Marketing Analysts - Research Paper Example

Marketing Research Analysts Has anyone ever stopped and wondered why a certain product is sitting on the shelves of certain retailers and not any other product? Who is it that decided that anyone would want to buy that particular product? Who decided the pricing strategy and who determined that marketing the product in a particular way, would be appealing to other consumers out there? Well, it is the work of market research analysts to help companies figure out what products to sell, who will purchase their products and services as well as how to promote them. For them to get all this information, they devise surveys that are used to help unearth the customer’s potential preferences. The market research analyst is elementarily responsible for the formulation of data, its interpretation, and drawing recommendations based on the findings of a research. This paper will present the key responsibilities of market research analysts as well as their educational requirements and other legal aspects related to the career. It is the responsibility of a market researcher to maintain an effective communication with clients to comprehend and document the objectives of the business. They also formulate the analysis plans that will require client sign-off. It is the task of a market research analyst to design or aid in the formulation of questionnaires and guides to ensure that only the necessary data is captured. After data are collected, it is the role of the market research analyst to conduct an in-depth analysis of the data gathered using either the traditional or the advanced methods. After this course of action is complete, the market research analyst then authors reports containing feasible recommendations. The market research analyst also makes presentations on their drafted reports, answering questions and instilling confidence in consumers. Notably, “Market research analysts work primarily in professional environments, either as independent consultants or as employees of consulting firms, corporations, or government organizations” (Pritchard). Market research analysts, “obtain consumer or employee data through one-on-one interviews, focus group meetings, questionnaires, and polls” (Pritchard). Notably, market research analysts work to ensure that companies understand their target market effectively. With the increasing need for companies to understand the needs of the customer, their psychographics, and demographics, the duties of a market research analyst come in. Practitioners in this career undertake a close analysis of the target market and identify preferences and lifestyle characteristics that determine their consumer behavior. Such information is of critical importance to companies because it determines the kind of products a company will release into the market. Accoridng to Lee and BradLow, “Analysis of market structure is a key step in the design and development of new products as well as the repositioning of existing products” (882). In other cases, market research analysts take up the duty of assessing the customer satisfaction. When companies launch products into the market, they need to understand the concerns of the customers, as well as the level of customer satisfaction. Since customer satisfaction has a direct relationship with the level of loyalty to a certain brand, companies employ market research analysts so that they can assess the level of customer satisfaction. In addition, companies need to understand the emerging market trends in their industry. Since different industries are under the influence of various factors, and numerous drivers influence the level of profitability, companies rely on market research analysts to consider the market conditions and be able to project into the future. Market research analysts engage in forecasting in order to determine the future market trends. Businesses cannot operate without an idea of what the future will bring. For this reason, market research analysts have the responsibility of tracking different markets and determining potential trends that will emerge in the future. After their research, “Analysts break down data and use reports and visual aids in order to identify particular consumer opinions, product demand, and potential avenues for improvement in product development, internal operations, design, and marketing strategy” (Pritchard). Companies have a salient need to understand their position in the market. Understanding a company’s position in the market is of critical importance since it helps the executive team to define new strategies for maintaining the position or becoming a market leader. It is impossible to get such information without the help of a market research analyst. These practitioners come into place and study different companies in the marketplace determining their financial performance as well as the percentage of sales and ranking companies operating in the same industry. Market research analysts attached to specific companies indulge in a rigorous activity of analyzing all the company’s operations and determining how they are likely to change the company’s position. Notably, all the information gathered by market research analysts is in the form of raw data that needs proper analysis and interpretation. When a market research analyst is not gathering data, he or she indulges in statistical data analysis in order to test the hypothesis developed prior to the research (Pritchard). Companies cannot benefit from raw data. Companies rely on market research analysts to interpret such data and translate it into helpful information and recommendations for the company. Companies have databases that collect customer data. However, without the help of a market research analyst, such data do not benefit the company in any way. Companies have been developing marketing and advertising strategies. However, the business world is becoming highly competitive, and companies need to be sure that their chosen markets and advertising strategies can register the desired impacts. Market research analysts take up this role and assess the efficiency of marketing and advertising strategies. Since companies spend a remarkable percentage of their income on different marketing ventures, such ventures need to translate into increased sales. Practitioners in their career give companies the assurance that their adopted marketing strategies are worthwhile in the market. When research has revealed otherwise, market research analysts advise companies to develop better marketing strategies. In order to achieve this, market research analysts focus on analyzing consumer opinions and assessing the marketing strategies as well as indulging in positive collaboration with statisticians and pollsters. It is the responsibility of a market research analyst to communicate their findings to the relevant staff members so that the information can be useful in decision-making. For this reason, market research analysts not only compile reports of their findings, but also attend staff meetings. In addition, research analysts offer advice on how the staff can develop proposals, distribution channels, and other aspects concerning the company’s operations. Marketing research analysts have a responsibility of determining the most effective pricing strategies of a company’s product (Frankel, Kothari, and Weber 58). A company’s pricing strategy can determine its success in the market. Companies cannot afford the risk of pricing their products without prior knowledge of how competing brands in the market have priced their products. It is the role of a marketing research analyst to find out what competitors are doing, analyze their sales and pricing strategies, and inform the company of the decisions to make. Market research analysts