Basic concepts of 1. market research

Market research is the process of collecting, analyzing and interpreting information about the market, customers, competitors and the environment to help companies make better business decisions. The basic concepts of market research include the following:

The purpose of market research: The purpose of market research is to solve a specific problem in the business or to achieve a specific goal, such as understanding customer needs and expectations, analyzing market opportunities and risks, assessing the market potential and competitiveness of products, and optimizing the configuration and execution of the marketing mix.

The object of market research: the object of market research refers to the main body or group concerned and studied by market research, such as customers, competitors, suppliers, distributors, government, media, etc. The selection and determination of the object of the market survey should be carried out according to the purpose and scope of the market survey to ensure the pertinence and effectiveness of the market survey.

Market research information: market research information refers to the data or facts collected and analyzed by market research, such as customer characteristics, behavior, attitude, satisfaction, loyalty, etc., market size, structure, trends, opportunities, risks, etc., product characteristics, functions, advantages, disadvantages, prices, sales volume, market share, etc., marketing mix effect, efficiency, problems, improvement, etc. The selection and determination of market research information should be carried out according to the purpose and object of market research to ensure the relevance and reliability of market research.

Market research methods: Market research methods refer to the techniques and tools used in market research to collect and analyze information, such as questionnaires, interviews, focus groups, experiments, observations, case studies, statistical analysis, data mining, data visualization, etc. The selection and determination of the method of market research should be carried out according to the information and conditions of market research to ensure the effectiveness and rationality of market research.

Types of 2. market research

The type of market research refers to the classification of market research according to the purpose, object, information and method of market research. The types of market research mainly include the following:

Demand survey: Demand survey refers to market research that helps companies understand and meet customer needs and expectations by collecting and analyzing customer needs and expectations. The purpose of demand survey is to improve customer satisfaction and loyalty, increase customer value and profit. The object of the demand survey is the customer, the information of the demand survey is the customer's needs and expectations, and the methods of the demand survey are questionnaires, interviews, focus groups, etc.

Opportunity Survey: Opportunity Survey is a market survey that helps companies analyze and assess market opportunities and risks by collecting and analyzing market opportunities and risks. The purpose of opportunity investigation is to formulate reasonable market objectives and strategies, seize and take advantage of market opportunities, and avoid and reduce market risks. The object of opportunity investigation is the market, the information of opportunity investigation is the opportunity and risk of the market, and the method of opportunity investigation is experiment, observation, case analysis, etc.

Effectiveness survey: Effectiveness survey refers to market research that helps companies monitor and optimize the effectiveness and efficiency of marketing mix by collecting and analyzing the effectiveness and efficiency of products, services, brands, prices, channels, promotions, etc. The purpose of the effect survey is to improve the effectiveness and efficiency of the marketing mix and increase the input-output ratio of the marketing mix. The object of the effect survey is the marketing mix, the information of the effect survey is the effect and efficiency of the marketing mix, and the method of the effect survey is questionnaire, experiment, observation, etc.

Competition investigation: Competition investigation refers to the market investigation that helps enterprises observe and respond to competitors by collecting and analyzing the characteristics, behaviors, strategies, advantages and disadvantages of competitors. The purpose of competition investigation is to maintain and enhance the competitive advantage of enterprises and increase their market share and profits. The object of the competition investigation is the competitor, the information of the competition investigation is the competitor's characteristics, behavior, strategy, advantages and disadvantages, etc. The methods of the competition investigation are interviews, focus groups, case studies, etc.

Steps to 3. Market Research

The steps of market research refer to a series of activities and tasks that need to be carried out in the process of market research. The steps of market research mainly include the following:

Determining the purpose of the study: Determining the purpose of the study means identifying the issues or objectives of the market survey, as well as the scope and focus of the market survey. The method of determining the purpose of the research is to understand the business situation and problems of the enterprise through communication and discussion with the decision makers of the enterprise, analyze the business objectives and strategies of the enterprise, and clarify the value and significance of the market research.

Design research program: design research program refers to the development of market research specific plans and methods, including determining the type and methods of market research, selecting and defining the objects and information of market research, designing and producing market research tools and techniques, arranging and allocating market research time and resources, etc. The method of designing the research program is to understand the business conditions and requirements of the enterprise through communication and consultation with the decision makers of the enterprise, analyze the feasibility and effectiveness of the market research, and clarify the expectations and standards of the market research.

Collecting data: Collecting data refers to the process of obtaining data from the objects and information of market research through the tools and techniques of market research, including selecting and determining the source and channel of data, performing and monitoring the collection and processing of data, verifying and evaluating the quality and quantity of data, etc. The method of collecting data is through effective and standardized communication and exchange with the subjects of market research, the use of market research tools and techniques for effective and standardized operations and steps, and the use of market research standards and processes for effective and standardized inspection and correction.

