Marg Career Library - Market Research Analyst

Overview:

Market Research can be defined as a process of accumulating information about products, markets, consumer needs and preferences. Market Research Analysts usually deal with opinions and statistics related to consumer behaviour. Market Research involves collection of data in a systematic and objective manner, in order to analyse the target market, competition or environment. It can be carried in two ways: Quantitative research, which is gathered through survey and questionnaires. Here the researcher focuses on coming up with numbers, example - what percentage of the population buys a particular product. Qualitative research gets behind the facts and figures to find how people feel about a particular product.

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Career Path:

Commerce or Statistics graduates can look at a career in Market Research. Based on one’s skills and ability, Market research analysts usually move into related roles in marketing, communication or marketing strategy. An MBA is usually required for leadership positions.

Stream of Study in 12th Grade/School:	Commerce (Recommended) (or) Science (or) Arts
Degree/Graduation Courses:	B.Com/B.Com(H) in Marketing B.Sc. Marketing (Hons) BBA (Marketing Specialization) BA Economics B.Sc. Statistics
Higher education/Post Graduation Courses:	MBA or Masters in Marketing Pursue Diploma/ Advance Certification Courses in Marketing

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Top Colleges:

IIMs
S P Jain Institute of Management and Research, Mumbai
Institute of Management Technology(IMT), Ghaziabad
Xavier Labour Research Institute (XLRI), Jamshedpur
Faculty of Management Studies (FMS), Delhi
Indian School of Business, Hyderabad
Delhi School of Marketing Institute in India, Delhi

Job Opportunities:

Marketing team of consumer and product firms.
Consulting firms
Consumer Research Companies.

Job Responsibilities:

Collect data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand
Monitor and forecast marketing and sales trends
Measure the effectiveness of marketing programs and strategies
Gather data on competitors and analyse their prices, sales, and method of marketing and distribution
Prepare reports of findings, illustrating data graphically and translating complex findings into written text
Devise and evaluate methods and procedures for collecting data, such as surveys, opinion polls, or questionnaires, or arrange to obtain existing data
Monitor industry statistics and follow trends in trade literature
Measure the effectiveness of marketing, advertising, and communications programmes and strategies
Forecast and track marketing and sales trends, analysing collected data.
Collaborate with marketing professionals, statisticians, pollsters, and other professionals

Work Life:

At the beginning of a project, a market researcher may spend three to four weeks with other market researchers designing a survey and testing it on small samples of their intended population. In later stages, they may define demographics, distribute the survey, and collect and assemble data.
They are responsible for keeping track of industry trends and general marketing trends.
They usually work alone.
A majority of their time is spend in analysing large sets of data and information and making them into simple and understandable graphs and tables.