Market research is a collection, analysis and interpretation of market information activities, designed to help companies understand market demand, competitors, consumer behavior and trends and other aspects of the situation, so as to develop effective marketing strategies and decisions. Market research can be divided into qualitative research and quantitative research. The former mainly obtains consumers' psychological feelings, attitudes, motivations and preferences through in-depth interviews, focus groups, and observation methods. The latter mainly obtains consumers' behavior data, opinion distribution, correlation and causality through questionnaires, experiments, and mathematical statistics.

A market research company is a professional organization that provides market research services. Market research companies are facing fierce competition and changing market environment, and need to constantly innovate and improve their service quality and level to meet customer needs and expectations. Therefore, market research companies need to develop and implement effective strategies to achieve their development goals.

Strategy refers to a series of actions taken by an enterprise to achieve long-term goals. Strategy formulation refers to the enterprise according to their own strengths and weaknesses as well as external opportunities and threats, determine their own vision, mission and goals, and choose their own development direction. Strategy implementation refers to the enterprise according to the strategic direction, formulate specific action plans, and through effective organizational structure, resource allocation, incentive mechanism and control system and other means, the strategy into practical action, and achieve the desired results.

Taking Shangpu Consulting as an example, this paper introduces the methods of how the market research company formulates and implements the strategy, including the steps of determining the strategic goal, analyzing the strategic environment, selecting the strategic direction, formulating the strategic plan, implementing the strategic control and evaluating the strategic effect, and shows the specific practices and achievements in each step with the specific cases of Shangpu Consulting serving customers.

1. defining strategic objectives

Strategic objectives refer to the specific results that an enterprise hopes to achieve through strategy. Strategic objectives should be clear, measurable, achievable, relevant and time-bound. The strategic objectives of market research companies usually include increasing market share, increasing revenue and profits, enhancing brand awareness and reputation, expanding customer base and service range, improving customer satisfaction and loyalty, and enhancing innovation and competitive advantage.

Champu Consulting is a professional company focused on special research, established in2008Year. The vision of Shangpu Consulting is to become the best special research company in China. Its mission is to provide customers with valuable market insights and strategic suggestions through in-depth insight into consumers' psychology and behavior.

2. analysis of the strategic environment

The strategic environment refers to the internal and external factors that affect the development and implementation of the strategy of the enterprise. Internal factors include the resources, capabilities, organizational culture and values of the enterprise, while external factors include political and legal, economic and social, scientific and technological innovation, industry competition and so on. Market research companies need to systematically collect, organize, analyze and evaluate the internal and external environment to identify their own strengths and weaknesses, as well as external opportunities and threats, in order to develop strategies to adapt to environmental changes.

Champ Consulting through the useSWOTThe analysis of its strategic environment is as follows:

Advantages (Strengths）：

Have a qualitative research team with rich experience, high professional quality and strong teamwork;

Good at using a variety of qualitative research methods, such as in-depth interviews, focus groups, observation, situational analysis, metaphor stimulation, etc., to gain insight into consumers' psychology and behavior;

With self-developed qualitative research software and patented technology, such as intelligent recording pen, speech recognition analysis system, emotional analysis system, etc., can improve the efficiency and quality of research;

Have a group of loyal long-term cooperative customers, such as Unilever, Procter & Gamble, Johnson & Johnson, Abbott, etc., can provide a stable source of income and good reputation;

Disadvantage (Weaknesses）：

Small scale, limited resources, difficult to undertake large-scale comprehensive research projects;

Focus on qualitative research, lack of quantitative research ability and experience, difficult to meet customer demand for data support and verification;

Low brand awareness and influence, difficult to attract new customers and outstanding talents;

Opportunity (Opportunities）：

The market research industry continues to grow and the market demand is strong, especially for consumer insights;

Qualitative research plays an important role in market research, which can provide deeper understanding and insight, and provide more valuable strategic suggestions for customers;

