Market Research Career Profile and Description
A market research analyst or a professional is an important asset to an organization. The professionals effectively utilize the various research tools and techniques in order to analyze both the customer and the business opportunity information.
They manage all the major activities throughout the sales life cycle. As the research analysts are required to gather and interpret data on a regular basis, they should have strong analytical skills and they should be familiar with a diverse range of research sources.
Market Research Duties and Responsibilities
The tasks that are to be accomplished by a market research professional are as follows:
- Designing and implementing various research initiatives in favor of the marketing decisions.
- Managing the primary research projects in order to meet the specific business objectives.
- Maintaining various databases and generating reports.
- Generating new business leads and monitoring the industry statistics periodically.
- Designing and implementing the customer research processes.
- Supporting the internal units in marketing research and analysis.
- Forecasting the market trends by analyzing the collected data.
- Developing project tracking systems.
- Working with internal and external partners to obtain information for research.
Market Research Skills and Specifications
The basic skills and requirements are:
- Highly motivated with a strong work ethic.
- Effective organizational and communication skills.
- Effective time management skills.
- Able to do multitasking and to work under pressurized conditions.
- Good presentation skills.
- Proficient in basic computer skills and software.
- Ability to communicate well with the senior management.
Market Research Education and Qualification
The required educational qualifications are as follows:
- Master’s degree or Bachelor’s degree in Business/Marketing/ Economics/ Statistics/Market Research preferable.
- Good understanding of the statistical concepts preferred.
- Experience in International market analysis is a plus.
- Experience in developing metrics preferred.
Market Research Salary
The average salary of a market research analyst ranges from $41,337 to $61,681. After gaining a certain level of experience, the research analysts can earn from $63,915 to $86,500 per year.