Are You A Good Analyser? MARKET RESEARCH ANALYST...Could Probably be the right career!
?You can?t have a million-dollar dream with a minimum wage ethic.? Some jobs ask for a 110 percent concentration each day. It consists of the pure hustle and nothing else. We?re going to be covering one such professional field below. Let?s begin.
WHAT IS MARKET RESEARCH?
Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.
Market research is one of the main factors used in maintaining competitiveness over competitors. Market research provides important information which helps to identify and analyze the needs of the market, the market size, and the competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
WHO IS A MARKET RESEARCH ANALYST?
Market Research Analysts provide estimations of sales and prices to firms that produce commodities or services to sell in the market. They are not fortune tellers but professional researchers who work relentlessly and put in a lot of effort to provide correct figures to their clients. They help companies understand what products people want, who will buy them, and at what price. They must be thorough with economics, mathematics, business, and other such interdisciplinary fields.
WHAT ARE THEIR JOB RESPONSIBILITIES LIKE?
? Monitor and forecast marketing and sales trends
? Measure the effectiveness of marketing programs and strategies
? Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
? Gather data on consumers, competitors, and market conditions
? Analyze data using statistical software
? Convert complex data and findings into understandable tables, graphs, and written reports
? Prepare reports and present results to clients and management
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Analysts help determine a company?s position in the marketplace by researching their competitors and analysing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, info graphics, and other visual aids to present the results of their research.
WHO CAN BECOME A MARKET RESEARCH ANALYST?
The field entirely depends on observation, research and analysis. Thus, students with extraordinary analytic and mathematic skills must consider this profession. One must possess the following skills:
1. Analytic skills: An error can cost a loss of million dollars at once. Thus the risk bearing factor of the firm solely depends on the neatness in the research work that the analyst takes up. Every estimation has to be accurate for the sales to be profitable.
2. Solution oriented thinking: Having a clear mind that only focuses on problem solving is an essential skill. Pulling up a sunken firm or advising ways to recover from a loss or debt through thorough study and calculations is the only way to get up the ladder.
3. Communication skills: For the business to work smoothly, fluency in the local language is necessary. There has to be correct interpretations of the budget planning and other vital components of market analysis.
WHAT ARE THE QUALIFICATIONS NEEDED?
Market research analysts typically need 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 backgrounds in business administration, 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 or consumer behaviour, are also important.
Some 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 and marketing, and/or earn a master?s degree in business administration (MBA). A master?s degree is often required for leadership positions or positions that perform more technical research.
TOP INSTITUTES ACROSS THE COUNTRY FOR THE COURSE:
International Institute of Market Research and Analytics (IIMRA) MRSS India
International Institute for Procurement and Market Research
Market Search India Pvt Ltd - Market Research Company
Centre for Advanced Financial Research and Learning, Fort
Welingkar Institute of Management Development & Research
S. P. Jain Institute of Management And Research
GfK, Western Express Highway, Goregaon.
Centre For Advanced Financial Research And Learning
K. J. Somaiya Institute of Management Studies and Research
In conclusion, market research analysis is a field of preciseness and an eye for detailing. The profession marks an edge over the others because of the vast job opportunity it facilitates. Internships and certificate courses will help you reach your end goal faster. Keep in mind that if you believe it, you can do it. We hope that the article was successful in providing clarity.