Market research is a scientific method to understand the current situation and development trend of the market and provide information support for enterprise decision-making. The process of market research includes determining the purpose of the research, designing the research plan, selecting the research methodology, collecting and analyzing data, writing and submitting reports, etc. This article introduces the specific steps and techniques of market research, and analyzes the value and significance of market research. The purpose of this article is to help readers understand the basic principles and methods of market research, and improve the ability and level of market research.
Market research can help businesses understand the needs and preferences of consumers, the strengths and weaknesses of competitors, the size and structure of the industry, the opportunities and threats in the market, etc. The results of market research can guide enterprises to formulate reasonable marketing strategies, increase market share and profit margins, and enhance market competitiveness and sustainable development capabilities.
The process of market research includes determining the purpose of the research, designing the research plan, selecting the research methodology, collecting and analyzing data, writing and submitting reports, etc. Each step requires certain principles and techniques to be followed to guarantee the validity and reliability of market research. The following takes a consulting company as an example to introduce the specific steps and skills of market research, and analyzes the value and significance of market research.
Consulting is a company specializing in market research and consulting services, with many years of market research experience and rich industry knowledge, providing customized market research solutions for customers from all walks of life. The consulting firm's market research projects cover a wide range of sectors such as consumer goods, automotive, healthcare, education, finance, real estate, etc., providing clients with in-depth market insights and effective strategic advice. Here are some market research case studies from consulting firms:
Case 1: Market research of an automobile brand.
An automobile brand is an internationally renowned automobile manufacturer with multiple models and series, and its products cover the mid-to-high-end market. The brand's sales in the Chinese market have maintained steady growth, but it has faced fierce competition and changes in consumer demand. The brand hopes to understand the characteristics, needs, preferences, purchasing behaviors and satisfaction of automotive consumers in the Chinese market, as well as the strengths and weaknesses of competitors through market research, so as to develop more effective marketing strategies.
The consulting firm provided a comprehensive market research service for the brand, which included the following steps:
Step 1: Determine the purpose of the research. The consulting company communicated and discussed with the relevant person in charge of the brand, and clarified the purpose and scope of the research, that is, to understand the characteristics, needs, preferences, purchasing behavior and satisfaction of automotive consumers in the Chinese market, as well as the strengths and weaknesses of competitors.
Step 2: Design a research plan. According to the purpose and scope of the research, the consulting company designed the research plan, including the content, method, object, sample, time, budget, etc. of the research. The content of the survey includes the following aspects:
Consumer characteristics: including basic information such as age, gender, income, education, occupation, family status, and place of residence, as well as psychological information such as consumers' lifestyle, values, and personality characteristics.
Consumer demand: including consumers' motivations, goals, expectations, and demand levels for purchasing cars.
Consumer preference: including consumers' preferences and evaluations of car brands, models, performance, appearance, functions, services, etc.
Consumer purchase behavior: including the process, frequency, channel, decision-making factors, and influencing factors of consumers' purchase of automobiles.
Consumer satisfaction: including consumer satisfaction and loyalty to the car brand, model, performance, appearance, function, service, etc., as well as consumer complaints and suggestions.
Competitor analysis: including the advantages and disadvantages of competitors' brands, models, performance, appearance, functions, services, etc., as well as competitors' market share, sales, profits, market strategies, etc.
The methods of the survey include the following:
Questionnaire survey: Collect data such as consumers' basic information, needs, preferences, purchase behavior and satisfaction through the design and distribution of questionnaires, which is suitable for large-scale research.
Interview survey: through face-to-face or first-class methods, conduct in-depth communication with consumers, collect consumers' psychological information, motivation, expectations, feelings and other data, suitable for small-scale research.
Observation Survey: By observing consumers' behaviors and reactions in the process of purchasing a car, collect data such as consumers' decision-making factors and influencing factors, which is suitable for individual research.
Literature Survey: Collecting and analyzing secondary materials such as books, newspapers, magazines, and the Internet about the automotive market, and collecting information about competitors, which is suitable for auxiliary research.
The subjects of the study include the following categories:
Existing consumers: refers to consumers who have purchased the brand's cars, mainly to understand consumer satisfaction and loyalty, as well as consumer complaints and suggestions.
Potential consumers: refers to consumers who are interested in buying the brand's cars, mainly to understand the needs and preferences of consumers, as well as consumers' purchasing behavior.
Competing brand consumers: Refers to consumers who have purchased competing brand cars, mainly to understand the strengths and weaknesses of competitors, as well as consumers' willingness to switch.
Industry experts: refers to experts, scholars, and people who have certain knowledge and experience in the automotive industry, mainly used to understand the current situation and trends of the automotive industry.
The sample of the survey included the following aspects:
Sample size: According to the purpose and scope of the survey, determine the appropriate sample size, that is, the number of subjects to be investigated. In general, the larger the sample size, the more representative and credible the results of the survey, but it also increases the cost and time of the survey. Based on the brand's market share and sales volume, as well as the methodology and budget of the research, the consulting company determined the size of the sample to be 1,000 people, including 300 existing consumers, 400 potential consumers, 200 consumers of competing brands, and 100 industry experts.
Sample distribution: According to the purpose and scope of the survey, determine the distribution of the appropriate sample, that is, the proportion of the region, gender, age and other characteristics of the subject of the survey. Generally speaking, the more evenly distributed the sample, the more general and valid the results of the survey, but it also increases the difficulty and complexity of the survey. Based on the characteristics of the car consumers in the Chinese market, as well as the brand's target market and target customers, the consulting firm determined that the sample was distributed in a reasonable proportion of consumers and experts from all regions of the country, all genders, and all ages.