Scientific and technological innovation has brought new methods and tools for qualitative research, such as artificial intelligence, big data, cloud computing, etc., which can improve the efficiency and quality of qualitative research;

Threats (Threats）：

Market competition is increasingly fierce, international and domestic large integrated companies have strong resources and brand advantages, small professional companies are facing price pressure and the risk of loss of market share;

Customers have higher and higher requirements for market research services, not only high-quality data and reports, but also faster response and delivery, as well as more comprehensive and innovative solutions;

There are more and more restrictions on market research activities by laws, regulations and ethics, such as personal information protection, consumer rights protection, intellectual property protection, etc., which require market research companies to comply with relevant norms and standards.

3. choose strategic direction

Strategic direction refers to the enterprise according to their own advantages and disadvantages and external opportunities and threats, choose the strategic path suitable for their own development. Strategic direction usually includes four basic types: market penetration, market development, product development and diversification. Market penetration means that an enterprise achieves growth by increasing the sales volume of existing products in existing markets; market development means that an enterprise achieves growth by promoting existing products to new markets or new customer groups; product development means that an enterprise achieves growth by developing new products or improving existing products to meet the needs in existing markets or new markets; diversification is when a business achieves growth by entering new products or new markets that are unrelated or unrelated to existing products or markets.

Based on the results of its strategic environment analysis, Champ Consulting has selected the following strategic directions:

Market penetration: by improving the quality and efficiency of qualitative research services, increasing the frequency and depth of cooperation with existing customers, improving customer satisfaction and loyalty, thereby increasing market share and revenue;

Market development: by expanding new industries and regional markets, such as finance, automotive, Internet and other industries, as well as Southeast Asia, Europe and other regions, the use of existing qualitative research services to attract new customers, thereby increasing market share and revenue;

Product development: by developing new qualitative research methods and tools, such as social media analysis, virtual reality technology, neuromarketing, etc., to meet customer demand for deeper, more comprehensive and more innovative consumer insights, thereby increasing market share and revenue;

Diversification: Through cooperation or acquisition with quantitative research companies or other types of consulting companies, we provide comprehensive market research services to meet customers' needs for data support and verification, thereby increasing market share and revenue.

4. to develop a strategic plan

Strategic plan refers to the enterprise according to the chosen strategic direction, the development of specific action plan, including the identification of strategic tasks, the allocation of strategic responsibilities, the development of strategic budget, strategic time and so on. The strategic plan should be operational, coordinated, adaptable and sustainable. Market research companies need to develop a realistic strategic plan based on their own resources and capabilities, and break it down into specific annual, quarterly, and monthly plans.

Based on its chosen strategic direction, Champ Consulting has developed the following strategic plan:

Market penetration:

Strategic tasks: to improve the quality and efficiency of qualitative research services;

Strategic responsibility: the quality management department is responsible for the development and implementation of quality standards and processes, supervision and evaluation of quality performance; the project management department is responsible for the development and implementation of project management norms and methods, supervision and evaluation of project progress and results;

Strategic budget: invest millions of RMB each year for training, software, hardware and other resources in quality management and project management;

Strategic time: two internal audits and external certifications in quality management and project management per year; three quality checks and customer feedback per project;

Market Development:

Strategic tasks: to expand markets in new industries and regions;

Strategic responsibility: the marketing department is responsible for formulating and implementing market development strategies and activities, monitoring and evaluating the effectiveness of market development; the business development department is responsible for establishing contact and communication with potential customers, signing contracts and delivering services;

Strategic budget: annual input200Ten thousand RMB for advertising, exhibition, training, travel and other expenses in market development;

Strategic Time: Participate at least annually10Industry-related exhibitions or forums; contact at least annually100potential customers;

Product Development:

Strategic tasks: development of new qualitative research methods and tools;

Strategic responsibility: the R & D department is responsible for formulating and implementing product development plans and processes, monitoring and evaluating the progress and quality of product development; the consulting department is responsible for communicating and collaborating with the R & D department, providing feedback and suggestions on market and customer needs;

