Nature of work
A market research analyst studies market conditions in local, regional, or national areas to examine potential sales of a product or service. He/she helps companies to understand what products people want, who will buy them, and at what price.Market research analysts typically do the following:
Monitoring and forecasting marketing and sales trends.
Measuring the effectiveness of marketing programs and strategies.
Devising and evaluating methods for collecting data, such as surveys, questionnaires, or opinion polls.
Gathering data about consumers, competitors, and market conditions.
Analyzing data using statistical software.
Converting complex data and findings into understandable tables, graphs, and written reports.
Preparing reports and presenting results to clients or management.
A market research analyst performs research and gathers data to help a company market its products or services. He/she gathers data on consumer demographics, preferences, needs, and buying habits. He/she collects data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
An analyst helps determine a company’s position in the marketplace by researching its competitors and analyzing their prices, sales, and marketing methods. Using this information, he/she may determine potential markets, product demand, and pricing. His/her knowledge of the targeted consumer enables him/her to develop advertising brochures and commercials, sales plans, and product promotions.
A market research analyst evaluates data using statistical techniques and software. He/she must interpret what the data means for his/her client, and he/she may forecast future trends. He/she often makes charts, graphs, or other visual aids to present the results of his/her research.
Environment of work
Some market research analysts work for the company that hires them to do research. Some work for consulting firms that do market research for many clients.A market research analyst generally works alone at a computer, collecting and analyzing marketing data and preparing reports. Some, however, work directly with the public to collect information and data.
A market research analyst generally works full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require longer hours.
Professional life
Overall job prospects for market research analysts are expected to be good. Rapid employment growth in most industries means good job opportunities should be available throughout the economy.Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population. In addition, market research provides companies and organizations with an opportunity to cut costs.
Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing them to build an advantage over their competitors. He/she may use research to decide the location of stores, placement of products, and services offered. As more companies use research to develop marketing strategies, competing companies will need to engage in similar market research.
The median annual wage of market research analysts is 0000000000000
Getting the job
A market research analyst needs strong math and analytical skills. Most market research analysts need at least a bachelor’s degree, and top research positions often require a master’s degree.A market research analyst typically needs a bachelor’s degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. Others have a background in business administration, one of the social sciences, or communications. Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences—such as economics, psychology, and sociology—are also important.
Many market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics, marketing, or a Master of Business Administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.
Most market research analysts benefit from internships or work experience in business, marketing, or sales. Experience in other positions that require analyzing data, writing reports, or surveying or collecting data can also be helpful in finding a market research position.
Skills
Analytical skills : A market research analyst must be able to understand large amounts of data and information. Communication skills : A market research analyst needs strong communication skills when gathering information and interpreting and presenting results to clients.
Critical-thinking skills : A market research analyst must assess all available information and use it to determine what marketing strategy would work best for a company.
Detail oriented : A market research analyst must be detail oriented because he/she often does precise data analysis.
Sources and references
www.marketingresearch.org www.marketresearch.com
www.careerplanning.about.com
www.bls.gov
www.aliqtisadi.com
Arab Standard Classification of Occupations, 2008, Ed. Arab Labor Organization.
Summary
A market research analyst studies market conditions in local, regional, or national areas to examine potential sales of a product or service. He/she helps companies to understand what products people want, who will buy them, and at what price.A market research analyst performs research and gather data to help a company market its products or services. He/she gathers data on consumer demographics, preferences, needs, and buying habits. He/she collects data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.