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Market Research

Definition:

The Market Research Analyst is principally responsible for collecting and interpreting data from primary and secondary research and is expected to generate relevant insight from a customer, prospect, and consumer, competitive and market viewpoint to support a given product or a project and company’s business development, marketing and strategic efforts. The Market Research Analyst applies qualitative and quantitative techniques to interpret the data and produce reports. EDUCATION:: B.A. /B.S. preferably in social science (e.g., Psychology, Sociology, Anthropology). Course work in Statistics, ROI analysis, Presentations, Consumer Insights etc. is helpful in gaining foothold into these roles. You need to be comfortable working with statistical software packages to do quantitative analysis. Some positions may require MBA.

Typical Day In The Life of a Professional – DILO:

This is a fictitious calendar and is meant to give an idea of the different tasks that the professional performs and different people that the professional needs to coordinate with. This may differ from organization to organization and context.

Context For DILO:

Context: A market researcher working on a mass consumer based project that is in trial phase.

DILO Calendar:

Time Activity
9:00 am – 11:00 am Review the data on market trends. Prepare trend report. Identify the areas that need further research. Prepare the questionnaire for the proposed survey. Submit the survey questionnaire to the vendor to carry out the same.
11: 00 am – 12:30 pm Moderate a focus group study. Prepare the report based on the findings from the study with suggestions on feature improvements.
1:00 pm – 3:00 pm Analyze and interpret data to identify patterns and solutions including surveys and focus group transcripts. Write detailed reports and present results to the product team.
3:00 pm – 5:00 pm Meeting with the customer. Present the findings from the research. Explain actionable recommendations. Obtain client sign off on the report.

Career Ladder Disclaimer:

Exact ladder may change from organization to organization, but below is a typical path. Note. These are roles. Not necessarily titles in an organization. Titles amy differ for the same role based on the customer facing needs of the organization.

Typical Career Ladder:

MarketResearch_CareerLadder

Certifications:

Certification Description Career Level Certifying Body
PRC Professional Researcher Certification Practitioner and Expert MRA (Market Research Association)
CMRA Certified market Research Analyst Beginner IIMRA(International Institute of Market Research and Analytics)

Associations and Groups:

Association Description More Info
MRS Market Research Society MRS
IIMRA International Institute of Market research and Analytics IIMRA
MRA Market Research Association Marketing Research Organisation
SMEI Sales and Marketing Professional Association SMEI

Market Research Tools:

Tool Purpose More info
Google Insights Databoard The Databoard lets you explore insights from Google research studies, share them with others, and create your own custom infographics. Databoard
Business Dynamics Statistics The Business Dynamics Statistics (BDS) provides annual measures of business dynamics (such as job creation and destruction, establishment births and deaths, and firm startups and shutdowns) for the economy and aggregated by establishment and firm characteristics. The BDS is created from the Longitudinal Business Database (LBD), a confidential database available to qualified researchers through secure Census Bureau Research Data Centers. The use of the LBD as its source data permits tracking establishments and firms over time. BDS
SurveyMonkey SurveyMonkey is a powerful tool for creating in-depth surveys that will help you understand the market and consumer preferences. SurveyMonkey

Market Research Methods:

Method Description
Primary Research Surveys, focus groups, interviews, observations, experiments, field trials
Secondary Research Secondary research basically based on using the existing data which many times happen to be free and can be done quickly and helps in identifying the areas where primary research needs to focus on. Secondary data could be Census data, Wikipedia, industry reports and much more.

Market Research Experts:

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