Definition and Classification of 1. Market Research Companies

A market research company is a professional organization whose main business is to provide market research services, including various types and forms of market research activities, such as consumer behavior research, product testing, advertising effectiveness evaluation, competitor analysis, satisfaction survey, brand image research, etc. Market research companies can be classified according to their service scope, customer type, research method and other different dimensions, common classification methods are:

According to the scope of service, it can be divided into all-round service (Full-service) and partial service (Partial-service). Full-service market research companies can provide services throughout the process from research design, data collection, data analysis to report writing, while some service-oriented market research companies only provide services in one or more aspects, such as data collection and data analysis.

According to the type of customer, it can be divided into comprehensive (Generalist) and professionalism (Specialist). Comprehensive market research companies can provide services to customers in different industries and fields, while professional market research companies focus on a certain industry or field, such as medicine, automobile, finance, etc.

According to the research method, it can be divided into quantitative research (Quantitative research) and qualitative research (Qualitative research). Quantitative research refers to the analysis of large amounts of data through mathematical statistical methods in order to draw representative and universal conclusions, commonly used quantitative research methods are questionnaires, experimental methods, observation methods and so on. Qualitative research refers to the analysis of a small amount of data through non-mathematical statistical methods to draw conclusions with depth and connotation, and commonly used qualitative research methods include interview method, focus group method, case analysis method and so on.

Functions and roles of 2. market research firms

As a professional institution providing market research services, market research companies can help enterprises obtain more accurate, comprehensive and in-depth market information, so as to improve the decision-making level and competitiveness of enterprises. Specifically, market research companies have the following functions and roles:

Market demand analysis. Market demand refers to the willingness and ability of consumers to buy a product or service. Through market demand analysis, enterprises can understand the characteristics of consumer demand, demand, demand changes, etc., so as to determine the product's target market, market capacity, market share and other indicators, as well as the formulation of corresponding product strategies, price strategies, promotion strategies.

Market segmentation and positioning. Market segmentation refers to the division of the entire market into a number of relatively balanced submarkets according to certain criteria, each consisting of consumers with similar demand characteristics. Market positioning refers to selecting one or several favorable market segments according to the resources and capabilities of an enterprise, providing it with products or services that meet its needs, and forming a unique impression in the minds of consumers. Through market segmentation and positioning, companies can more effectively identify and meet the needs of different consumers, improve product differentiation and competitive advantage.

Market competition analysis. Market competition refers to the various actions and measures taken by enterprises in the same market in order to compete for limited consumers and resources. Through market competition analysis, enterprises can understand their position and advantages and disadvantages in the market, as well as the strategy, ability and behavior of competitors, so as to formulate reasonable competitive strategies, such as offensive strategies, defensive strategies, cooperation strategies and so on.

Market effect assessment. Market effect refers to the degree to which an enterprise achieves its market objectives and its impact on its performance after implementing its market strategy. Through the evaluation of market effect, enterprises can test the effectiveness and rationality of market strategy, find out the existing problems and deficiencies, as well as the direction and methods of adjustment and improvement.

3. methods and criteria for evaluating and selecting suitable market research firms

It is an important problem for enterprises to evaluate and select suitable market research companies when conducting market research. If you choose an inappropriate market research company, it may lead to poor data quality, unreliable research results, waste of research costs and other consequences, thus affecting the decision-making effect and competitiveness of enterprises. Therefore, enterprises should follow the following steps when evaluating and selecting the right market research company:

Clarify research objectives and needs. Before conducting market research, enterprises should be clear about what problems they want to solve, what kind of information they need, and what kind of results they expect. This can help companies to determine the scope of research, research methods, research budget and other basic conditions, as well as to screen out the market research companies that meet the requirements.

Collect information on candidate companies. After determining the research objectives and needs, enterprises should collect information on candidate companies, including company profiles, service content, customer cases, professional qualifications, reputation evaluation, etc. This information can be obtained from various sources, such as Internet search, industry associations, peer recommend, etc. Collecting information about candidate companies can help companies understand the basics of candidate companies and how well they match them.

Compare the strengths and weaknesses of the candidate companies. After collecting the information of the candidate company, the enterprise should compare the advantages and disadvantages of the candidate company and evaluate it from multiple angles and criteria, such as service scope, customer type, research method, research quality, research efficiency, research cost, etc. Comparing the strengths and weaknesses of candidate companies can help companies find the most suitable market research company for them, and communicate and collaborate effectively with them.

Choose the best company and sign a contract. After comparing the strengths and weaknesses of the candidate company, the company should select the best company and sign a contract with it. The contract should clarify the rights and obligations of both parties, such as research objectives, research content, research process, research reports, research costs, confidentiality clauses, etc. Choosing the best company and signing a contract can guarantee the smooth progress and effective implementation of market research.

4. Conclusion

Market research is an important means for enterprises to carry out market analysis, formulate market strategies and evaluate market effects. As a professional institution providing market research services, market research companies can help enterprises obtain more accurate, comprehensive and in-depth market information, so as to improve the decision-making level and competitiveness of enterprises. This paper introduces the value and role of market research companies from the definition, classification, function and development trend of market research companies, and puts forward the methods and standards for evaluating and selecting suitable market research companies, with a view to providing reference for enterprises to find partners.