Consumers are fascinating individuals and each of us winds up in this category at some point. Marketing research is a practice that links customers and businesses through data and other information. Though this may make sense, some people ask, “What is a market research analyst?” meaning what does this person do and how does the work benefit society. The answers are actually very interesting because this occupation plays a major role in our economy.
People have many thoughts and market research analysts capture those related to product and service needs. They survey consumers about the types of products or services they use as well as those they wish existed. In terms of these new items, they determine who will purchase them and what price those individuals will pay. This serves as the foundation for product and service development, escalating the standard of living.
Market research analysts study more than just consumers. They also look at the competition, gathering and analyzing relevant statistical data. Past sales provide insight into the success of future selling efforts so analysts examine these, breaking the research down into areas like pricing and methods of marketing and distribution. This information helps to identify what a company did well and where it fell short of expectations.
All of this data is used by companies to design, develop, distribute, and promote existing and new products and services. The importance of this information should not be underestimated. Public demand for convenient, fast meals led to the development of the prepackaged meal industry. Without research regarding a workable design, childproof medicine bottle tops would never have been developed, exposing children to health risks. Market research has played a role in the development of nearly every modern product and service.
Though market research analysts make a career out of studying people, they often work alone. They must have excellent attention to detail, be able to use statistical analysis, and write reports, each of which requires concentration. In some cases, they are asked to become part of a research team and may be required to travel and work long hours.
This is a concise answer to the question, “What is a market research analyst?” The U.S. Bureau of Labor Statistics website is a good place to learn more about this career, including the required education, job outlook, and salary details. This very important job commands a respectable salary and has huge potential for growth in industries throughout the world.