What is market research?

Market Research (Market Research) refers to the process of collecting, collating, analyzing and interpreting information related to a particular market to help a company understand the current state, trends, opportunities and challenges of the market, thereby providing a basis and recommendations for strategic decisions. Market research is a scientific, systematic, objective and purposeful activity that involves multiple data sources, multiple analytical methods and multiple presentations.

What is the purpose of market research?

The purpose of market research is to help companies solve practical problems or meet specific needs. According to different purposes, market research can be divided into the following types:

Descriptive market research (Descriptive Market Research): Descriptive market research refers to the collection and analysis of large amounts of data to describe and summarize the current state of the market, such as market size, structure, segmentation, competition, consumer characteristics, etc. Descriptive market research can help companies understand their market environment, identify their strengths and weaknesses, and identify potential opportunities and threats.

Exploratory market research (Exploratory Market Research): Exploratory market research refers to the collection and analysis of a small amount of data to explore and explain problems or phenomena in the market, such as consumer needs, preferences, motivations, attitudes, etc. Exploratory market research can help companies find new problems or assumptions and provide direction and basis for subsequent in-depth research.

Causality market research (Causal Market Research): Causal market research refers to the verification and testing of causal relationships in the market through the design and implementation of experiments or similar experiments, such as the impact of product characteristics, prices, promotions, etc. on consumer behavior or satisfaction. Causality market research can help companies evaluate the effectiveness and efficiency of different programs or strategies and provide a basis for optimal decision-making.

What are the methods of market research?

There are two basic methods of market research: one-time data collection method (Primary Data Collection Methods) and secondary data collection methods (Secondary Data Collection Methods）。

One-time data collection methods are methods of obtaining raw data from first-hand sources (e. g., consumers, competitors, distributors, etc.) by designing and implementing data collection tools (e. g., questionnaires, interviews, observations, etc.) tailored to a particular problem or need. One-time data collection methods can provide the latest, most accurate, and most relevant information, but they also require high cost, time, and skills.

Secondary data collection methods are methods of obtaining collected and collated data from secondary sources (e. g., government agencies, industry associations, media organizations, etc.) by using existing and available data sources (e. g., public reports, statistics, literature, etc.). Secondary data collection methods can provide information with lower cost, faster speed, and wider coverage, but they may also be outdated, inaccurate, and irrelevant.

What is the market research process?

The process of market research generally includes the following steps:

Determine the research purpose and problem: clear the purpose and problem of market research, is the starting point and direction of market research. The purpose and question of the study should be clear, feasible, important and measurable.

Design research programs and methods: According to the research purpose and problems, design appropriate research programs and methods, including the selection of data types, data sources, data collection tools, data analysis methods, etc. Research programs and methods should be valid, reliable, representative and objective.

Implementation of data collection and analysis: in accordance with the research program and methods, the implementation of data collection and analysis, including the selection of samples, the implementation of surveys, data collation, the use of statistical techniques. Data collection and analysis should be accurate, complete, consistent and timely.

Writing and presenting research reports: Based on the results of data analysis, writing and presenting research reports, including writing abstracts, introducing background, describing methods, presenting results, and making recommendations. The research report should be clear, concise, logical and persuasive.

What is the value and significance of market research?

Market research is of great value and significance to the strategic decision-making of enterprises, which can help enterprises:

Understanding the market environment: Market research can help companies understand the size, structure, segmentation, competition, consumer characteristics, etc. of the market, so as to determine their market position, assess their strengths and weaknesses, and identify potential opportunities and threats.

Identify consumer needs: Market research can help companies identify consumer needs, preferences, motivations, attitudes, etc., so as to design products or services that meet consumer expectations, improve consumer satisfaction and loyalty, and increase consumer value.

Evaluating the effectiveness of products or services: Market research can help companies evaluate the impact of product or service characteristics, prices, promotions, etc. on consumer behavior or satisfaction, so as to optimize the combination or strategy of products or services and improve the effectiveness and efficiency of products or services.

Predict market trends: Market research can help companies predict market trends, such as changes in demand, competitive changes, technological changes, etc., so as to formulate strategic plans to adapt to market changes, seize market opportunities, and enhance market competitiveness.

What are the service cases of Champ Consulting?

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

Market research of a car manufacturer: The customer is a world-renowned car manufacturer who wants to understand the needs and preferences of consumers in the Chinese market for new energy vehicles, as well as the strategies and performance of competitors. Champ Consulting provided a comprehensive market research service to this client, including the following:

Through a one-time data collection method, an online questionnaire survey for target consumers was designed and implemented to collect data on consumers' basic information, car purchase intention, car purchase factors, car purchase channels, brand awareness, product evaluation and so on.

Through the secondary data collection method, the relevant reports, statistical data and literature on the new energy vehicle market are collected and collated, and the market scale, structure, segmentation, competition, trend and other information are analyzed.

Through the comprehensive use of descriptive, exploratory and causal analysis methods, the collected and collated data are analyzed and explained in depth, revealing consumers' needs and preferences for new energy vehicles, as well as the strengths and weaknesses of competitors' strategies and performance.

By writing and presenting a detailed market research report, the customer is provided with suggestions and suggestions on the current situation, opportunities and challenges of the new energy vehicle market, as well as product positioning, price strategy, promotion strategy and channel strategy for the customer.

Market research of a catering chain enterprise: the customer is a catering chain enterprise with multiple branches in China. He wants to know his performance and satisfaction in different regions and cities, as well as consumers' views on his brand image and service quality. Champ Consulting provided a professional market research service to this client, including the following:

Through a one-time data collection method, a telephone interview for target consumers is designed and implemented, and data on basic information, dining frequency, dining place, dining experience, brand impression, service evaluation and so on are collected.

Through the secondary data collection method, the relevant reports, statistical data and literature on the catering industry and competitors are collected and sorted out, and the development status of the industry, the competitive pattern, consumer demand and other aspects of information are analyzed.

Through the comprehensive use of descriptive, exploratory and causal analysis methods, the collected and collated data are systematically analyzed and explained, revealing the customer's performance and satisfaction in different regions and cities, as well as consumers' views and suggestions on the customer's brand image and service quality.

By writing and presenting an accurate market research report, the customer is provided with suggestions and suggestions on their strengths and weaknesses in the catering industry, as well as brand promotion, service improvement, and customer maintenance for different regions and cities.

Market research of a clothing brand: the customer is a clothing brand with high popularity and loyalty in China. He wants to know the changing trend of his target market and consumers, as well as the optimization direction of his products and services. Champ Consulting provided this client with an efficient market research service, including the following:

Through a one-time data collection method, a social media analysis for target consumers is designed and implemented, collecting data on consumers' basic information, purchasing behavior, favorite style, evaluation content, sharing frequency and so on.

Through the secondary data collection method, the relevant reports, statistical data and literature on the clothing industry and competitors are collected and collated, and the development trend, competitive strategy and consumer demand of the industry are analyzed.

Through the comprehensive use of descriptive, exploratory and causal analysis methods, the collected and collated data are analyzed and interpreted in detail, revealing the changing trends of the customer's target market and consumers, as well as the optimization direction of their own products and services.

By writing and presenting a professional market research report, the customer is provided with suggestions and suggestions on their position and image in the clothing industry, as well as product innovation, service upgrading, brand communication and so on for different markets and consumers.