Market Research Analysts Job Description

Market Research Analysts Job Description and Profile

The job of a market research analyst is to gather and analyze the situation of the market and make recommendations in order to improve the performance of the company. A market research analyst plays an important role in policy making by providing useful feedback regarding market situation. The job requires intense observation and analysis skills. The market for market research analysts is huge.

Market Research Analysts Duties and Responsibilities

• Meeting with clients and understanding their requirements
• Analyzing the general requirements of the customer base
• Gathering information that can provide an insight into existing market conditions
• Planning operations such as surveys and creation of questionnaires and guides to assess market situation
• Preparing reports based on analysis of market conditions and presenting the same to company executives
• Answering questions and clarifying doubts of executives with regard to the most feasible and profitable policies for growth
• Making predictions and forecasts about market situations and suggesting the best course of action that the company should take
• Identifying market factors that influence profitability and making recommendations on optimizing them
• Based on the market situation, plan how, where and when to sell products for maximum benefits
• Carrying out market feasibility study
• Meeting with research and development teams and marketing teams for optimum use of marketing facilities

Market Research Analysts Education, Training and Qualifications

A market research analyst has to be trained in analysis and understanding market scenario. Bachelor’s in sales and marketing in the recommended field of study. However, bachelor degrees in economics, statistics and mathematics along with courses in sales and management are also very useful. Being adept at the use of relevant software and computer applications is necessary.

Market Research Analysts Degrees, Courses & Certification

While a bachelor’s degree in sales and marketing is sufficient for entry level job, a master’s degree in business administration is the much preferred degree. Experience of work in sales and marketing for 3 years is necessary.

Market Research Analysts Skills and Specifications

• Excellent communication skills, both in writing and verbally
• Excellent observation and analysis skills
• Excellent knowledge regarding changes in market trends
• Ability to grasp the changing trends of the market
• Good troubleshooting and problem solving skills
• The most important skill is strong decision making ability
• Strong knowledge in computer applications, statistics and mathematics

Market Research Analysts‘s Salary/Wage

The salary of a market analyst can range between $55,000 and $120,000 per annum.

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Marketing Analysis