Market research is a systematic, purposeful, planned and methodological information collection and processing process, the purpose of which is to solve market-related problems and provide market-related decision-making basis. Market research can help companies understand the size, structure, characteristics, needs, preferences, satisfaction, loyalty, competitiveness, opportunities and threats of the market, so as to formulate reasonable market objectives, strategies, combinations, organizations, budgets and controls, etc. Market research is an important foundation and tool for enterprises to carry out marketing activities, and it is also a key factor for enterprises to improve market competitiveness and profitability.
The quality and effectiveness of market research depends on following some basic norms and principles, which can lead to distorted, misleading, and wasteful information. The basic norms and principles of market research include the following:
Be clear about your purpose
The first step in market research is to clarify the purpose of market research, that is, what problems to solve, what goals to achieve, and what information to provide to whom. The purpose of market research should be specific, clear, quantifiable, and achievable, rather than vague, general, and unrealistic. The purpose of market research determines the scope, content, methodology, resources and time of market research, and is also the standard for evaluating the effect of market research.
For example, a consulting firm conducted a market research for an automobile manufacturer with the aim of understanding the needs, preferences and purchasing behaviors of automotive consumers in the Chinese market, as well as the market share, product features and marketing strategies of competitors, so as to provide customers with targeted marketing strategies and recommendations.
Choose the right method
The second step of market research is to choose the right market research method, that is, what kind of information to use and what tools and techniques to use to analyze and process the information. The methods of market research are mainly divided into two categories: one is second-hand information research, that is, the use of existing, public, and obtainable information, such as statistical data, industry reports, professional magazines, network resources, etc., to collate, analyze and evaluate; The second is first-hand information research, that is, through self-designed, target-oriented, and planned information collection activities, such as questionnaires, interviews, observations, experiments, etc., to obtain original, unique, and controllable information. The method of market research should be selected according to the purpose, content, object, conditions and cost of market research, generally speaking, second-hand information research is suitable for obtaining general, macro, historical, horizontal information, and first-hand information research is suitable for obtaining special, micro, current situation, longitudinal information.
For example, the consulting company for an automobile manufacturer to conduct market research, using a combination of second-hand information research and first-hand information research, that is, on the basis of collecting and analyzing relevant first-hand statistical data, industry reports, professional magazines, network resources and other second-hand information, and designed a questionnaire survey for automobile consumers, through the network platform and on-site distribution, collected a large number of first-hand information, so as to obtain more comprehensive, more in-depth and more accurate market information.
Design effective questionnaires
The third step of market research is to design an effective questionnaire, that is, what kind of questions to formulate, what kind of form to use, and what principles to follow. The questionnaire is a commonly used first-hand information research tool, which has the advantage of collecting a large amount of standardized, comparable information, and its disadvantage is that there may be some biases and errors, such as sampling error, measurement error, non-response error, etc. The design of the questionnaire should be carried out according to the purpose, content, object and method of market research, and in general, the design of the questionnaire should follow the following principles: first, relevance, that is, the questions of the questionnaire should be closely related to the purpose and content of the market research, and irrecent, redundant and repetitive questions should be avoided; The second is conciseness, that is, the questions of the questionnaire should be simple and clear, easy to understand, and avoid complex, vague and ambiguous questions; The third is objectivity, that is, the questions of the questionnaire should be objective and fair, without any tendencies, suggestiveness, and guidance, so as to avoid affecting the true answers of the respondents; The fourth is completeness, that is, the questions of the questionnaire should cover all aspects of the market research, without missing any important information, and at the same time provide enough options to avoid situations that the respondent cannot choose.
