Definition of Marketing Research
Marketing research is based upon data collection, which in some cases is accomplished by research instruments such as surveys. In other cases, the data is mined from published sources. The most common application of market analysis is tracking product sales. The analysis of the data can be accomplished through various statistical methods. The traditional model of market research is based upon the micro-economic behavior of consumers, according to “Stated Choice Methods.” This approach emphasizes the characteristics of goods that make them useful to consumers. Goods are used singularly or in combination to achieve some result that the consumer desires or needs. Newer approaches in market analysis seek to expand beyond this precise but limited view of market analysis. The main steps of doing marketing research are consumer choice, collecting data, data analysis and scope of market analysis. Market analysis has evolved beyond the simple observation and recording of data. Companies and businesses use market analysis to predict the reactions of individuals to current products or services. In addition, they attempt to predict the reaction to the change of prices or the introduction of new products or services. The goal is to understand the acceptance or rejection of a product, service or price through the use of market analysis, and to plan accordingly.
Chinese Consulting Market Overview
The Chinese market offers great business opportunities due to its rapid economic growth and huge market, however, it has its fair share of challenges, ranging from inadequate market data, inappropriate entry strategy, lack of access to sales channels, difficulty in finding the right partners and cultural differences etc.
Approaches to Undertake Chinese Market Research
Over the years, Chinese consulting companies have developed a practical and systematic approach to help clients reduce risks and maximize the return on their investment in Chinese market. With our global vision, local experience and network, they can assist clients to acquire valuable market information, undertake comprehensive market analysis, draw up appropriate entry strategy, establish best distribution channels and expand clients’ business effectively in China, below are the services Chinese consulting companies are able to assist their clients:
1. China market research: in-depth market understanding
2. China market analysis: this will answer two basic questions:
– are your products marketable in Chinese market?
– if yes, what is its potential?
3. Market entry strategy: identification of the best distribution channels
4. Establishment of sales channels: implementation of market entry strategy
5. China market expansion: growth and increase of market share
As professional full-service market research consulting companies in China, they should be able to conduct high quality customized China market research, which includes industry research, product survey, competitor study, consumer research, study on sales channels, due diligence and investment investigation etc.