Definition and Importance of Market Research

Market research is an activity of collecting, analyzing and interpreting market information, aiming to help enterprises or organizations understand the needs, trends, opportunities and threats of the market, so as to make effective marketing strategies and decisions. Market research can be divided into two types: quantitative research and qualitative research. Quantitative research is the measurement, analysis and inference of large amounts of data through mathematical and statistical methods to draw representative and credible conclusions. Qualitative research is the process of observing, understanding and interpreting a small amount of data through non-mathematical and non-statistical methods to draw conclusions with depth and insight. The importance of market research is that it can help companies or organizations:

Understand the size, structure, distribution, segmentation, growth and forecast of the market, as well as the characteristics, behaviors, attitudes, needs, satisfaction and loyalty of competitors, partners, suppliers, channels, consumers and stakeholders in the market;

Identify market opportunities and threats, such as emerging markets, new technologies, new consumer groups, new consumption habits, new laws and regulations, new social culture, new competitive strategies, etc;

Assess market potential and risks, such as market accessibility, exploitability, profitability, sustainability, and market uncertainty, instability, and unpredictability;

Develop market objectives and strategies, such as market positioning, segmentation, selection, differentiation, combination, pricing, promotion, distribution, services, etc;

Monitor the execution and effect of the market, such as sales, share, profit, cost, return, satisfaction, loyalty, word of mouth, image, brand, innovation, etc.

Definition and Role of Market Research Company

Market research companies are professional institutions that provide market research services. They use various methods and technologies to provide customers with valuable market insights and suggestions. Market research companies can be divided into two types: comprehensive market research companies and professional market research companies. Comprehensive market research companies are companies that provide market research services in multiple types, multiple fields, and multiple industries. They usually have a larger scale, wider coverage, stronger resources and higher visibility. Professional market research companies are companies that provide market research services for a certain type, a certain field, and a certain industry. They usually have smaller scale, narrower coverage, more specialized resources and deeper expertise. The role of a market research firm is that it can help businesses or organizations:

Save the time and cost of market research, such as market research planning, design, implementation, analysis, reporting and other aspects, need to invest a lot of manpower, material resources, financial resources and technology, and market research companies can provide professional market research team, equipment, platforms and methods, so as to improve the efficiency and effectiveness of market research;

Improve the quality and credibility of market research, such as market research data, information, conclusions, recommendations and other content, need to ensure its accuracy, effectiveness, objectivity and neutrality, and market research companies can provide professional market research standards, processes, tools and supervision, thereby improving the reliability and fairness of market research;

Expand the scope and depth of market research, such as the object, theme, problem, angle, dimension and other aspects of market research, need to cover the whole picture, details, changes and future of the market, and market research companies can provide professional market research knowledge, experience, network and database, so as to improve the breadth and depth of market research;

Insight, creativity, innovation, strategy, decision-making and other aspects of market research need to conform to the actual market, adapt to market changes, and lead the development of the market. Market research companies can provide professional market research thinking, methods, technologies and models, so as to improve the practicality, flexibility and foresight of market research.

Market Research Company's Core Competence

Market research companies are facing fierce competition and rapidly changing market environment. In order to stand out in the market, they must have core competitiveness. Core competitiveness refers to the market research company has, can provide customers with sustained advantages and value, difficult to be imitated or replaced by competitors, consistent with the vision, mission, objectives and strategy of the market research company, the collection of core capabilities and resources of the market research company. This paper argues that the core competencies of market research firms include three aspects: innovation, professionalism and customer orientation.

Innovation

Innovation is the soul of the market research company, which is reflected in the service concept, methods, technology, products and models of the market research company, and can provide customers with unique value propositions and differentiated advantages. The innovation of market research companies mainly includes the following aspects:

Innovation of service concept: market research companies should constantly update and optimize their service concept according to the changes of the market and the needs of customers, from traditional data providers to insight providers, and then to solution providers and even partners, so as to improve their service value and level;

Innovation of methods: market research companies should constantly explore and develop their own methods according to the complexity of the market and the diversity of customers, from a single quantitative or qualitative to a diversified mixture or integration, from static description or analysis to dynamic prediction or simulation, so as to improve the effectiveness and adaptability of their methods;

Technological innovation: market research companies should continuously introduce and apply their own technologies according to the development of the market and the expectations of customers, from traditional questionnaires or interviews to modern networks or mobile, from manual collection or processing to intelligent mining or analysis, so as to improve their technical efficiency and accuracy;

Product innovation: market research companies should constantly create and launch their own products according to market needs and customer preferences, from general reports or consultations to customized solutions or suggestions, from single data or information to multidimensional insights or creativity, so as to enhance their product differentiation and attractiveness;

Model innovation: market research companies should constantly adjust and optimize their models according to market opportunities and customer relationships, from independent projects or contracts to continuous subscriptions or members, from simple transactions or services to complex co-creation or win-win, so as to enhance the sustainability and interactivity of their models.

