Marketing Research Analyst Job Description
Market Research Analysts, The Role of Data in Business and Industry: Research Analysts, Market Research Analysts: A Skillset List, Graphs and Diagramming and more about marketing research analyst job. Get more data about marketing research analyst job for your career planning.
Market Research Analysts
A market research analyst is a key member of the marketing team. The position is for industries that need research. They work in marketing departments of corporations or other institutions and often report to marketing or marketing research managers.
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The Role of Data in Business and Industry: Research Analysts
Data crunchers are research analysts. They are skilled in gathering, analyzing and working with data to improve efficiency, profitability and savings for companies and organizations. They present the data in a way that is understandable to business decision-makers.
The metaphor speaks to the role data plays in society and the economy. There are differences between oil and data. Oil is a natural resource that requires the use of a process that makes up to 57 percent of costs for oil and gas producers.
It isn't nearly as expensive to extract data. Data must be refined so that it adds value to businesses. How do research analysts make money?
Oil refineries process crude oil through an industrial process to make useful products, such as gasoline, plastics and jet fuel. Human ingenuity and technology are required for processing raw data. The research analyst has a toolkit that includes quantitative modeling and data-mining methods to reveal the business value in data.
Research analysts work with data in both private and public organizations. Data has no value until a datanalyst makes sense of it. They use data to their advantage, such as identifying sales opportunities or market trends.
Market Research Analysts: A Skillset List
Market research analysts help determine an organization's position in the marketplace in order to promote their products and services. They study and gather consumer information about competitors. To ensure success, market research analysts should be exceptional communicators and have a keen interest in providing accurate insight into consumer behavior and competitors' strategies. Critical thinking skills, strong IT skills and a thorough attention to detail are some of the skills that top candidates will exhibit.
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Graphs and Diagramming
You should be able to create graphs and other diagrams to help with understanding the research findings. You should be able to forecast and identify trends. You should be up to date with the industry developments and have an excellent eye for detail.
Market Research Analysts: Opportunities and Challenge
Market research analysts assess consumer preferences to help organizations decide how to market their products and services. Market research analysts are hired on a contract basis. Others work for their employers as part of a marketing team. The Bureau of Labor Statistics says that opportunities for market research analysts will grow by 18% from 2016 to 2029, which is much faster than the average for all occupations.
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Market Research Analysts: Qualification and Experience
A Product Research analyst is responsible for helping businesses determine consumer needs in relation to products or services, relative pricing and product quality. Their duties include reviewing market data to find out what's happening with related products and competitor products, writing reports to outline prospective sales and consumer engagement for a product, and using statistical software to make their calculations. Market Research Analysts are usually hired by corporations to help Product Engineers, Sales and Marketing professionals figure out their target audiences and budget for manufacturing products.
They use computer software to record market research data and convert them into charts. They may be responsible for creating polls to get feedback from consumers about their preferred products and price ranges. A market research analyst can demonstrate their professional competency by getting voluntary certification.
The Marketing Research Association offers the Professional Researcher Certification for market research analysts. Candidates need to pass a test and have at least three years of experience in marketing and opinion research to be eligible for certification. After certification, individuals need to take 20 hours of continuing education courses every two years to keep their certification.
Market Research Analysts and Data Scientists have different areas of expertise and job focus. Market Research Analysts usually have a bachelor's degree in marketing, statistics or market research. Data Scientists usually get a bachelor's degree information technology, computer science or statistics, followed by a master's degree in data science.
Market Research Analysts specialize in helping corporations identify market trends and consumer demographic to contribute to better marketing campaigns and sales. Market Research Analysts check their email and voicemail to respond to time-sensitive messages from members of the marketing, sales and production departments. They attend marketing department meetings throughout the day.