In the career as market research analysts, their main job is to gather and analyze information related to market study. This information is useful to the organizations to make decisions regarding whether they should introduce new products in the market, and how to promote the new products in the market. Presently, there is tremendous competition in all types of businesses. Therefore, it is important for the product manufacturers to know what the customer expectations are and how they can satisfy the customers' wants and needs.
In the career as market research analysts, decision-making is very important .So they follow the DECIDE model.
Tasks:-
In the career as marketing research analysts, market researchers have to carry out following tasks:-
Qualification:-
The basic qualification needed for career as marker research analysts is a bachelor's degree. However, for technical or senior level jobs a master's degree is preferred most of the times. In addition the knowledge of marketing, sales, business management, consumer behavior, and survey techniques is also beneficial. Candidates with bachelor's degree in engineering and advanced degree in marketing or business management are in great demand for the market research analyst jobs. For a career in international marketing research, the candidates with international business and marketing knowledge are necessary. Other courses that are necessary for a successful career in market research are statistics, mathematics, sampling theory, and computer science.
Other necessary skills:-
To enter the career as market research analysts, the skills that are necessary are given below:-
Place of work:-
In the career as market research analysts, the market researchers spend most of the time working in offices. They also need to travel for research work and conduct surveys. They visit different places and meet different kind of people to take interviews.
They mostly work for 40 hours a week. However, for surveys, or to collect information they travel abroad and work for longer hours.
Job Opportunities:-
The career as market research analysts has wide scope. The job opportunities are available in many industries. They are as follows:-
Remuneration:-
In the career as market research analysts, the salary for entry-level positions is good. However, the salary also depends on many factors like education, experience, type of work and the employer. The market research analyst working in computer systems design and related services can expect a handsome salary package. Others working in Management, scientific and technical consulting services also offer handsome salary packages and benefits. The benefits include paid holidays, health insurance, and pension plans.
Job Progress:-
In the career as market research analysts, for the entry -level jobs like trainee or junior research analyst a bachelor's degree or master's degree is usually needed. They can be promoted to senior market research analysts after completing some years of experience in the similar field. Those with a Ph.D. can become professors and get promoted as managers easily. Others who have leadership qualities may become supervisors or managers. Some of them may even specialize in fields like industrial marketing. Candidates with engineering degree and advanced degree in marketing have great scope to enter this field and get promotions easily.
Employment forecast:-
In the career as market research analysts, the employment growth is expected to grow more rapidly in the future. The competition between competitors of similar products is increasing now, and the customer expectations are also increasing. So, it is very important for the organizations to study the market position and fulfill the customer expectations and wants. That is why market research analysts will be in great demand in coming years. Those with a Ph.D. or master's degree will be in great demand and can get many job opportunities. The Computer systems design and related services will need market research analysts in large numbers in future.