Definition and Significance of Market Research

Market research refers to the process of collecting, collating, analyzing and interpreting information related to a specific market to help companies understand the current situation and potential of the market, assess market opportunities and risks, and formulate or optimize market strategies and action plans. Market research can be divided into qualitative research and quantitative research, according to different purposes and objects, can be further subdivided into industry research, market segmentation and user behavior research, channel model research, competitor research, market entry research, consumer research, investment decision evaluation and so on.

Market research is of great significance to enterprises, mainly reflected in the following aspects:

（12) Provide objective, reliable and timely information support. Market research can help enterprises obtain first-hand or third-party data and information, reveal the scale, structure, characteristics, trends, needs, preferences and satisfaction of the market from multiple angles and levels, and provide scientific basis for enterprise decision-making.

（2) Enhance customer insight and satisfaction. Market research can help companies gain an in-depth understanding of customer needs and expectations, identify customer problems and pain points, and discover customer potential needs and value points, so as to design products or services that better meet customer needs and improve customer satisfaction and loyalty.

（3) Optimize competitive strategies and enhance competitiveness. Market research can help enterprises understand the competitive environment and competitors, find out their own strengths and weaknesses, and formulate targeted competitive strategies, such as product differentiation, positioning precision, price rationalization, promotion effectiveness, etc., so as to improve market share and profitability.

（4) to create value and advantage. Market research can not only help enterprises to obtain information and knowledge, but also help enterprises to create value and advantages. Market research can help companies discover new market opportunities and risks, and open up new market areas and channels; market research can help companies innovate products and services, improve product quality and service levels; market research can help companies optimize marketing strategies and activities, and improve Marketing efficiency and effectiveness; market research can help companies improve operational efficiency and cost control capabilities, and increase profit margins and returns.

Challenges and responses to market research

Market research is a highly specialized job that requires a wealth of knowledge, skills and experience. With the changing market environment, market research is also facing many challenges, such:

（1) Guarantee of data quality. Data is the foundation and core of market research, and the quality of data directly affects the credibility and validity of the research results. However, in the process of data collection, collation, analysis and interpretation, various errors and deviations may occur, such as sampling error, measurement error, response error, non-response error, etc. Therefore, market research needs to adopt scientific and reasonable methods and techniques to control and reduce the impact of errors and improve the accuracy, reliability, representativeness and timeliness of data.

（2) the need for methodological innovation. There are many methods of market research, such as questionnaires, in-depth interviews, focus groups, experimental methods, and observation methods. Different methods have different advantages and disadvantages and are suitable for different goals and situations. With the complexity and diversification of the market, a single or traditional method may not be able to meet the needs of market research, and continuous innovation and improvement of methods are needed to adapt to market changes and customer needs. For example, using new technologies and new channels such as the Internet, mobile devices, and social media to carry out online or offline market research; using new tools and new methods such as big data, artificial intelligence, and machine learning to carry out intelligent or automated Market research, etc.

（3) Challenges of technology application. Technology is an important support for market research, and the development and progress of technology has brought more possibilities and convenience for market research. However, technology also brings some challenges, such as the rapid upgrading of technology, the need for continuous learning and adaptation; the high cost of technology use, the need to invest more resources; the high risk of technology use, the need to pay attention to information security and privacy protection. Therefore, market research requires reasonable selection and use of technology, give full play to technical advantages, while avoiding technical disadvantages.

（4) The difficulty of talent training. Talent is the core capital of market research, and the quality and ability of talent determine the level and effect of market research. However, in the current market environment, it is not easy to cultivate and retain excellent market research talents. It requires market sensitivity, data analysis ability, communication and expression ability, innovative thinking ability, teamwork ability and other qualities and skills. Therefore, market research needs to strengthen the training and motivation of talents, improve the professional level of talents and job satisfaction.

Misunderstandings and Traps in Market Research

Market research is a valuable but also risky work. If you do not pay attention to avoid some common misunderstandings and traps, it may lead to the failure or ineffectiveness of market research, and even cause the loss and crisis of the enterprise. Taking Shangpu Consulting Group as an example, this paper analyzes the common misunderstandings and traps in market research, and how to avoid and overcome these problems and improve the effect and value of market research.

（1) Research is far from consumers. The essence of market research is to understand consumers, who are the core objects and objectives of market research. However, some market research ignores the real needs and feelings of consumers, only focusing on data and reports, but not on consumer behavior and psychology. Such market research may draw some superficial or wrong conclusions, which can not really reflect the thoughts and intentions of consumers, and can not provide effective guidance and suggestions for enterprises. Therefore, market research needs to be close to consumers, in-depth understanding of consumers' motivations, attitudes, beliefs, values, lifestyles, etc., from the perspective of consumers, design and implement market research.

（2) and marketing disconnect. The purpose of market research is to support marketing, and market research and marketing are closely related. However, some market research is out of touch with marketing, with no clear marketing objectives and strategies, and no effective marketing communication and collaboration. Such market research may waste time and resources, provide useful information and advice for marketing, and fail to bring the desired results and value to marketing. Therefore, market research needs to interface with marketing, clarify the purpose and scope of market research, and maintain good communication and collaboration with the marketing team to ensure that the results of market research can be effectively translated into marketing actions and results.

