They help companies understand what products people want, who will buy them, and at what price. Because most industries use market research, these analysts are employed throughout the economy.
Most analysts work full time during regular business hours. Some work under pressure of deadlines and tight schedules. Strong math and analytical skills are essential. Employment of market research analysts is projected to grow 23 percent from to , much faster than the average for all occupations. Employment growth will be driven by an increased use of data and market research across all industries. Compare the job duties, education, job growth, and pay of market research analysts with similar occupations.
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions. Market research analysts evaluate data using statistical techniques and software.
They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research. Workers who design and conduct surveys are known as survey researchers. Market research analysts held about , jobs in The largest employers of market research analysts were as follows:.
Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings. Most market research analysts work full time during regular business hours.
Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work. Many have degrees in fields such as statistics, math, or computer science. Others have backgrounds in business administration, the social sciences, or communications. Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important. Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency.
Candidates qualify on the basis of experience and knowledge; they must pass an exam, have at least 3 years working in opinion and marketing research, and complete 12 hours of industry-related education courses.
Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification. Market research analysts must be able to understand large amounts of data and information. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.
Market research analysts must be detail oriented because they often do precise data analysis. All Occupations includes all occupations in the U. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.
In May , the median annual wages for market research analysts in the top industries in which they worked were as follows:. Bureau of Labor Statistics, Employment Projections program. Employment growth will be driven by an increasing use of data and market research across all industries.
They will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand. Market research provides companies and organizations with an opportunity to increase sales and cut costs.
Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population. Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing companies to build an advantage over their competitors.
They may use research to decide the location of stores, placement of products, and services offered. Businesses will need market research analysts to conduct analyses of the data and information. Those with a strong quantitative background in statistical and data analysis or related work experience will have better job opportunities than those without it. The Occupational Employment Statistics OES program produces employment and wage estimates annually for over occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas.
The link s below go to OES data maps for employment and wages by state and area. All state projections data are available at www. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. CareerOneStop includes hundreds of occupational profiles with data available by state and metro area.
There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area.
There is also a salary info tool to search for wages by zip code. This table shows a list of occupations with job duties that are similar to those of market research analysts. Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. It needs to gather information based on the market sector being examined. The business must analyze and interpret the resulting data to determine the presence of any patterns or relevant data points that it can use in the decision-making process.
Primary information is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research. This type of information generally falls into two categories: Exploratory research is a less structured option and functions via more open-ended questions, and it results in questions or issues being presented that the company may need to address. Specific research obtains answers to previously identified issues that are often brought to attention through exploratory research.
Secondary information is data that an outside entity has already gathered. This can include population information from government census data, trade association reports or presented research from another business operating within the same market sector.
A company that was considering going into business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with the business plan. If not, the company should use the results of the market research to make adjustments to the product to bring it in line with customer desires. Market research was first put into place in the United States in the s, and originated during the advertising boom during the Golden Age of Radio.
Companies that advertised on the radio began to understand the demographics that were revealed by how different radio shows were sponsored. Data collected from these interviews were compared to the circulation of the publication in order to see how effective those ads were.
Market research and surveys were adapted from these early techniques. Data collection then shifted to the telephone, making face-to-face contact unnecessary. A telephone operator could collect information or organize focus groups — and do so quickly and in a more organized and orderly fashion.
This method improved the market research model greatly. Within the last years, market research started to make a shift online. While the platform may have changed, data collection is still mainly done in a survey-style form.
But instead of companies actively seeking participants by finding them on the street or by cold calling them on the phone, people can choose to sign up and take surveys and offer opinions at their leisure. This makes the process far less intrusive and less rushed, since people can do so on their own time and by their own volition. Data science is a field of Big Data that seeks to provide meaningful
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
The core difference between Market Research and Marketing Research is the scope of the concept. First, Market Research is a more narrow concept because it is research focused on a specific market. Marketing Research, however, scales on a .
Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer. This practice allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients. Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information. Detail dommonet.tk-the-job training: None.
Knowing he difference between market research and marketing research can help you to understand these to very deeply. Market research is used to collect the information about the market while marketing research in which the study of the marketing . dommonet.tk provides full research analysis reports laying the foundation for your business’ marketing strategy decisions. Industry research is an evolving process with new information and trends developing every day.