Define Market Research Analyst
Market research represents one of the most important activities for any business. A market research analyst helps minimize risk and discovers potential opportunities for a company by gathering and evaluating data about consumers' needs and preferences for products or services. Research may vary by market, but will typically focus on competitors, target market, supply and demand and business requirements. Executives use this data to make critical business decisions.
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Responsibilities
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A market research analyst conducts primary and secondary research prior to a new product or service launch, venture into a new market or other specified project. This individual then analyzes and summarizes that data into one comprehensive report. Market research analysts collect market intelligence on competitors and regularly evaluate their industry for conditions and changes. They may need to travel on a limited to moderate basis to conduct research, focus groups or interviews.
Skills
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This position requires strong quantitative and critical thinking skills, along with the ability to understand surveys. Market research analysts must be able to use logic and reasoning to identify a company's strengths and weaknesses and possess strong statistical and mathematical problem-solving skills. A marketing research analyst should have strong written and oral communication skills to effectively convey information. Analysts in this field need the capacity to work well under pressure for deadlines, tight schedules and heavy workloads.
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Education
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Market research analysts commonly hold a bachelor's degree in marketing, business administration, statistics, mathematics or communication. A bachelor's degree qualifies a graduate for an entry level position, but these professionals benefit from earning a master's or doctorate degree, which is required for management, technical or teaching positions. Those in the field should keep skills fresh through learning the most up-to-date techniques for conducting research by attending university courses or seminars.
Salary
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Market research analysts earned a median salary of $61,000 a year in May 2008, according to the Bureau of Labor Statistics. Salaries for the middle 50 percent of earners ranged from $43,990 to $85,510. The top 10 percent of earners in this field made more than $112,000 per year. A slight fluctuation in the salary occurs depending on the industry. Companies in industries of computer system design and manufacturers tend to pay higher and employ a larger number of market research analysts than advertising or public relation firms.
Career Advancement
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Employment opportunities in this field are expected to grow about 28 percent from 2008 to 2018, according to the Bureau of Labor Statistics. That's a faster than average projected growth rate. Those who hold bachelor degrees may experience more competition for jobs. Advancement depends on degree level and experience, with better technical positions going to those with a master's or doctorate degree. Market research analysts usually begin their career assisting in conducting surveys and interviews. Superior positions can lead to sole responsibility for designing research projects, managing a team of analysts or teaching in academia.
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References
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- Photo Credit focus image by Andrey Kiselev from Fotolia.com
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