Sample extraction: According to the purpose and scope of the survey, determine the appropriate sample extraction, that is, the selection of the research object and the way to obtain it. Generally speaking, the more random the sample, the more objective and impartial the results of the survey, but it will also increase the uncertainty and chance of the survey. According to the method and object of the survey, the consulting company determined that the sample was taken in the following ways:
Questionnaires: Randomly send questionnaires to consumers who meet the sample distribution through the Internet or email, and ask them to fill in and respond within the specified time.
Interview survey: Conduct an interview of about 30 minutes by appointment and invite consumers and experts who meet the sample distribution through ** or face-to-face methods.
Observational Survey: Consumers who meet the sample distribution are randomly selected and tracked by arriving at the point of sale or repair of the car for about 10 minutes of observation.
Literature Survey: Randomly select and obtain relevant information about competitors that match the sample distribution by searching and browsing the Internet or libraries.
Step 3: Choose your research method. According to the content and object of the survey, the consulting company chooses the appropriate research method, i.e., questionnaire survey, interview survey, observation survey and literature survey. Each research method has its advantages and disadvantages, and its efficiency, effectiveness, cost, and time need to be considered comprehensively according to the purpose and scope of the research.
Feelings and other data, accounting for 20% of the survey. The advantage of interview survey is that it can conduct in-depth communication and understanding with consumers, collect data such as consumers' psychological information, motivations, expectations, and feelings, and the quality and authenticity of the data are high. The disadvantages of interview surveys are that they cannot reach a large number of consumers, collect less data, are difficult to conduct statistics and analysis, and have high costs and time.
Observation survey: It is mainly used to collect data on consumers' decision-making factors and influencing factors, accounting for 10% of the survey. The advantage of observation survey is that it can directly observe the behavior and reaction of consumers in the process of buying a car, and collect data such as consumers' decision-making factors and influencing factors, and the objectivity and fairness of the data are high. The disadvantage of observational surveys is that they cannot collect data such as consumers' basic information, needs, preferences, purchase behaviors, and satisfaction, and cannot communicate and understand with consumers, and the amount and depth of data are low.
Literature survey: Mainly used to collect information about competitors, accounting for 10% of the survey. The advantage of literature survey is that it can collect and analyze secondary materials such as books, newspapers, magazines, and the Internet about the automobile market, and collect relevant information about competitors, and the data is extensive and systematic. The disadvantage of literature survey is that it cannot collect relevant information about consumers, communicate and understand with consumers and competitors, and it is difficult to ensure the timeliness and accuracy of data.
Step 4: Collect and analyze data. According to the research plan and methodology, the consulting company carried out the data collection and analysis, including the following aspects:
Data collection: Consulting firms send random questionnaires to consumers who fit the sample distribution via the Internet or email, asking them to fill out and respond within a specified timeframe. Consulting firms: Appointments and invitations to consumers and experts who fit the sample distribution for about 30 minutes of interviews are conducted by appointment or face-to-face. Consulting firms randomly select and follow up consumers who fit the sample distribution by arriving at the point of sale or repair of the car for about 10 minutes of observation. Consulting firms search and browse the web or libraries to randomly select and obtain relevant information about competitors that match the sample distribution. The consulting company collected 1,000 questionnaires, 200 interview records, 100 observation records and 100 literature materials through the above methods, totaling 1,400 pieces of data.
Analysis of data: Consulting companies have analyzed the collected data by using professional data analysis software and methods, including the following aspects:
Data cleaning: The consulting company cleans the collected data, that is, removes invalid, duplicated, wrong, missing, and abnormal data to ensure the integrity and consistency of the data.
Data collation: The consulting company sorted out the collected data, that is, classified and summarized the data according to the content and object of the survey, so as to facilitate the comparison and analysis of data.
Description of the data: The consulting company describes the collected data, that is, using charts, numbers, text, etc., to show the basic characteristics and distribution of the data, such as mean, median, standard deviation, frequency, percentage, etc.
Inference of data: The consulting company inferred the collected data, that is, using statistical methods, hypothesis testing, correlation analysis, regression analysis, factor analysis, cluster analysis, etc., and the relationship and rules of the data, such as significance level, correlation coefficient, regression equation, factor score, cluster results, etc.
Interpretation of data: Consulting companies interpret the collected data, that is, using marketing theories and knowledge, to interpret and explain the results of the data, such as the influencing factors and degree of influence such as consumer characteristics, needs, preferences, buying behavior and satisfaction, the causes and consequences of competitors' strengths and weaknesses, etc.
Step 5: Write and submit the report. Based on the analysis and interpretation of the data, the consulting company has written a detailed market research report, which includes the following parts:
Cover page of the report: Includes information such as the title, author, date, and customer of the report.
Table of Contents of the Report: Includes the title and page number of each section of the report.
Summary of the report: including a summary of the report's purpose, methodology, findings and recommendations.
The body of the report: including the background, purpose, plan, methodology, data, analysis, explanation, conclusions and recommendations of the report, as well as relevant charts, figures, text and other attachments.
References of the report: including the ** and format of books, newspapers, magazines, networks and other materials cited in the report.
Acknowledgments for the report: Include the names and contributions of the individuals and institutions acknowledged in the report.
The consulting company submitted the market research report to the relevant person in charge of the brand in the form of electronic and paper versions within the specified time, and reported and communicated.
The above is a case study of market research conducted by a consulting company for an automobile brand, through which we can understand the basic principles and methods of market research, as well as the value and significance of market research. Market research can help enterprises understand the current situation and trends of the market, provide information support for enterprise decision-making, and improve the market competitiveness and sustainable development ability of enterprises. Market research needs to follow certain principles and techniques to ensure the effectiveness and reliability of market research. Market research is a scientific method and an artistic method, which requires continuous learning and Xi and innovation to adapt to the changes and needs of the market.