For example, a consulting company designed an effective questionnaire for a market research conducted by an automobile manufacturer, and its questions included the following aspects: first, the basic information of the respondents, such as gender, age, income, education, occupation, etc., to understand the demographic characteristics of the respondents; The second is the respondent's car ownership, such as whether he owns a car, how many cars he owns, the brand and model of the car, and the third is the respondent's car needs and preferences, such as the expectations and evaluations of the car's function, performance, appearance, safety, comfort, environmental protection, intelligence, etc., as well as the attitude and preference of the car's brand, quality, service, etc.; Fourth, the respondents' car purchase behavior, such as the motivation, frequency, time, place, channel, method, reference, influencing factors, etc., as well as the use, maintenance, maintenance, and replacement of the car after purchase; Fifth, respondents' perceptions and evaluations of competitors, such as their understanding, impression, satisfaction, loyalty, etc., as well as their views and suggestions on the strengths and weaknesses of competitors. The questionnaire questions are in a variety of forms, such as multiple-choice questions, multiple-choice questions, fill-in-the-blank questions, scale questions, ranking questions, open-ended questions, etc., to increase the validity and interest of the questionnaire.
A representative sample was taken
The fourth step of market research is to take a representative sample, that is, how many individuals should be selected from the population, according to what criteria and methods should be selected, and what quality and efficiency should be ensured. A sample is a subset of individuals used to represent a population, and its advantage is that it can save time, cost and resources, and its disadvantage is that there may be certain errors and biases, such as sampling error, non-response error, etc. Generally speaking, the sampling of samples should follow the following principles: first, sufficiency, that is, the number of samples should be large enough to ensure that the statistical characteristics of the sample can be close to the statistical characteristics of the population, and to avoid errors and deviations caused by too small samples; The second is representativeness, that is, the structure of the sample should be consistent with the structure of the population, so as to ensure that the sample can reflect the characteristics and changes of the population, and avoid errors and deviations caused by sample imbalance; The third is randomness, that is, the selection of samples should be random, so as to ensure the independence and fairness of the sample, and avoid errors and biases caused by human intervention and selection.
For example, a market research conducted by a consulting firm for an automobile manufacturer took a representative sample of 1,000 people, which was structured to stratify sampling according to demographic variables such as gender, age, income, education, occupation, etc., using simple random sampling, that is, a certain proportion of individuals were randomly selected from each layer, thus ensuring the adequacy, representativeness and randomness of the sample.
Ensure the accuracy and reliability of the data
The fifth step of market research is to ensure the accuracy and reliability of the data, that is, to ensure that the collected information is true, valid, consistent and complete, and to avoid or reduce the error, distortion, missing and inconsistent information. Data is the foundation and core of market research, and its quality and effect directly affect the results and value of market research. The accuracy and reliability of the data depends on the quality control and quality assurance of all aspects of market research, including the following aspects: first, data collection, that is, the use of appropriate methods, tools and techniques, as well as a reasonable time, place and method to collect relevant, effective and complete data, while paying attention to protecting the privacy and rights of respondents, avoiding or reducing data errors, distortions, missing data, etc.; The second is data cleaning, that is, to check, verify, edit, code, classify, sort and other operations on the collected data to eliminate or correct data errors, anomalies, inconsistencies, duplicates, etc., and at the same time to supplement or delete the missing or invalid parts of the data to improve the quality and availability of the data; The third is data storage, that is, it is necessary to use appropriate formats, tools and technologies, as well as reasonable specifications and security measures to store and back up data, and at the same time pay attention to protecting the integrity and confidentiality of data, and avoid or reduce data loss, damage, leakage, etc.; Fourth, data analysis, that is, to use appropriate methods, tools and technologies, as well as reasonable assumptions and models, to analyze and process data, and at the same time pay attention to testing the validity and robustness of data, to avoid or reduce data bias, error, overfitting, etc.
For example, the consulting company conducted market research for an automobile manufacturer to ensure the accuracy and reliability of the data, and its operation includes the following aspects: first, data collection, using the network platform and on-site distribution, collecting 1,000 valid questionnaires, while ensuring the voluntary and anonymous nature of the respondents, avoiding data errors and distortions; The second is data cleaning, which checks, verifies, edits, codes, classifies, sorts and other operations on the collected data, eliminates errors, anomalies, inconsistencies, duplicates, etc., and at the same time supplements the missing parts of the data and improves the quality and availability of the data; The third is data storage, which uses formats and tools such as Excel and SPSS to store and back up data, and at the same time adopts security measures such as passwords and encryption to protect the integrity and confidentiality of data and avoid data loss, damage, leakage, etc.; Fourth, data analysis, using descriptive statistics, cross analysis, factor analysis, cluster analysis, regression analysis and other methods and techniques, analyzed and processed the data, and tested the validity and robustness of the data, avoiding data bias, error, overfitting, etc.
