A company, when manufactures some product and plans to release it in the market, it has to conduct detailed analysis of the market for various reasons. Even after the release of the product there are many other companies that can compete. Hence, the process of market analysis is an on-going process provides the necessary statistics to the company which the company can use and survive the competition offered by other companies. They should regularly upgrade their products, marketing strategies and sales target according to the changes in the market. The research that is done to provide the statistical data to the companies is done by the market research analyst. To know more about a market research analyst job description, read further.
The research data collected by the market research analysts is used by the company for various purposes and this helps in future planning of the company as well. Here are some of the primary and secondary duties of the market research analysts.
Primary Duties of Market Research Analysts
Secondary Duties of the Market Research Analysts
Skills Required by Market Research Analysts
Educational Qualifications Required for Market Research Analysts
Market research analysts should have completed master's degree or bachelor's degree in Business Administration and specialize in any traits such as marketing, sales, manufacturing, etc. They should also have working experience in any of the relevant fields that can help them in researching and market analysis. Some small companies also hire people having degree in any other relevant field who have knowledge of researching and market trends and interested in this profile.
Salaries Offered to Market Research Analysts
A market research analyst may earn around $61,000 to $100,000 per annum depending upon his experience and skills. Salary also varies depending upon the state in which they are working.
There are some companies that provide market research services to the companies while some companies have their own market research analyst.