Five roles of market research

The role of market research can be summarized in the following five aspects:

Avoid stepping into the pit for marketing decisions. By providing market information through understanding analysis, you can avoid mistakes in the development of marketing strategies, or help marketing decision makers understand the current marketing strategy and the gains and losses of marketing activities in order to make appropriate recommendations.

Grasp the "wind direction" of market changes ". Providing correct market information can help marketers identify the most profitable market opportunities and provide new opportunities for business development.

Promote the "correction" of business operations ". It is helpful for enterprises to understand the current development status and technical experience of relevant industries, and provide information for improving their own business activities.

For the brand promotion "help". As an important means to promote the "harmony" between the market and the enterprise, market research provides information and support for the enterprise's market position and product promotion.

Increase the market trend "forecast". The information obtained through market research can not only be used to understand the market situation, but also to predict the changing trend of the market, so that the contingency plan and arrangement of the enterprise can be made in advance, and the changes in the market can be fully utilized to seek the interests of the enterprise.

Ten Key Steps to Market Research

The process of market research can be divided into the following ten steps:

Identify the need for research. Not every research needs to be carried out. Therefore, the first step in conducting market research is to determine whether the research is necessary. First, it is clear why the information is collected; second, it is clear whether the required information is available, whether there is sufficient time to investigate, whether funds are sufficient and weigh the relationship between benefits and costs; and finally, it is analyzed how much information is available.

Clear research questions. After analyzing the necessity, it is necessary to determine the problems and themes of the research. Usually, an informal survey, also known as exploratory research, is conducted before formal research, that is, a small-scale survey, the purpose is to grasp the exact nature of the problem and better understand the background environment of the problem, in order to save research costs, in-depth understanding of research problems, narrow the scope of research. The common method of informal research is to collect second-hand data or conduct small-scale centralized discussion, that is, researchers should collect all kinds of relevant data inside and outside the enterprise as much as possible; and consult experts and scholars who have rich experience and in-depth research on this issue inside and outside the enterprise to analyze; at the same time, relevant information can also be collected from consumers or research objects in order to clarify the research problems.

Identify research objectives. The final result of the research problem determination process is the formation of research objectives, all the time and cost invested in the research project is to achieve the established research objectives, it is the guidelines for the progress of the research project, is the yardstick to evaluate the quality of research. Therefore, research objectives must be as accurate, specific and practical as possible.

Design research plan. The design of the research plan is to develop a research plan 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 complete research plan usually includes: identifying sources of information; designing specific research content; setting a timetable for the research; identifying respondents and researchers; and explaining the research budget. Because different types of research programs focus on different aspects, the first task of designing a research program is to determine whether the research is exploratory, descriptive or causal.

Select the research method. The five methods of marketing research planning are the copywriting method, the questionnaire method, the interview method, the observation method and the experimental method. Investigator needs to be selected according to the needs of the research project.

Select the sampling method and set the sample size. After the sampling method is selected, the size of the sample is determined based on the characteristics of the sample. Five methods can be used: dogmatic method, which determines the sample size based on the researcher's experience; convention method, which considers a certain "convention" or a certain quantity as the correct sample size; cost basis method, which regards cost as the basis of sample size; statistical analysis method, which determines the minimum sample size in order to ensure the reliability of the sample or the correctness of statistical results; confidence interval method, that is, the use of confidence intervals, sampling distribution and other concepts to create a valid sample.

Data acquisition. After the research design is formally determined, the next step is to collect data according to the research design. 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. Front stage and subject research stage. The front stage refers to the trial investigation of some samples before the formal investigation to test the rationality and feasibility of the investigation design, such as the selection of investigation methods, the design of questionnaires, the extraction of samples, etc., so as to find and modify the existing problems in time. The theme research stage refers to the formal investigation of all samples and the collection of complete data on the basis of the front stage.

Data processing. Data processing refers to the sorting, coding, entry, verification, cleaning and other operations of the collected raw data to make it meet the requirements of statistical analysis and provide accurate and effective data for data analysis. The main steps of data processing are: data sorting, that is, classifying, sorting and summarizing the original data according to certain rules and sequences; Data coding, that is, converting data into numbers or symbols for computer identification and processing; Data entry, that is, inputting the coded data into the computer to form electronic data files; Data verification, that is, checking the correctness and completeness of data entry, finding and correcting errors; data cleaning, that is, to delete or correct invalid, duplicate, abnormal, missing data, improve the quality of data.

Data analysis. Data analysis refers to the use of statistical principles and methods to summarize, infer, interpret and evaluate the processed data, extract valuable information from it, and draw meaningfulConclusion. The main steps of data analysis are: selecting analysis methods, that is, selecting appropriate statistical analysis methods, such as descriptive analysis, correlation analysis, causal analysis, etc., according to factors such as research objectives, data types, data volume, etc. Using analysis tools, that is, using computer software or other tools to calculate, process, simulate and predict data, etc. Interpretation of analysis results, that is, according to the assumptions of the analysis method, the meaning of statistics, significance level, etc., the results of the analysis are reasonably explained and evaluated.

Write research reports. The research report presents the research process and results in written form, is the final result of the research project, and is also an important bridge for the researcher to communicate with the research client, the research object and the research stakeholders. The main contents of the research report include: research background, that is, to introduce the necessity, purpose and scope of the research; research methods, that is, to explain the design, process and tools of the research; and research results, that is, to show the data, analysis and scope of the research,Conclusionetc.; research recommendations, that is, to put forward research opinions, suggestions, strategies, etc.; research limitations, that is, to point out the limitations, deficiencies, risks, etc. of the research.

