3 Market Research Methods to Gain China Industry Research Report

3 market research methods to gain china market research report for foreigners starting doing business in china.

There is such a famous story. An American shoe-making company is looking for a foreign market. The president of the company sent a salesman to a country in Africa to let him know about the market there. After the salesman arrived in Africa, he sent back a telegram: "The people here don't wear shoes and there is no market." So the company sent a second salesman, who stayed there for a week and sent back a telegram: "people here don't wear shoes, the market is huge." Now let's judge which salesman is a marketing talent. The first is obviously not, but just a person who takes orders. Without the order, he would have nothing to do. The second is not a salesman, but a salesman, because he thinks, "I can sell anything, even if people don't wear shoes, I can let them wear them."

What is a marketer? The third is. He stayed in Africa for three weeks and sent a telegram: "People here don't wear shoes, but they have foot diseases and need shoes. However, the shoes we produce now are too thin to suit them. We must produce fatter shoes. The tribal leaders here do not allow us to do business unless we engage in large-scale marketing. We can only be allowed to operate here if we pay some tribute to his vault. We need to invest about $15,000 before he can open the market. We can sell about 20,000 pairs of shoes every year, and we can make money selling shoes here, with an investment yield of about 15%. " What do you think he did? He did not say that I could "sell shoes." He explained what shoes were needed here, how the rate of return on investment was, and how to make money by selling shoes. Therefore, marketing talents must understand market research, product design, financial accounting, etc.

Obviously, market investigation and analysis is the logical starting point of enterprise marketing activities. The function of a modern enterprise is to satisfy the needs of its customers by providing some valuable products or services while realizing its own profit-making goals. Obviously, identifying customers' needs, analyzing and researching customers' needs, and grasping customers' needs are the preconditions for realizing this function. Market investigation and analysis is the basic work to identify customer needs, research customer needs and grasp customer needs. Under the complicated and changeable modern marketing environment, it is almost impossible to grasp the needs of customers without market investigation and analysis.

The purpose of enterprise production is to meet the growing material and cultural needs of the people. To this end, first of all, it is necessary to understand what the people need in order to produce according to the needs of consumers, especially the needs of consumers are constantly changing. This requires not only investigation, but also timely investigation. Therefore, market research is an important part of the national economy departments in making plans and enterprises in achieving production objectives. Next, Mr. Wang Siqi will share with you a case of McDonald's in the United States.

Mcdonald's Company in the United States has grown from an obscure fast food restaurant to an international fast food business group with more than 5,000 branches in China and more than 4,000 branches in more than 40 countries and regions around the world. One of its important purposes in the marketing process is to use the success of market research to ensure the success of marketing.

McDonald's Beijing branch opened on April 23, 1992. However, as early as eight years ago (at the end of 1984), McDonald's headquarters in the United States sent experts to inspect hundreds of kinds of potatoes in Hebei, Shanxi and other places in China, analyze and determine their components one by one, and finally determine the special potatoes for McDonald's. As a raw material for French fries, McDonald's has spent such a huge project, which shows how much importance it attaches to market research. Its success should be inevitable.

Another story about KFC:

When preparing to enter the Chinese market, KFC sent two employees to investigate the situation of Wangfujing in Beijing before opening the shop. The first employee saw the bustling crowd after arriving at Wangfujing and immediately judged by intuition that it was worth opening the shop in Wangfujing. Then he went back and told the company that it could open the shop in Wangfujing. After another staff member arrived at Wangfujing, he began to count the number of people passing through the main intersection and classified them by level and age. At the same time, he also conducted a comprehensive survey on the sources of chickens and the environment such as chicken feed around Beijing. Finally, he came to the conclusion that the shop could be opened in Wangfujing through data analysis.

Facts have proved that the final result of opening the shop was successful, but the method and process for the two employees to reach the conclusion are different. The difference can be easily seen, so the first employee was demoted after returning. If we can combine rich market experience with accurate and scientific market research in the process of market operation, then success will belong to us.

I still remember when listening to the lectures of leaders of foreign enterprises, there was such an example: in foreign countries, the implementation of any work must be based on market research. If an enterprise makes a marketing decision that conforms to the investigation conclusion after full and large amount of market investigation, but unfortunately fails in practice, the leader of the enterprise will shrug his shoulders, think he is very unfortunate, and then look for a new way to solve the problem. On the contrary, if a marketing decision is made and implemented based on experience, feeling, judgment, etc. without market research, this person can be dismissed immediately, regardless of success or failure.

The shock that this case gave me at that time was a feeling from the heart: foreign enterprises were indeed rigorous and standardized in their operations.

When an enterprise makes business decisions, it must first understand the internal and external environment and information. To master the information, it must conduct market research. Mr. Wang Siqi believes that the management department of an enterprise or the person in charge concerned should make decisions or revise the original strategy-product strategy, pricing strategy, distribution strategy, advertising and promotion strategy, etc. In general, there are many aspects to know and consider, such as:

(1) In which markets are the sales prospects of the products better?

(2) what is the expected quantity of products sold in a certain market?

(3) How can we expand the market of enterprise products and increase the sales volume?

(4) how to master the price of the product?

(5) What methods should be used to organize product promotion?

All these questions can only be answered through market research. Can be used as an objective basis for making decisions or revising strategies. However, it is not easy to accurately grasp the customer's needs. Although modern investigation and analysis techniques provide numerous means and methods, the accuracy and reliability of the research results are like a fragile porcelain, which breaks up carelessly. A small mistake or negligence in a certain link may lead to a wrong result, thus misleading managers in their marketing decisions. Therefore, investigators are especially required to be careful everywhere and step by step, walking on thin ice. In order to ensure the accuracy of market investigation, it is suggested that enterprises adopt the method of field investigation. On-the-spot investigation is an interactive process in which investigators directly collect first-hand information from interviewees under a thorough and rigorous framework. First-hand data, also called primary data, refers to the data collected for the first time. There are three common methods of field investigation:

  • Observation

Investigators use their eyes to collect information by directly observing specific matters. For example, investigators went to the interviewee's kitchen to observe the brand and packaging of edible oil.

  • Experiment

Investigators use experiments to observe the phenomenon under certain conditions to obtain information. For example, the food tasting meeting is an experiment.

  • Questionnaire Method

After the data to be investigated are designed into a table, the respondents will fill in their own opinions or answers in the questionnaire. In the general field survey, the "questionnaire" is the most widely used.

Today, more and more companies are applying various techniques of market research, not only to discover new markets, new products and new customers, but also to improve the decision-making process of management and marketing, and to monitor customer service. Inschina hopes that companies will use more market research techniques to protect their operations. And if your companies don't have time and energy to do this, Inschina can provide China market research report for you. Now the purchase is available.