1. what is market research?

Market research is an activity that collects, analyzes and interprets market information to help companies understand market needs, competitors, industry trends and customer satisfaction. Market research can help companies develop the right marketing strategy, improve the quality of products or services, increase market share, enhance brand image, reduce risks and costs.

Market research can be divided into two types: quantitative research and qualitative research. Quantitative research is the use of mathematical and statistical methods to measure and analyze large amounts of data to produce objective and quantifiable results. The commonly used methods of quantitative research are questionnaire, experimental design, observation and so on. Qualitative research is the use of non-mathematical and non-statistical methods to describe and interpret small amounts of data in order to arrive at subjective and in-depth results. The commonly used methods of qualitative research include interview method, focus group method, case analysis method and so on.

2. what is a market research firm?

Market research companies are professional institutions that provide market research services. They can provide customized market research programs and reports for customers in all walks of life. Market research companies usually have professional market researchers, advanced data collection and analysis tools, rich industry experience and knowledge.

Market research companies can be classified according to the scope and characteristics of their services. One classification method is according to its service object, can be divided into global market research company, regional market research company and local market research company. Another classification method is according to its service content, can be divided into comprehensive market research companies, professional market research companies and vertical market research companies.

How do 3. market research companies develop and execute strategies?

Strategy refers to a series of actions and decisions taken by an enterprise in order to achieve its long-term goals. Strategy can be divided into three levels: enterprise-level strategy, business-level strategy and functional-level strategy. Enterprise-level strategy refers to how an enterprise allocates its resources and capabilities as a whole to cope with changes in the external environment and competition. Business-level strategy refers to how a company chooses and achieves its competitive advantage in each business area in order to gain market share and profit. Functional layer strategy refers to how an enterprise supports its enterprise and business layer strategies in various functional departments to improve efficiency and effectiveness.

As a special kind of service-oriented enterprises, market research companies need to develop and implement effective strategies to succeed in the market. The strategy formulation and execution of a market research company can follow the following steps:

1. Analyze the current situation and trend of market research industry

The market research industry is a rapidly developing and changing industry, which is affected by many factors, such as economy, society, politics, science and technology, law, culture and so on. Market research companies need to regularly analyze the current situation and trends of the market research industry to understand the size, structure, growth rate, degree of competition, profit level, customer demand, technological innovation, etc. Market research firms can use a number of analytical tools, such as the Porter Five Forces model, the Boston Matrix,,PESTAnalysis, etc., to assess the attractiveness and development potential of the industry.

2. Identify target markets and customer segments

The target market refers to the specific market segment in which a business chooses to serve. A customer segment is a specific type or group of customers that a business chooses to serve. Market research companies need to determine their target market and customer base based on their own resources and capabilities, as well as the current situation and trends of the market research industry. Market research companies can use some analytical tools such as segmentation-Objectives-Positioning (STP) models, value proposition canvases, etc. to identify and provide valuable services to your target market and customer base.

3. Choose differentiated services

Differentiation is when a business attracts and retains customers by offering products or services that are different or better than those of its competitors. Market research companies need to choose differentiated services based on their target market and customer base in order to gain a competitive advantage. Market research companies can differentiate from the following aspects: service scope (global, regional or local), service content (comprehensive, professional or vertical), service quality (accuracy, reliability or timeliness), service price (high-end, mid-end or low-end), service mode (online, offline or mixed), etc.

4. Build a strong brand

Brand refers to an impression or cognition formed by an enterprise in the hearts of customers, including brand name, logo, logo, slogan, image, etc. Market research companies need to build strong brands to increase their visibility, credibility and loyalty. Market research companies can build a strong brand from the following aspects: determining brand positioning (brand vision, mission, value and personality), designing brand identity (brand name, logo, color and font), disseminating brand information (brand slogan, story, advertising and public relations), shaping brand image (brand service, experience, relationship and social responsibility), etc.

5. Optimize organizational structure and processes

Organizational structure refers to the relationship and division of labor between various departments or positions within an enterprise. Process refers to the sequence and coordination between various activities or tasks within the enterprise. Market research companies need to optimize their organizational structure and processes to improve their efficiency and effectiveness. Market research companies can optimize organizational structure and processes from the following aspects: simplifying organizational levels (reducing management levels and communication barriers), encouraging organizational culture (cultivating common values and sense of purpose), standardizing organizational systems (formulating reasonable rules and regulations and assessment mechanisms), optimizing work processes (clarifying work responsibilities and standards, adopting project management methods), etc.

