilitate consumers' purchase; for trendy consumers who pursue fashion and personality, adopt emerging channels, through brand social media and online celebrities, and collaborate with consumers Contact to share the advantages and stories of the product, and provide certain interactions and sweepstakes to stimulate consumer participation and sharing; aiming at the high-end consumers who pursue customization and service, we adopt exclusive channels, focus on contacting consumers through brand member clubs and private salons, so as to meet the needs and expectations of products, and provide certain courtesy and services to exceed consumers' expectations.

-Promotion strategy: According to different market segments, formulate corresponding promotion strategies to increase product visibility and sales, while considering consumers' purchase motives and competitors' promotion activities. For example, for mature consumers who pursue function and quality, knowledge promotion is adopted, and the function and quality of products are widely publicized through magazines, newspapers, radio and other media, so as to improve consumers' cognition and trust, and at the same time, certain education and consultation are provided to help consumers use and maintain; for healthy consumers who pursue safety and nature, emotional promotion is adopted, through the Internet, television, movies and other media, introduce the safety and nature of the product in depth to increase the understanding and acceptance of consumers, and at the same time provide certain gratitude and feedback to move the hearts and emotions of consumers; for consumers who pursue fashion and personality, adopt stimulating promotions, through social Media, celebrities, online celebrities, etc., warmly recommend the fashion and personality of the product to attract consumers' attention and interest, while providing certain discounts and gifts, in order to stimulate consumers' desires and actions; for high-end consumers who pursue customization and services, experience promotion is adopted to personally display product customization and services through invitations, visits, experiences, etc., to meet consumers' needs and expectations. Provide certain experience and discounts to move consumers' hearts and emotions.

Summary

Market research is the basic work for enterprises to carry out market activities. Through research, enterprises can understand the market demand and competition, and provide the basis for formulating marketing strategies. The basic principle of market research is market-oriented, problem-centered, data-based, analysis-based, and problem-solving. The basic process of market research includes determining research objectives, developing research plans, collecting market information, analyzing market information, writing research reports and formulating marketing strategies. Shangpu Consulting is a company specializing in market research and consulting services, with many years of industry experience and professional team, providing tailor-made solutions for customers in all walks of life.