In business, market research analysts study market conditions in local, regional, or national areas to evaluate the possible sales of a product or service. This enables companies to gain an understanding of the kind of products consumers are interested in and the price they will pay. Analysts determine a company's position in the industry by investigating their competitors, including their sales, prices, and marketing techniques. Having an understanding of the consumers being targeted allows them to produce advertisement materials and promotional strategies to benefit the company.
- Observe and forecast marketing and sales trends
- Strategize ways to collect data, through surveys, polls, or similar questionnaires.
- Translate complex data and research findings into tables, graphs, and written reports
- Prepare reports for clients and present the final results
Market research analysts must be familiar with various forms of statistical techniques and software to properly analyze and evaluate the place of a business in the market. In some cases, market research analysts become teachers or professors, which may require a master's degree or PhD. A sub-category of market research analysis is survey researching, which involves the design and conducting of surveys in a business capacity.
Job Growth for
Market Research Analyst
|District of Columbia||8,350||$70,500||$34|
Becoming a Market Research Analyst
To become a market research analyst, a candidate will most likely need to have a bachelor's degree, and in some cases a graduate degree, to secure a job. Bachelor's degrees for this field are usually related to math, statistics, or computer science. It is essential that the bachelor degree program include courses in business most pertinent to the career, such as communications, psychology, economics, and sociology. Because a vast number of market research analyst careers require candidates to hold a master's degree, the Master of Business Administration (MBA) is a common choice to satisfy that requirement.
In addition to having the appropriate educational background, candidates are more likely to be hired with prior experience gained through internships or work experience in business, sales, or marketing. Certification, while beneficial in bolstering a resume, is not mandatory in most cases. To qualify for Professional Researcher Certification (PRC), candidates must have a minimum of 3 years of experience with opinion and marketing research and be a member of a professional organization. Among the skills every market research analyst should have, the most important are analytical thinking, communication, critical thinking, and being detail oriented.
- Social Sciences
- Business Administration
Students seeking a career in market research analysis should be very careful to make sure their bachelor degree program includes the necessary courses that apply towards their job. Anything related to business with elements of analysis or research is a good place to start looking. Master's degrees are usually required for leadership positions or positions requiring more technical research. Candidates obtaining certification for their market research analysis jobs will need to remember to apply for renewal and take continuing education courses for the certification to remain valid.