Essential Qualifications For Market Research Analyst
Wednesday, January 26, 2011, 6:00 AM | Leave Comment
In this day and age, acquiring digital and almost instant information by companies is on the rise. For that they need Market Research Analysts (MRA) whose job is to do research on what types of products and services customers want.
Research on what types of people would purchase them and at what price. Market oriented companies build products and services based on the research that MRA has done.
MRA can also help a company in creating or modifying sales procedures and policies. Once the product or service is developed, MRA helps companies determine what types of advertising media will be most effective for selling a particular item.
They can also be involved in determining names for product. Of course, MRA must communicate well inside as well as outside the organization. They must have good written, analytical and communication skills and should be detailed oriented.
MRA Must Have Good Understanding of Marketing Mix
MRA must have a thorough understanding of the Marketing Mix – the so-called 4 P’s of Marketing. Depending on how specific the company can be about the responsibilities, MRA may or may not be involved in the the four P’s which are:
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Product
The product consists of actual physical products as well as services. MRA makes decisions about product in terms of Brand name, Functionality, Styling, Quality, Safety, Packaging, Repairs and Support, Warranty, Accessories and services.
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Price
MRA makes decisions about pricing in terms of Pricing strategy, Suggested retail price, Volume discounts and wholesale pricing, Cash and early payment discounts, Seasonal pricing, and other characteristics of pricing that MRA can think of.
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Place (Distribution)
Distribution is about getting the products to the customer. MRA makes decisions about Distribution in terms of Distribution channels, Inventory management, Warehousing, Distribution centers, Order processing, and Transportation, etc.
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Promotion
Promotion represents the various aspects of marketing communication about the product with the goal of generating a positive customer response. MRA makes decisions about promotion in terms of Promotional strategy, Advertising, Sales promotions, Public relations & publicity, and Marketing communications budget, etc.
Folks in marketing must know the 4 P’s of marketing. Without having a thorough know-how of Marketing Mix, they better not be in any discipline of Marketing, period.
Responsibilities of Market Research Analyst
Some companies may have spelled out specific responsibilities for MRA. But there are general tasks that they are supposed to know and hopefully have experience in most if not all areas. Market Research Analysts:
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Research to determine market conditions in national, regional and local areas.
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Consult with outside clients in order to understand their business goals.
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Collect data on competitors and examine competitors prices, sales, and methods of marketing and distribution.
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Perform comprehensive data analysis.
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Create and evaluate methods and procedures for gathering data.
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Other similar responsibilities which the company may get MRA involved in.
Schooling MRA May Need
Usually, an undergraduate degree in marketing and business may be sufficient. But MRA can also concentrate on finance, accounting, business and other such disciplines. Each subject will definitely help in the overall performance of designing and executing the task at hand.
Types of Industries Suitable for MRA
The top job providing sectors are:
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Advertising agencies
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Marketing research firms
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Public relations firms
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Financial services organizations
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Health-care institutions
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Public opinion polling companies
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Insurance carriers
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Computer systems design and related services
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Industrial firms and trade associations
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And a whole lot more.
List of marketing research firms
Wikipedia has list of marketing research firms in many countries including United States.
In a Nutshell
If you already have schooling in business and marketing disciplines, you may be a good candidate in securing the job of Market Research Analyst.