Analyzing data: analyzing data refers to the process of cleaning, sorting, coding, classifying, summarizing and counting the collected data, and using appropriate analysis techniques and tools to extract meaningful information and findings, including selecting and determining data analysis methods and techniques, performing and monitoring data analysis and interpretation, verifying and evaluating data analysis results and findings, etc. The method of analyzing data is to carry out effective and standardized operations and procedures by using the analytical techniques and tools of market research, to carry out effective and standardized inspection and correction by using the standards and processes of market research, and to make effective and standardized descriptions and inferences according to the purposes and assumptions of market research.

Presentation of results: Presentation of results refers to the process of presenting the results of data analysis into a clear, complete, accurate and persuasive report in the form of words, charts, tables and other forms according to logic and structure, as well as effective and influential presentation and communication in oral or written form, including selecting and determining the way and form of presentation and communication of data analysis results, write and produce the report and display of data analysis results, implement and monitor the presentation and communication of data analysis results, etc. The method of presenting the results is through the use of market research presentation techniques and tools for effective and standardized operations and steps, the use of market research standards and processes for effective and standardized inspection and correction, according to the requirements of market research and customer expectations for effective and standardized expression and communication.

The Role of 4. Market Research

Market research plays an important role in the operation of enterprises, mainly in the following aspects:

Help companies understand and meet customer needs and expectations: Market research can help companies understand and meet customer needs and expectations, thereby improving customer satisfaction and loyalty, and increasing customer value and profits. Market research can help companies identify and classify the characteristics and behaviors of customers, such as age, gender, income, geography, purchase, use, etc., so as to determine the target market and target customers. Market research can help enterprises to understand and evaluate the needs and expectations of customers, such as function, quality, service, price, image, etc., so as to develop and improve products and services. Market research can help companies measure and improve customer satisfaction and loyalty, such as satisfaction surveys, loyalty programs, complaint handling, etc., thereby increasing customer repeat purchases and recommend.

Help companies analyze and evaluate market opportunities and risks: Market research can help companies analyze and evaluate market opportunities and risks, so as to formulate reasonable market goals and strategies, seize and take advantage of market opportunities, and avoid and reduce market risks. Market research can help companies understand and predict the size, structure, trends, changes, etc. of the market, so as to determine the potential and growth rate of the market. Market research can help companies identify and assess market opportunities and risks, such as emerging markets, new products, new technologies, new regulations, etc., to determine market entry and exit. Market research can help enterprises to develop and implement market objectives and strategies, such as market positioning, market segmentation, market selection, market mix, etc., so as to achieve market occupation and expansion.

Help companies monitor and optimize the effectiveness and efficiency of the marketing mix: Market research can help companies monitor and optimize the effectiveness and efficiency of the marketing mix of products, services, brands, prices, channels, promotions, etc., thereby improving the effectiveness and efficiency of the marketing mix and increasing the input-output ratio of the marketing mix. Market research can help companies understand and evaluate the effectiveness and efficiency of the marketing mix, such as sales volume, market share, profit, rate of return, cost-effectiveness, etc., to determine the strengths and weaknesses of the marketing mix. Market research can help companies monitor and optimize the configuration and execution of marketing mix, such as product mix, service mix, brand mix, price mix, channel mix, promotion mix, etc., so as to improve the coordination and consistency of marketing mix. Market research can help enterprises to find and solve the problems and improvements of marketing mix, such as product defects, insufficient service, brand confusion, price imbalance, channel conflict, ineffective promotion, etc., so as to improve the quality and level of marketing mix.

Help enterprises to innovate and break through the changes and competition in the market: market research can help enterprises to innovate and break through the changes and competition in the market, so as to realize the leading position and advantages of enterprises and increase the market share and profits of enterprises. Market research can help companies discover and explore new needs and opportunities in the market, such as potential customers, new market segments, new application scenarios, etc., so as to create and meet new needs and opportunities in the market. Market research can help companies study and introduce new technologies and ideas in the market, such as artificial intelligence, big data, cloud computing, etc., so as to improve and change the functions and quality of products and services. Market research can help companies build and cultivate new brands and new images in the market, such as brand stories, brand culture, brand value, etc., thereby enhancing and differentiating brand awareness and influence.

Conclusion

Market research is the process of collecting, analyzing and interpreting information about the market, customers, competitors and the environment to help companies make better business decisions. Market research plays an important role in business operations, mainly in the following aspects: First, it can help companies understand and meet customer needs and expectations, and improve customer satisfaction and loyalty; Second, it can help companies analyze and evaluate market Opportunities and risks, formulate reasonable market goals and strategies; Third, it can help companies monitor and optimize the effectiveness and efficiency of their marketing mix, improve the input-output ratio of the marketing mix; fourth, it can help companies observe and respond to market changes and competition, and maintain and enhance their competitive advantage. The basic concepts, types and steps of market research, and how to conduct effective and effective market research according to the purpose and situation of different business operations, are the key to business operations.