To run a company successfully one should be aware of the current market trends, the ongoing product need, the type of consumers and the demand detail persisting in the market. A market research analyst helps the companies to find out what exactly to sell, at what rates and who exactly needs it.
He is a person who involves into the detailed studies of the potential customers and conduct timely surveys for the betterment of the company. Market research analysts are high in demand in broad range of industries, government agencies, research companies and colleges as well.
If you are a Math’s genius, with much of statistic knowledge, a career of market research analyst is probably the best option for you. One can work independently, towards a focused company goal by analyzing data and preparing reports. They are experts in compiling people’s opinions and then determining the serious and potential customers. They assessed to all the surveys and prepare a detailed market related report which is very helpful for the company and its business plans.
Market research analyst can start up their career as fresher with a bachelor degree but a person with masters’ degree or a PHD in marketing or social science has a wider option and a much flourishing career in the market. One would also require an MBA in marketing for the technical positions. Professional experience is greatly valued in this field and internship programs are the best choice for students who wish to start a fruity career in marketing.
One can specialize in business administrative program as an added advantage to the market analysis career along with the required master degree or a PHD in this field of marketing. One should also have strong reasoning skills and analyzing qualities along with educational qualification.
He should be an expert in writing reports and good in communication. He should be a person who can handle loads of work and should have a good research background. A professional research certificate is a boost to the career of a market research analyst.
Employment and Job outlook
The employment of a market research analyst is notably increasing each year with more than 29% of fresher’s employed as market research analysts. They are employed in various fields in the market serving the technical, professional and scientific service industries. They are much needed in insurance companies, wholesale trade industries and in management offices as well.
All together, this is a bright career option to choose and it has an excellent job outlook as a flourishing career and is expected to highly boom in the next 5 years. According to the labour statistics, this occupation is on the pace for high growth with the minimum of education and maximum of work experience. One has to have a thorough knowledge of the local, regional and the national markets along with the updated information of the sales figures, stock, prices and different marketing methods. He should be promptly responsive to market competition.
Salary and Remuneration
When it comes to fresher or you can say graduates, they pick up a yearly salary of less than £22,000. It keeps on rising according to the growing experience and educational background. Senior posts withdraws a salary as high as £40,000 to £55,000.
Fields which pay them best are the software companies, electronic component manufacturing companies, motor vehicle manufacturing companies, etc. Analysts have a high salary when they serve these parts of the business industry. They are also handsomely paid in metropolitan cities and highly developing areas.
A market research analyst gets a lot of career enhancing opportunities in market research agencies and consultancies. One can also manage the companies, market research departments through the in-house management of its market related requirements. They have a great career with social market research or national statistic bodies. They can also apply into the national and industry based press and can also be a part of educational and governmental agencies requiring a researched data.
Your job profile also depends on your qualification and the years of experience you hold when you apply for a position in this highly competitive marketing industry. Your personal qualities and personality also counts a lot in this industry, choosing you to be smart enough for a prompt action reflecting the company’s business in the market. In short, the profile is flourishing and will flourish more and more as trend and need of the time shows.