Strategic budget: annual input300RMB 10,000 for personnel, equipment, patents, etc. for product development;

Strategic Time: Develop at least annually5A new qualitative research method or tool, and apply for the corresponding patent;

Diversification:

Strategic tasks: cooperation with or acquisition of quantitative research firms or other types of consulting firms;

Strategic responsibility: the strategic cooperation department is responsible for formulating and implementing cooperation or acquisition strategies and programs, monitoring and evaluating the effectiveness of cooperation or acquisition; the financial department is responsible for formulating and implementing financial analysis and decision-making related to cooperation or acquisition;

Strategic budget: annual input400RMB 10,000 for negotiation, evaluation, transaction and other expenses for cooperation or acquisition;

Strategic time: at least annually2A partnership or acquisition agreement with a quantitative research firm or other type of consulting firm;

5. implementation of strategic control

Strategic control refers to the supervision, inspection, evaluation and adjustment of all aspects of the strategic implementation process through the establishment and application of effective control systems to ensure the realization of strategic objectives. Strategic control should be timely, flexible, comprehensive and dynamic. Market research companies need to develop appropriate control indicators, control methods, control frequency and control feedback based on their own strategic plans.

In accordance with its strategic plan, Champ Consulting has developed the following strategic controls:

Market penetration:

Control indicators: quality management indicators (such as customer satisfaction, customer complaint rate, project qualification rate, etc.); project management indicators (such as project completion rate, project delay rate, project cost rate, etc.);

Control method: the quality management department and the project management department collect, analyze and report the data of their respective indicators, report to the general manager regularly, and make improvement according to the instructions of the general manager;

Control frequency: data collection, analysis and reporting on quality management and project management once a month; internal audit and external certification on quality management and project management once a quarter;

Control feedback: according to the data report of quality management and project management, the general manager praises, criticizes or rewards and punishments to various departments, and puts forward suggestions or requirements for improvement;

Market Development:

Control indicators: market development indicators (e. g. market share, market growth rate, number of new customers, etc.); business development indicators (e. g. contact rate, conversion rate, renewal rate, etc.);

Control method: the marketing department and the business development department collect, analyze and report the data of their respective indicators, report to the general manager regularly, and make improvement according to the instructions of the general manager;

Control frequency: monthly data collection, analysis and reporting on market development and business development; quarterly market research and competitive analysis on market development and business development;

Control feedback: according to the data report of market development and business development, the general manager praises, criticizes or rewards and punishments to various departments, and puts forward suggestions or requirements for improvement;

Product Development:

Control indicators: product development indicators (such as the number of new products, new product quality, new product patents, etc.); consulting service indicators (such as customer demand satisfaction, customer insight depth, customer strategy effectiveness, etc.);

Control method: The R & D department and the consulting department collect, analyze and report the data of their respective indicators, report to the general manager regularly, and make improvements according to the instructions of the general manager;

Control frequency: monthly data collection, analysis and reporting on product development and consulting services; quarterly customer feedback and market testing on product development and consulting services;

Control feedback: according to the data report of product development and consulting services, the general manager praises, criticizes or rewards and punishments to various departments, and puts forward suggestions or requirements for improvement;

Diversification:

Control indicators: indicators of cooperation or acquisition (e. g., number of cooperation or acquisition, quality of cooperation or acquisition, benefits of cooperation or acquisition, etc.); indicators of integrated services (e. g., number of integrated services, quality of integrated services, effectiveness of integrated services, etc.);

Control method: The strategic cooperation department and the financial department collect, analyze and report the data of the indicators they are responsible for, report to the general manager regularly, and make improvements according to the instructions of the general manager;

Control frequency: monthly data collection, analysis and reporting on cooperation or acquisition and integrated services; quarterly financial audit and risk assessment on cooperation or acquisition and integrated services;

Control feedback: the general manager praises, criticizes or rewards and punishments departments according to the data reports on cooperation or acquisition and comprehensive services, and puts forward suggestions or requirements for improvement.