Professional

Professionalism is the foundation of the market research company, which is reflected in the talent, knowledge, experience, quality and standards of the market research company, which can provide customers with efficient service process and reliable service results. Market research company's professional mainly includes the following aspects:

Professional talents: market research companies should have a professional market research team, including market research planners, designers, executives, analysts, reporters, consultants and other different roles, as well as market research experts, scholars, consultants, partners and other different resources, so as to ensure the quality, ability, expertise and diversity of market research talents;

Professional knowledge: market research companies should master a wealth of market research knowledge, including market research theories, methods, techniques, tools, cases, trends and other different content, as well as market research areas, industries, themes, issues, angles, dimensions and other different categories, so as to ensure the breadth, depth, update and innovation of market research knowledge;

Professional experience: market research companies should accumulate rich market research experience, including market research projects, customers, markets, competitors, partners, channels, consumers, stakeholders and other different objects, as well as market research success, failure, strengths, weaknesses, opportunities, threats, lessons, enlightenment and other different results, so as to ensure the quantity, quality, learning and sharing of market research experience;

Quality of professional: market research companies to ensure a high level of market research quality, including market research data, information, conclusions, recommendations and other different content, as well as market research accuracy, effectiveness, objectivity, neutrality, timeliness, integrity, consistency and other different standards, so as to ensure the quality of market research reliability, fairness, comparability and traceability;

Professional standards: market research companies should follow strict market research standards, including market research norms, processes, rules, principles, ethics, laws and other aspects, as well as international, national, industry, organization, customer and other different levels of market research, so as to ensure the compliance, transparency, safety and responsibility of market research standards.

Customer Orientation

Customer orientation is the goal of the market research company, which is reflected in the market research company's demand analysis, program design, delivery presentation, feedback improvement and customer relationship, etc., to provide customers with satisfactory service experience and continuous service value. The customer orientation of market research companies mainly includes the following aspects:

Customer orientation of demand analysis: market research companies should fully understand and meet customer needs, including customer goals, problems, expectations, preferences, constraints, challenges and other different aspects, as well as customer background, environment, competition, opportunities, threats and other different factors, so as to ensure the comprehensiveness, accuracy, pertinence and relevance of market research demand analysis;

Customer orientation of scheme design: market research companies should tailor and optimize their own schemes according to customer needs, including different elements such as the purpose, scope, object, method, technology, tools, time, budget, output, etc. of market research, as well as different contents such as assumptions, logic, framework, process, steps, indicators, etc. of market research, so as to ensure the rationality of scheme design of market research, feasibility, innovation and effectiveness;

Customer-oriented delivery: market research companies should carefully produce and display their own delivery according to customer expectations, including market research data, information, conclusions, suggestions, insights, creativity, innovation, strategies, decisions and other different contents, as well as market research reports, charts, videos, presentations, discussions, consultations, training and other different forms, to ensure that the delivery of market research presentation is clear, understandable, interesting and useful;

Customer orientation of feedback improvement: market research companies should continuously follow up and improve their own services according to customer feedback, including market research results, satisfaction, loyalty, word of mouth, image, brand, innovation and other different indicators, as well as market research advantages, disadvantages, opportunities, threats, lessons, enlightenment and other different results, so as to ensure the timeliness and perfection of market research feedback improvement, continuity and value added;

Customer orientation of customer relationship: market research companies should establish and maintain their own customer groups according to customer relationship, including potential customers, existing customers, important customers, loyal customers, recommend customers, cooperative customers and other different types of market research, as well as communication, trust, understanding, respect, support, cooperation, win-win and other different elements of market research, so as to ensure the stability of customer relationship of market research, intimacy, mutual benefit and long-term.

A Case Study of Champ Consulting

Champu Consulting is a professional market research company established in2008Headquartered in Beijing, it has more100We are well known as market research experts and consultants to provide quality market research services to customers from all walks of life across the country. With innovation, professionalism and customer orientation as its core competencies, Shangpu Consulting provides valuable market insights and suggestions to help customers achieve market success and development. The following are some specific cases of Champ Consulting:

Case 1: Provide market research services for an emerging electric vehicle brand to help it understand the needs, trends, opportunities and threats of the Chinese market, and formulate effective market entry and development strategies. Using innovative methods and combining quantitative and qualitative techniques, Shangpu Consulting Company has conducted an in-depth analysis of the consumers, competitors, partners, channels, policies, and technologies of electric vehicles in the Chinese market, and put forward suggestions on the positioning, segmentation, selection, differentiation, combination, pricing, promotion, distribution, and service of electric vehicles in the Chinese market, to provide customers with a complete set of market research programs and reports, has been highly recognized and praised by customers.

Case 2: Provide market research services for a well-known fast-moving consumer product brand to help it understand the emerging consumer groups in the Chinese market, new consumption habits, new consumption scenarios, new consumption needs, new consumption motives, and new Consumption value, formulate effective product innovation and marketing innovation strategies. Using professional knowledge, experience, network and database, Shangpu Consulting Company has conducted in-depth research on the characteristics, behaviors, attitudes, needs, satisfaction, loyalty and other aspects of consumers of fast-food products in the Chinese market, and put forward suggestions on product innovation, marketing innovation, service innovation, channel innovation, model innovation and other aspects of fast-food products in the Chinese market, providing customers with a series of market research insights and ideas, it has been highly appreciated and recommend by customers.

Case 3: Provide market research services for a leading education and training brand to help it understand the demand, supply, competition, opportunities and threats of education and training in the Chinese market, and formulate effective brand building and market expansion strategies. Shangpu consulting company uses the principle of customer orientation, fully understands and meets the needs of customers, tailors and optimizes its own solutions, elaborately produces and displays its own delivery, continuously follows up and improves its own services, establishes and maintains its own customer relationship, provides customers with a set of satisfactory market research services, and has been highly trusted and supported by customers.

Conclusion

Market research is an activity of collecting, analyzing and interpreting market information, aiming to help enterprises or organizations understand the needs, trends, opportunities and threats of the market, so as to make effective marketing strategies and decisions. Market research companies are professional institutions that provide market research services. They use various methods and technologies to provide customers with valuable market insights and suggestions. Market research companies are facing fierce competition and rapidly changing market environment. In order to stand out in the market, they must have core competitiveness. This paper argues that the core competencies of market research firms include three aspects: innovation, professionalism and customer orientation.