Market Research Analyst – Career Information
Eeshani Nov 22, 2011 No Comments
What do they do?
Market research analysts gather information that affects potential sales of products and services that are available to consumers. They use statistical data that is available from businesses and organizations from previous sales to help predict the outcome of future sales. Analysts also gather data from competitors and research prices, sales, marketing techniques and distribution methods to help market products and services.
Market research analysts design telephone, internet and mail surveys that can be used to determine consumer preferences.
After the analyst has collected their data, they need to evaluate the results and make recommendations for their clients or employers. This often times requires the market research analyst to write up reports and create statistical reports based on their findings. These tools can be used by a company’s management or marketing department to make decisions about distributions, designs, promotions and pricing of their products and services. This information also helps a great deal when deciding if new lines of merchandise is needed, where to open new branch offices or store locations, how to create effective marketing tools and other diversifying information that is pertinent to the company’s operations. Market research analysts can also be required to work with a company to help develop commercials, advertising brochures, prepare sales pans and other product promotions.
What are the skills set companies look for?
- Excellent analytical and data interpretation skills
- Solid market research skills using a variety of sources software packages
- Ability to deliver structured and effective market and industry analysis
- Communication skills
- Ability to synthesise and summarise information concisely
- Ability to speak internationally with ease
- Team work
- Enjoys working in cross functional and multi-national teams
- Ability to drive own performance and achieve results
- Take responsibility for own personal development
- Conceptual thinking
- Strong strategic thinker with good commercial orientation
- Able to see inside complex business problems to the core issues
- Attention to detail and quality of output
- Good quantitative skills
- Current knowledge and training in the latest methods of developing, conducting and analyzing surveys, statistics and data
- Marketing research analysts spend a great deal of their time performing data analysis that must be very accurate, so they must be very detail-oriented and thorough.
- Due to the long hours that are required for collecting facts and data, patience and persistence are also very important qualities that must be possessed.
- Much of the time that is required to analyze data, design surveys and create reports are done independently, so the Marketing Research Analyst must be able to work well independently without the need for supervision.
- MS Office applications
What is the suitable educational background for this role?
- Should be a Post Graduate or MBA or MBA equivalent
- Market and industry research experience, preferably for a Business research or consulting firm.
A day in a Market Research Analyst life…
- Collecting and analyzing data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
- Preparing reports of findings, illustrating data graphically and translating complex findings into written text.
- Measuring and assessing customer and employee satisfaction.
- Forecasting and tracking marketing and sales trends, and analyzing collected data.
- Measuring the effectiveness of marketing, advertising, and communications programs and strategies.
Complied by: www.ivyproschool.com