6. assessment of strategic effectiveness

Strategic effect refers to the actual results achieved by the enterprise through the implementation of the strategy. Strategic effects should be consistent with strategic objectives and reflect the effectiveness of the company's strategy. Market research companies need to compare strategic objectives and strategic effects, analyze the achievements and problems in the process of strategy implementation, summarize the experience and lessons learned in the process of strategy implementation, and put forward improvement measures and suggestions in the process of strategy implementation.

Champ Consulting in2023At the end of the year, its strategic effectiveness was assessed as follows:

Market penetration:

Strategic objective: to increase market share from current1%Promote3%；

strategic effect: increasing market share from the current1%Promote2.5%；

Analysis and evaluation: failed to fully achieve the strategic objectives, but made great progress, the main reason is that the improvement of quality management and project management has achieved obvious results, customer satisfaction and loyalty have increased, but still face strong competitive pressure from large integrated companies;

Suggestions for improvement: continue to strengthen training and auditing in quality management and project management, improve the execution of quality standards and processes, increase communication and maintenance with existing customers, improve customer loyalty and repurchase rate, strengthen differentiated competition with large integrated companies, and highlight the professional advantages and value of qualitative research;

Market Development:

Strategic objective: to expand the customer base and service range from the current100Customers increased300home customers, from the current3The industry extends5industry;

strategic effect: expanding the customer base and service coverage from the current100Customers increased250home customers, from the current3The industry extends4industry;

Analysis and evaluation: failed to fully achieve the strategic objectives, but made great progress, the main reason is that market development strategies and activities have achieved certain results, the number of new customers has increased, new industries and new regions of the market has been opened up, but still facing the problem of insufficient market awareness and influence;

Suggestions for improvement: continue to strengthen the design and implementation of market development strategies and activities, improve the publicity and promotion of market research services; increase contact and communication with potential customers, improve contact rate and conversion rate; strengthen market research and competition analysis with new industries and new regions, and improve market adaptability and sensitivity;

Product Development:

Strategic objectives: to enhance innovation and competitive advantage, from the current10patent applications increased30the patent application;

strategic effects: enhancing innovation capability and competitive advantage, from the current10patent applications increased20the patent application;

Analysis and evaluation: failed to fully achieve the strategic objectives, but made great progress, the main reason is that the product development plan and process have achieved certain results, the number and quality of new products have improved, new product patents have increased, but still face the product development cycle is long, high cost, high risk and other issues;

Suggestions for improvement: continue to strengthen the formulation and implementation of product development plans and processes to improve the efficiency and quality of product development; increase investment in personnel, equipment, patents and other resources in the research and development department to improve the innovation ability of the research and development department; strengthen communication and cooperation with the consulting department to improve the matching degree between product development and market demand;

Diversification:

Strategic objectives: to provide comprehensive market research services to meet customer needs for data support and validation;

Strategic effect: provide comprehensive market research services to meet customer demand for data support and validation;

Analysis and evaluation: strategic objectives have been achieved and good results have been achieved, mainly due to the success of cooperation or acquisition strategies and programs, good cooperation or acquisition relationships with quantitative research companies or other types of consulting companies, and the realization of resource sharing, complementary advantages, efficiency improvement and other goals;

Suggestions for improvement: continue to strengthen the formulation and implementation of cooperation or acquisition strategies and programs to improve the quality and efficiency of cooperation or acquisition; strengthen communication and coordination with cooperation or acquisition targets to improve the stability and continuity of cooperation or acquisition; strengthen the quality management and project management of comprehensive services to improve the satisfaction and effectiveness of comprehensive services.

Summary:

Taking Shangpu Consulting as an example, this paper introduces the methods of how the market research company formulates and implements the strategy, including the steps of determining the strategic goal, analyzing the strategic environment, selecting the strategic direction, formulating the strategic plan, implementing the strategic control and evaluating the strategic effect, and shows the specific practices and achievements in each step with the specific cases of Shangpu Consulting serving customers.