Market Research Analyst Job Descriptions

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A company, when manufactures some product and plans to release it in the market, it has to conduct detailed analysis of the market for various reasons. Even after the release of the product there are many other companies that can compete. Hence, the process of market analysis is an on-going process provides the necessary statistics to the company which the company can use and survive the competition offered by other companies. They should regularly upgrade their products, marketing strategies and sales target according to the changes in the market. The research that is done to provide the statistical data to the companies is done by the market research analyst. To know more about a market research analyst job description, read further.

The research data collected by the market research analysts is used by the company for various purposes and this helps in future planning of the company as well. Here are some of the primary and secondary duties of the market research analysts.

Primary Duties of Market Research Analysts

• Collect quantitative and qualitative statistics from the market and process this data to generate reports to be used by the company
• Sometimes market research analysts themselves derive conclusions from the data that they collect and sometimes they hand it to the authorized personnel in the company
• Look for the changing trends, competition and opportunities in the market
• Conduct surveys through mails and personally, design questionnaires and help in up-grading marketing strategies to increase sales and profit of the company
• Interpret the information collected, with the internal and external resources
• Find out merits and demerits of the company against the company by performing SWOT (strength, weakness, opportunity and threats)

Secondary Duties of the Market Research Analysts

• Giving presentation to the companies and help them in interpretation of the data and the conclusions derived
• Recording the work by generating reports in the spreadsheets, word documents, etc., and maintaining a copy for reference
• Answering the questions raised by the managers and the employees of the company and helping them in finding out key points from the generated reports
• Assist juniors in market research techniques as well and provide training to them if necessary

Skills Required by Market Research Analysts

• Must possess excellent marketing and researching skills and should be aware of the changing market trends
• He should have excellent communication skills and should be able to pay attention towards the details
• Excellent presentation skills, innovative, strategic planner and ability to work in fast paced work environment
• Should be enthusiastic and updated with the changing trends and business approach
• Problem solving and decisions making skills and ability to create a positive atmosphere
• Excellent understanding of the marketing strategies, and advertising media

Educational Qualifications Required for Market Research Analysts

Market research analysts should have completed master's degree or bachelor's degree in Business Administration and specialize in any traits such as marketing, sales, manufacturing, etc. They should also have working experience in any of the relevant fields that can help them in researching and market analysis. Some small companies also hire people having degree in any other relevant field who have knowledge of researching and market trends and interested in this profile.

Salaries Offered to Market Research Analysts

A market research analyst may earn around $61,000 to $100,000 per annum depending upon his experience and skills. Salary also varies depending upon the state in which they are working.

There are some companies that provide market research services to the companies while some companies have their own market research analyst.