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Market Research Analyst Job Description
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To start a business, launch a new product or expand the market, research is indispensable. It is very hard for businesses to survive without market knowledge which comes with research. This vital task of businesses is handled by market research analysts. They conduct market research and gather data to submit a report to help in taking savvy business decisions.
Market Research Analyst Job Duties
Market research analysts collect data, analyze the data collected and prepare research reports about the market condition for a product. Business owners increasingly depend on market research analysts’ reports to determine whether a new business decision will be profitable or not. The duties of market research analysts are to:
1) Collect data and information with regard to: prices of competitor products, preferences of consumers, consumer’s view of a product, best places to sell the product, best time to sell, possibility of offering financing on the product, forecast future sales trends etc.
2) Employ various statistical methods to conduct first hand surveys, opinion polls, and research to gather data.
3) Conduct surveys and polls through emails and telephonic interview.
4) Conduct one-to-one interview with sample customers.
5) Deploy teams to conduct surveys and polls.
6) Gather data from popular market research firms such as: Gallup, Neilsen and Forrester.
7) Analyze the gathered data and prepare reports.
8) Prepare charts and diagrams to explain their findings.
9) Suggest whether to launch a product, when to launch it, what is the best area to sell the product and who are the potential customers etc.
Market Research Analyst Knowledge and Skills
1) Have good knowledge of general market trends.
2) Have knowledge of macro and micro economic factors affecting a market.
3) Knowledge of prevalent geo-political situations and possible turn of events in the near future.
4) Sound knowledge of computers.
Market Research Analyst Educational Qualification and Experience
1) A bachelor’s degree in business and marketing is essential for this job.
2) Candidates are expected to be thorough in statistics, mathematics, sampling theory and practice, social sciences and psychology.
3) A doctorate degree helps in securing higher positions or teaching positions in universities and colleges.
4) The Market Research Association (MRA) offers a Professional Researcher Certification (PRC) for those who are intent on establishing their mark as market researchers.
5) At entry level they have to work in teams or singly under an experienced market research analyst. A few years of experience makes them fit for taking up research projects independently.
Market Research Analyst Salary and Benefits
1) According to the Bureau of Labor Statistics the median wages of market research analysts was $61,070 in 2008.
2) Market research analysts are entitled for standards benefits as may be set by their employers.
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