Five common methods of market research and matters needing attention

The methods of market research can be divided into qualitative research and quantitative research, qualitative research is mainly used for exploratory research, quantitative research is mainly used for descriptive research and causal research. Here are five common methods of market research and precautions:

Copy law. Copy law refers to the method of obtaining market information by collecting, analyzing and sorting out existing literature, such as books, newspapers, periodicals, networks, reports, etc. The advantages of the copywriting method are low cost, fast speed and wide range, which is suitable for preliminary understanding of market conditions or as a supplement to other research methods; the disadvantage of the copywriting method is that the reliability, timeliness and applicability of the data are difficult to guarantee, and the researchers need to have strong screening and analysis ability. The matters needing attention of the copywriting law are: choosing authoritative, formal and relevant data sources; comparing the consistency and difference of different data; judging the applicability and limitation of the data according to the actual situation.

Questionnaire method. Questionnaire method refers to the method of collecting market information by designing, distributing, recycling and analyzing questionnaires. The advantages of the questionnaire method are large data volume, high data quality, convenient data analysis, suitable for descriptive research and causal research, the disadvantages of the questionnaire method are high cost, long time, difficult design, the need for researchers to have strong design and organizational skills. The precautions of the questionnaire method are: clear research objectives and design reasonable questionnaire structure and content; Select the appropriate questionnaire form, such as paper questionnaire, online questionnaire, telephone questionnaire, etc.; Select the appropriate questionnaire distribution method, such as mail, e-mail, website, WeChat, etc.; Select the appropriate questionnaire recovery method, such as self-recovery, entrusted recovery, reward recovery, etc.; Select the appropriate questionnaire analysis tool, such as Excel, SPSS, R, etc.

Access law. The access method refers to the method of collecting market information through face-to-face or telephone communication with respondents, asking questions and recording answers. The advantages of the access method are rich information, in-depth information, flexible information, suitable for exploratory research and descriptive research, and the disadvantages of the access method are that the information is difficult to quantify, the information is difficult to control, the information respondents have a large influence, the need for researchers to have a strong communication and adaptability. The precautions of the access method are: select appropriate access objects, such as consumers, experts, competitors, etc.; Select appropriate access methods, such as individual access, collective access, telephone access, etc.; Select appropriate access forms, such as structured access, semi-structured access, unstructured access, etc.; Select the appropriate visit time, such as working days, holidays, morning, afternoon, etc.; Select the appropriate visit location, such as home, office, shopping malls, restaurants, etc.

Observation method. Observation method refers to the method of collecting market information by directly or indirectly observing the behavior, attitude, reaction, etc. of the respondent. The advantages of the observation method are that the information is true, the information is intuitive, the information is objective, and it is suitable for exploratory research and descriptive research; the disadvantages of the observation method are that the information is one-sided, the information is hidden, the information is interfering, and the researcher needs to have a strong ability to observe and judge. The precautions of the observation method are: select appropriate observation objects, such as consumers, competitors, middlemen, etc.; choose appropriate observation methods, such as natural observation, manual observation, hidden observation, public observation, etc.; choose appropriate observation tools, Such as cameras, tape recorders, eye tracker, EEG, etc.; select appropriate observation indicators, such as purchase behavior, use behavior, satisfaction, loyalty, etc.

experimental method. The experimental method is a method of collecting market information by controlling or changing certain variables and observing their effects on other variables. The advantages of the experimental method are accurate information, information science, information can be popularized, suitable for causal research, the disadvantages of the experimental method are high information cost, long information time, difficult information implementation, the need for researchers to have a strong design and implementation ability. The precautions of the experimental method are: select the appropriate experimental objects, such as consumers, products, advertisements, etc.; select the appropriate experimental types, such as laboratory experiments, field experiments, natural experiments, etc.; select the appropriate experimental design, such as single-factor experiments, Multi-factor experiments, factor analysis experiments, etc.; select the appropriate experimental control, such as randomization, matching, constants, etc.

Market Research Case of Champ Consulting

Shangpu Consulting is a company specializing in market research, data analysis, and business consulting. It has many years of industry experience and professional team to provide customized market research services for customers in all walks of life. The following are some of the market research cases of Champ Consulting:

Market research of a well-known catering brand. The brand wants to understand its competitiveness in the Chinese market, brand image, consumer satisfaction, etc., as well as market development trends and opportunities. Shangpu Consulting conducted a comprehensive market research for the brand, using a variety of methods such as questionnaire method, interview method, observation method, etc., to conduct an in-depth analysis of its target market, target consumers, competitors, etc., and put forward targeted Suggestions and strategies to help the brand increase its market share and brand awareness.

Market research on an emerging e-commerce platform. The platform wants to explore its potential, advantages, difficulties in the Chinese market, as well as market needs and preferences. Shangpu Consulting conducted professional market research for the platform, using a variety of methods such as copy method, questionnaire method, experimental method, etc., conducted a systematic study of its target users, target products, target channels, etc., and put forward innovative solutions and suggestions to help the platform open up the market space and increase user stickiness.

Market research of an international cosmetic brand. The brand wants to understand its positioning, differentiation, loyalty, etc. in the Chinese market, as well as changes and challenges in the market. Shangpu Consulting conducted accurate market research for the brand, using a variety of methods such as interview method, observation method, experimental method, etc., to make a detailed evaluation of its target group, target product, target market, etc., and put forward effective optimization and improvement to help the brand improve its market competitiveness and brand influence.

Conclusion

Market research is an important means for enterprises to obtain market information, formulate market strategies, and enhance market effects. It is also an effective way for enterprises to maintain market sensitivity, grasp market opportunities, and respond to market challenges. The process and results of market research are affected by many factors. How to improve the effect of market research is a challenge for many enterprises. Taking Shangpu Consulting as an example, this paper introduces the five functions of market research, ten key steps, five common methods and precautions, aiming to provide some market research guidance and suggestions for enterprises.