6. Cultivate excellent talents

Talent refers to the employees with professional knowledge and skills owned by enterprises. Talent is the most important resources and assets of market research companies, but also the core competitiveness of market research companies. Market research companies need to cultivate excellent talents to improve their service quality and innovation ability. Market research companies can cultivate excellent talents from the following aspects: attracting talents (providing competitive salary, benefits and development space), retaining talents (providing meaningful work content and challenging working environment), training talents (providing systematic training programs and various learning resources), motivating talents (providing fair evaluation system and reasonable reward and punishment mechanism), etc.

7. Leveraging scientific and technological innovation and data analysis

Scientific and technological innovation refers to the improvement or creation of new products or services by enterprises through the introduction or development of new technologies or methods. Data analysis refers to the use of mathematical or statistical methods to process or interpret data to draw valuable information or conclusions. Market research companies need to use technological innovation and data analysis to improve the efficiency and effectiveness of their services. Market research companies can take advantage of technological innovation and data analysis from the following aspects: the use of new data collection tools (such as mobile devices, social media, Internet of Things, etc.), the use of new data analysis tools (such as artificial intelligence, machine learning, big data, etc.), the use of new data presentation tools (such as visualization, interactive, storytelling, etc.).

Specific cases of 4. Champ Consulting in serving customers

Champu Consulting is a global comprehensive market research company established in2008years, serving more50countries and regions, covering more20industry areas. Our mission is to provide our clients with the highest quality market research services to help them achieve their business objectives. Collar”。

The following are some specific cases of Champu Consulting in serving customers:

1. Provide market entry strategy for a multinational automobile manufacturer

A multinational automaker plans to enter the Chinese market, but lacks in-depth knowledge of the Chinese market and needs a comprehensive market entry strategy report. Champ Consulting provided the following services to this client:

Quantitative and qualitative market research was conducted to collect relevant data and information on the Chinese auto market, including market size, growth rate, competitive landscape, consumer demand, consumer behavior, and consumer preferences.

The data analysis and interpretation are carried out, and the characteristics and trends of China's automobile market are obtained, as well as the opportunities and challenges of customers in the Chinese market.

Suggestions for market entry strategies are proposed, including target segmentation, product positioning, price strategy, channel strategy, and promotion strategy.

Produced a data presentation report, using a visual, interactive and story-based approach, allowing customers to clearly see the full picture of the Chinese auto market and their own advantages in the Chinese market.

The report helped customers successfully enter the Chinese market and gain a good market share and profit in the short term.

2. Provide brand image promotion scheme for a domestic FMGO enterprise

In recent years, a domestic fast consumer goods enterprise is facing the problem of brand image decline, which leads to the decline of its product sales and market share, and needs an effective brand image promotion plan. Champ Consulting provided the following services to this client:

Quantitative and qualitative market research was conducted to collect data and information about the company and its competitors, including brand awareness, brand credibility, brand loyalty, and brand relevance.

Data analysis and interpretation are carried out, and the brand image evaluation of the enterprise and its competitors is obtained, as well as the advantages and disadvantages of the enterprise in brand image.

Suggestions for brand image enhancement programs are put forward, including redefining brand positioning (brand vision, mission, value and personality), redesigning brand identity (brand name, logo, color and font), redisseminating brand information (brand slogan, story, advertisement and public relations), reshaping brand image (brand service, experience, relationship and social responsibility), etc.

A data presentation report was produced, using a visual, interactive and storytelling approach, allowing customers to clearly see the differences between themselves and their competitors in terms of brand image and their own room for improvement in brand image.

The program helps customers effectively enhance their brand image and increase their product sales and market share in the long term.

Conclusion

Market research companies are an important service-oriented enterprise, providing market information and insights needed by customers in all walks of life. Market research companies need to develop and execute effective strategies to respond to fierce competition and changing customer needs. The strategy formulation and execution of the market research company includes identifying the target market, selecting differentiated services, building a strong brand, optimizing the organizational structure and process, cultivating excellent talents, using scientific and technological innovation and data analysis, etc. Champu Consulting is a global comprehensive market research company. It provides customers with the best quality market research services by following the methods and steps of these strategy formulation and implementation, and shows some specific cases in serving customers. The purpose of this paper is to provide some reference and enlightenment for market research companies on how to formulate and implement strategies.