Conduct in-depth analysis and interpretation
The sixth step of market research is to conduct in-depth analysis and interpretation, that is, what kind of information to extract from the data, what kind of logic and methods to use to reason and judge, and what kind of conclusions and enlightenments to draw. Analysis and interpretation is the core and focus of market research, the purpose of which is to discover the laws and trends of the market from the data, so as to provide basis and guidance for market decisions and actions. The depth and effect of analysis and interpretation depend on factors such as the purpose, content, object and method of market research, as well as factors such as the knowledge, experience and creativity of the analyst. The second is logic, that is, it is necessary to follow scientific, rigorous, and reasonable logic and methods, conduct evidence-based, evidence-based analysis and interpretation, and avoid subjective, arbitrary, and speculative analysis and interpretation; The third is innovation, that is, we should use our own knowledge, experience and creativity to carry out in-depth, insightful and valuable analysis and interpretation, and avoid mediocre, outdated and meaningless analysis and interpretation.
For example, the consulting company conducted in-depth analysis and interpretation of the market research for an automobile manufacturer, which includes the following aspects: first, the market overview, that is, the overall characteristics, needs, preferences, behaviors, etc. of automobile consumers in the Chinese market were descriptively counted and cross-analyzed, and the market size, structure, characteristics, and trends were discovered; The second is market segmentation, that is, factor analysis and cluster analysis are carried out on automobile consumers in the Chinese market, and the market is divided into four market segments, namely high-end, practical, fashionable and environmentally friendly, according to the demographic characteristics of the respondents, automobile needs and preferences and other variables, and the characteristics, needs, preferences, behaviors, etc. of each market segment are analyzed and described in detail; The third is market competition, that is, the regression analysis of automobile competitors in the Chinese market, according to the respondents' perception and evaluation of competitors and other variables, the market share, product characteristics, marketing strategies, etc. of competitors are analyzed, and the advantages and disadvantages of competitors are evaluated and compared; Fourth, market strategy, that is, according to the analysis and interpretation of market overview, market segmentation and market competition, it provides customers with targeted market strategies and suggestions, including market objectives, market positioning, market portfolio, market organization, market budget and market control.
Write clear reports and recommendations
The seventh step of market research is to write a clear report and recommendations, i.e., what language and format to use, what content and structure to include, and what message and value to convey. Reports and recommendations are the results and presentation of market research, and their purpose is to convey the process and results of market research to customers or other stakeholders, so as to provide support and assistance for market decisions and actions. The clarity and effectiveness of reports and recommendations depend on factors such as the purpose, content, object and method of market research, as well as factors such as the writer's skills, style and attitude. The second is completeness, that is, it should include all aspects of market research, such as purpose, method, sample, data, analysis, interpretation, conclusion, enlightenment, suggestions, etc., to avoid omission, one-sided, unbalanced reports and suggestions; The third is accuracy, that is, to ensure that the content of the report and recommendations is true, effective, consistent and complete, and to avoid erroneous, distorted, inconsistent and missing reports and suggestions; Fourth, it is necessary to be convincing, that is, to support the content of the report and recommendations with sufficient, reasonable, and powerful evidence and arguments, and to avoid empty, unfounded, and unprovable reports and suggestions.
For example, the consulting company company for a car manufacturer to conduct market research, wrote a clear report and recommendations, its language is Chinese, its format is word document, its structure is in the order of summary, introduction, methodology, results, discussion, conclusion, recommendations, references, etc., its content is based on the process and results of market research, detailed description and explanation of the market overview, segmentation, competition and strategy, etc., its information is to provide customers with valuable market insights and suggestions, Its value is to improve the market competitiveness and profitability for customers.