Do you enjoy given well-thought-out advice to others? If so, you may be well-suited for a career as a market research analyst. Advice forms the foundation of duties included in a market research analyst job description. Read on to learn about what is involved in this lucrative and extremely fast-growing career. You may soon find yourself working for one of the top market research firms in the country.
From 2008 to 2018, over 800,000 jobs are expected to be added to the technical, scientific, and management consulting services industry. This is the largest number of positions to be added to any industry and an expected 83 percent growth rate in this sector represents the fastest growth rate of any detailed industry. Market research analysts have the enviable position of working within this sector.
A market research analyst helps an employer or client company understand the types of products and services consumers want. This individual also discovers and reports the all-important detail of how much consumers will pay for these items. Analysts may even be called upon to study distribution techniques and gather statistics regarding competitors. All details are then analyzed to predict future sales of the inquiring organization.
Surveys are a primary tool designed and used by market research analysts. Telephone, online, focus group, mail, and public surveys provide these professionals with the data they need to perform their analysis. After examining everything in detail, market research analysts make recommendations to the employer or client. The company uses this advice to make design, promotional, and distribution decisions. Recommendations may also help a company decide whether it should diversify or expand.
Some market research analysts expand their role to provide assistance with development of advertising materials, sales strategies, and promotional campaigns. Data gathered through surveys and research helps determine what type of promotion or ad will be most effective with the target audience. Based on the variety of duties involved, analysts must be as skilled at performing calculations as they are at focusing on details and communicating ideas.
Education is another important aspect of a market research analyst job description because it reveals the level of knowledge required. A bachelor’s degree should be sufficient for an entry-level position. Technical jobs and positions with high-level responsibilities often call for a master’s degree. Courses in math, business, marketing, science, and psychology provide the educational foundation required for success in this exciting and expanding field.