Nanchang Market Research

Nanchang Investment Service
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Nanchang Market Research is any organized effort to gather information about target markets or customers for Nanchang companies. 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 marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Nanchang Market research is a key factor to maintain competitiveness over competitors in Nanchang. Nanchang Market research provides important information to identify and analyze the market need, market size and competition. Nanchang 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.

Nanchang Market Research - Nanchang Market Research Strategy
Developing a Nanchang market research strategy occurs on two levels, from a macro perspective with an organization making a commitment (especially with budget) to include market research as a formal part of its decision-making process and from a micro perspective with the person responsible for market research determining the specific approaches on a project basis.

On a macro level, the strategy would include planning and budgeting for studies on strategic initiatives for a business. For example, an organization sets a goal to expand into three new lines of business over the coming two years. As part of this goal, market research would be included to help determine the viability of the new lines, the "fit" with the current business plan, customer reaction and receptivity and the like. And, as we all know, there is no commitment with budget, so management would need to set aside specific funding to meet the requirement.

On a micro level, the market researcher (or person responsible) would develop a specific approach for each research need. A single project might be able to accomplish a number of diverse needs. The project manager would also determine how the needs would be met: through qualitative or quantitative research? By what methodology? By a specialized technique (conjoint analysis, customer satisfaction)?

Nanchang Market Research - Purpose of Nanchang Market Research
The purpose of Nanchang market research might appear to be painfully obvious: a business has a decision to make and has questions about customers and/or its competition that need to be answered to make a better decision. True to a point, the purpose of Nanchang market research is indeed to provide answers to marketing questions and to provide a more complete, rich picture of customer needs and wants (and potential customers too) and to learn how a business is doing compared to competition.

Nanchang Market Research - Types of Nanchang Market Research
Primary Research: The goal of primary research is to gather data from analyzing current sales and the effectiveness of current practices in Nanchang. Primary research also takes competitors' plans into account, giving you information about your competition.

Collecting primary research can include:
Interviews (either by telephone or face-to-face)
Surveys (online or by mail)
Questionnaires (online or by mail)
Focus groups gathering a sampling of potential clients or customers and getting their direct feedback

Some important questions might include:
What factors do you consider when purchasing this product or service?
What do you like or dislike about current products or services currently on the market?
What areas would you suggest for improvement?
What is the appropriate price for a product or service?

Secondary Research: The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group.

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