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Over 240 companies joined hands yesterday to establish the China Marketing Research Association, an indication that marketing research has gained a foothold in China.
Anticipation is high that the association will bring common standards and regulations to the business which turned over US$100 million last year and has grown by over 50 percent annually.
"Although market research in China accounts for only 1 percent of the global marketing research industry, it is blessed with the fastest growth in the field and has the largest potential of development," said Ke Huixin, the president of the association and a professor from the Beijing Broadcasting Institute.
He estimated that the soaring demand from booming Chinese manufacturers will continue to drive the marketing research business to expand by 30 to 50 percent annually.
Also, the establishment of the association is a move to brace the Chinese market researchers for the new opportunities and challenges that will come when China enters the World Trade Organization (WTO), according to Zhou Tong, general manager of the four-year-old Shanghai East Marketing Research Co.
"We are in a young business and must gear up in the coming few years to face the challenges from the experienced foreign researchers after China's entry into the WTO," he said, adding that the association will be very helpful in the area.
A brand new thing following the demise of planned economy, marketing research first entered the Chinese market in the 1980s when the country's opening up sparked an unprecedented flurry of commercial and industrial activity in this heavily populated country.
There are currently nearly 500 marketing research companies in the country. More than 90 percent of the market is covered by the members of the association.
Most research work is conducted for manufacturers, the media and the advertising companies, according to statistics from the association.
Different from the practices of foreign research firms, in China the face-to-face interview is still the leading tool used in collecting information.
(China Daily 04/11/2001)
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