A market research analyst is alert to the conditions, changes, and potential trends in the business market. They study what the public wants and needs then help companies decide what products to sell, the demographic to sell those products to, and the price point that would lend the most profit.
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How to Become a Market Research Analyst
A market research analyst should have a minimum of a bachelor’s degree as well with strong math and analytical skills. Some employers may prefer or require a master’s degree. While earning a bachelor’s degree, you would want to ensure you take courses in statistics, research methods, and marketing.
According to the Bureau of Labor Statistics, courses in communications and economics are also helpful.
Job Description of a Market Research Analyst
An analyst must be aggressive following trade trends in the current market and provide companies with proposals and information of the products, services, and promotions to assist management in their marketing decisions. Communication skills, computer skills, decision making and solving problems are some of the many abilities one should have to be the most effective market analyst.
Market Research Analyst Career Video Transcript
What do Super Bowl commercials, food packaging, and book jackets all have in common? None of them would be possible without market research analysts and specialists. Through the careful design of surveys, opinion polls, and questionnaires, market research analysts and specialists help determine potential sales of a product or service, or create a marketing campaign to appeal to consumers. Clients range from superstores, to nonprofits, to television networks.
Market research analysts gather data on competitors, customer demographics, consumer habits and preferences, and analyze the factors that affect product or service demand. These marketing professionals monitor and forecast sales trends, measure the effectiveness of marketing programs, and report on the results. They use photo imaging and statistical software to help convert complex data into understandable tables, graphs, and written reports.
Most have a bachelor’s degree in market research. People in this field are often results-oriented and enjoy working independently. Market specialists and analysts assess and ultimately determine the success of our favorite TV shows, packaged food, and other products as they continue to adapt with our feedback.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Market Research Analysts.
National Center for O*NET Development. 13-1161.00. O*NET OnLine.
The career video is in the public domain from the U. S. Department of Labor, Employment and Training Administration.