MARKET RESEARCH SERVICE

As a local company based in the inner-land city of Chengdu, we enjoy better access to the resources of profound business information than you may derive from merely Web surfing. We may collect published newspapers and documents, analyze publically available business data, make phone calls to contacts, go to the field to interview people, and even conduct structured public surveys, and write back well-grounded market research reports with insights that would help your business to maximize the benefit from Chinese market.

So what is Market Research? – One popular definition of Market research is as the following. “Market research is the systematic collection of information on existing and exponential markets for analysis and subsequent action”. Wikipedia puts it as: "Market research is the collection and analysis of information about potential consumers, competitors and the effectiveness of marketing programs."

We think market research is any organized effort to gather information and data about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.

Market research involves testing the pool of possible consumers to determine their interests in a particular product or service, especially among different demographics. It is used to establish which portion of the population will or does purchase a product, based on location, age, gender, income level, and many other factors. This research enables the companies to learn more about past, current, and potential customers, including their respective likes and dislikes.

Primary market research tends to take the raw data such as information collected through focus groups or surveys, and interpret the data for a variety of business purposes. Conversely, secondary market research relies on information previously gathered. Small business owners use market research to determine the feasibility of a new business, test interest in new products or services, improve aspects of their businesses, such as customer service or distribution channels, and develop competitive strategies. Based on market research data, businesses can develop a "target audience," which is a specific group of customers that has a distinct need or desire for a product or service. The research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing this information, manufacturers and service providers learn where to focus their resources most effectively.

Market research is a key factor in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data. In other words, market research allows businesses to make decisions that make them more responsive to customers' needs and increase profits.

Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. With your target group becoming smarter day by day, and word of mouth becoming stronger through social networks, Market research can become the one thing which helps you make the right decisions. Market Research provides the right direction such that your customer base is satisfied with you and you get to know which plans and features need to be adopted to retain or expand on the customer base.

Research also helps companies develop information regarding new products or product lines and learn how well new items will be received. It can also help businesses learn how the public responds to a comparable product already on the market. In this way, business can stay in the loop, keeping in touch with the wants and needs of potential consumers. They can halt production of a product that the public shows little or no interest in, or change it, improve it, or lower the price as necessary. While market research is crucial for business start up, it's also essential for established businesses. It's accurate information about customers and competitors that allows the development of a successful marketing plan.

Write to us to discuss for your market research needs.