（3) are keen to study the model. The method of market research is to serve the goal of market research, and the model of market research is to explain and predict the phenomena and laws of the market. However, some market research is too obsessed with research models, ignoring the actual situation and changes in the market, blindly applying or copying some outdated or inapplicable models, without considering the applicability and effectiveness of the model. Such market research may lead to unrealistic or inaccurate conclusions that do not truly reflect the complexity and dynamics of the market, nor do they provide valuable insights and forecasts for companies. Therefore, market research requires the flexible use of research models to select or construct appropriate models according to the characteristics and needs of the market, while constantly testing and correcting the assumptions and parameters of the model to ensure that the model is scientific and practical.

（41) Mechanized investigation procedure. The process of market research is an orderly and flexible process, and the procedure of market research is a guiding and unrestricted procedure. However, some market research is stuck to a set of mechanized research procedures, not according to market changes and customer feedback, adjust or optimize the design and implementation of the research, nor according to the results and findings of the research, iterative or deepen the content and direction of the research. Such market research may lead to inefficient or ineffective research, unable to capture market opportunities and risks in a timely manner, and unable to fully tap the potential and value of the market. Therefore, market research needs to master the research procedures flexibly, design and implement the research flexibly according to the actual situation of the market and the actual needs of customers, and adjust and optimize the research in time according to the feedback and findings of the research to ensure the effectiveness and pertinence of the research.

（5) Researchers don't understand branding, advertising, and strategy. The results of market research are designed to serve the development and implementation of brand, advertising and strategy, and market research researchers are designed to provide professional information and advice. However, some market research researchers lack the knowledge and experience of brand, advertising and strategy, do not understand the positioning and value of the brand, are not familiar with the principles and techniques of advertising, and do not master the methods and tools of strategy. Such market research researchers may provide irrelevant or impractical information and advice that does not provide effective support and assistance in the development and implementation of branding, advertising, and strategy. Therefore, market research researchers need to constantly learn and improve the knowledge and ability of brand, advertising and strategy, understand the goal and vision of the brand, be familiar with the rules and creativity of advertising, and master the thinking and framework of strategy, so as to provide professional information and suggestions for brand, advertising and strategy.

（6) Market research object error. The object of market research refers to the target group or sample of market research, and the selection and determination of the object of market research is a key factor affecting the quality and effectiveness of market research. However, some market research has selected or identified the wrong market research objects, such as selecting groups that do not meet the purpose or scope of market research, or selecting samples that are not representative or reliable. Such market research may lead to some biased or distorted conclusions, which cannot truly reflect the overall situation or key issues of the market, and cannot provide meaningful information and suggestions for enterprises. Therefore, market research needs to correctly select and determine the object of market research, according to the purpose and scope of market research, select or determine the appropriate target group or sample, while paying attention to control and reduce the impact of sampling error and non-sampling error, improve the quality and effectiveness of the object of market research.

Suggestions and summary of market research

Market research is a valuable business activity and social service, which can provide objective, reliable and timely information support for enterprises and society, enhance customer insight and satisfaction, optimize competitive strategy and enhance competitiveness, create value and advantage, and expand social contribution. However, market research also needs to pay attention to avoid some common misunderstandings and traps, such as research is far away from consumers, out of touch with marketing, keen on research models, mechanized research procedures, researchers do not understand brands, advertisements and strategies, market research objects are wrong, and how to deal with many challenges and difficulties faced by market research, such as the guarantee of data quality, the demand of method innovation, the challenge of technology application, the difficulty of personnel training, etc.

Taking Shangpu Consulting Group as an example, this paper analyzes the definition and significance of market research, the misunderstandings and traps of market research, the challenges and responses of market research, and puts forward the following suggestions, hoping to help the practice and development of market research:

（1) Close to consumers, in-depth understanding of consumer needs and feelings, from the perspective of consumers, design and implement market research.

（2) Connect with marketing, clarify the purpose and scope of market research, maintain good communication and collaboration with the marketing team, and ensure that the results of market research can be effectively translated into marketing actions and results.

（3) Flexible use of research models, according to the characteristics and needs of the market, select or build appropriate models, while constantly testing and correcting the assumptions and parameters of the model to ensure the scientific and practical nature of the model.

（44) Master the research procedures flexibly, design and implement the research flexibly according to the actual market situation and the actual needs of customers, and adjust and optimize the research in time according to the feedback and findings of the research to ensure the effectiveness and pertinence of the research.

（5) Continuously learn and improve the knowledge and ability of brand, advertising and strategy, understand the goal and vision of the brand, be familiar with the rules and creativity of advertising, and master the thinking and framework of strategy, so as to be able to provide professional information and suggestions for brand, advertising and strategy.

（6) Correctly select and determine the market research object, according to the purpose and scope of market research, select or determine the appropriate target group or sample, while paying attention to control and reduce the impact of sampling error and non-sampling error, improve the quality and effectiveness of market research object.

In short, market research is a job with both opportunities and challenges. It needs continuous innovation and improvement to adapt to market changes and customer needs, and improve the level and value of market research. As a professional market research organization, Shangpu Consulting Group has rich market research experience and professional market research team. It is committed to providing customers with high-quality market research services and helping customers achieve business success and social contribution.