have advanced knowledge on the benefits of both qualitative and quantitative approaches and can determine the best strategy that a company should adopt when conducting research. For this reason, practitioners in this career are tasked with understanding the research question and evaluating the methodologies for data collection and data analysis. According to Lee and BradLow, “From a practical perspective, this has brought forward the “stalwarts and toolbox” of the marketing researcher, including methods such as preference data collection using conjoint analysis…” (881). After a critical analysis, market research analysts develop an effective research design that can yield valid and reliable data. Worth noting is the fact that the research design adopted in any study determines the validity and reliability of the findings. It is also the role of the market research analysts to guide interviewers and other data analysts actively involved in the research process. Many companies have recognized the value of the internet and social media in understanding the customer preferences. Many companies have a Twitter and Facebook pages with reliable data that can benefit the company. A market research analyst interprets the information available on such pages and provides the company with recommendations on how to improve the customer satisfaction. Market research analysts that do not have an affiliation with a certain company may choose to work with consulting firms such as data monitor and euro monitor (Nunan, Daniel, and Di Domenico 13). When working for such consultancy firms, the daily activities of a market research analyst involve handling queries and research questions posed by different companies. Handling such queries require proper analysis of the market trends in a client’s industry and filing reports. The market research analyst career is highly influential in the society. The career serves to guide companies and help them make critical decisions. Market research analysts provide the statistical evidence required for backup decision made by companies. Such individuals understand the needs of the society and communicate such needs to different companies. Market research analysts serve as mediators between the market and companies. They undertake rigorous research to understand the factors that determine the customer satisfaction, the expectations of customers, as well as their emerging needs. Since they provide recommendations to companies, they serve to ensure that the society’s needs are satisfied in the ends. Through the success of market research analysts, individuals have access to goods and services that they require (Nunan, Daniel, and Di Domenico 10). Companies would be unable to meet the needs of the market without the help of market research analysts. It would be completely impossible to match product features with the expectations of the target market. However, with the help of market research analysts, companies are aware of what their target market requires, and they can add value to their customers’ lives. Marketing research analyst is a career that carries massive influence. Many market analysts are often paid colossal amounts in compensations for positively identifying the products or services of a given company. Thus, this career is very lucrative because of the monetary rewards as well as the influence. A market research analyst has a massive influence on the market dynamics, which would make an individual want to become a market researcher. Notably, individuals who are interested in intriguing job responsibilities that require a high level of intelligence and statistical skills are likely to take up this career (Nunan, Daniel, and Di Domenico 4). People with a passion of understanding market trends and connecting companies to their target market pursue this career not only for its financial benefits, but also for the passion they have in the job description. According to the Bureau of Labor and Statistics (BLS), a bachelor’s degree is the standard educational requirement for a market research analyst. Pritchard highlights that, “Undergraduate courses in research methodology, rhetorical communication, statistics, psychology, and sociology are all effective building blocks for a career in market analysis”. The job also requires three to five years of experience within the market research industry. Strong critical and analytic skills are recommended (Nunan, Daniel, and Di Domenico 8). Exceptional oral, written, and presentation communication skills are also required. In addition, expertise in PowerPoint, Excel, and SAS/SPSS are imperative in this career. A masters degree is not necessary as a continuing educational requirement, but pursuing one in economics, mathematics, or statistics could prove to be vital. However, as the career becomes more involving, and market research analysts face the compulsion of interpreting complex findings, it is worthwhile to pursue further education in the statistical field. In addition, individuals can seek further understanding of consumer behavioral patterns by undertaking professional short courses (Frankel, Kothari, and Weber 46). The skills required in this career are diverse and only individuals who use every opportunity to gain more knowledge and skills are likely to be successful. It is not mandatory that a market research analyst obtains a license. Acquiring the Professional Researcher Certification (PRC) from the Marketing Research Association (MRA) will be an added advantage in experience, expertise, and provides an edge when looking for a job. Market research analysts often undertake further education courses for the renewal of their certification after every two years. Although the certification is not mandatory, an individual’s experience in the field determines one’s reputation and reliability, a factor that may determine access to opportunities in the industry (Ereaut 78). It is a legal requirement that any trusted market research analyst has no criminal backgrounds. The criminal recording process is a thorough background check on the prospective analysis before they are certified. The academic qualifications are also double-checked to make sure that the prospective market research analyst is qualified (A Career As A Market Research Analyst 66). Any contravention of these equals a disqualification. Discretion and reliability, as well as trustworthiness, are of critical importance in this career. Lack of integrity in this field may contribute to increased losses in a certain industry if companies rely on misguided information. For this reason, James advices that “its likely that the market research industry will continue to be plagued by market research reports that reflect the wishful thinking of IT vendors rather than the harsh realities of the marketplace”. Such cases can attract litigation compelling a practitioner to lose credibility. A market research analyst is undoubtedly very instrumental in swaying the market dynamics with their powerful analyzing skills. Their work, though, not widely and publicly acknowledged, affects the way consumers and companies interact by acting as the link between the two. The career is very lucrative, and individuals with the required qualifications and skills can give it a consideration. However, one must understand the demands of the job and the need for effective research and analytical skills. Students venturing into this career should seek experiential learning opportunities by seeking attachments and internship opportunities in the early days of their career. Work Cited A Career As A Market Research Analyst. Chicago, Ill. : Institute for Career Research, c2010., 2010. OhioLINK Library Catalog – LR. Web. 12 Feb. 2015. Ereaut, Gill. Analysis And Interpretation In Qualitative Market Research. London: SAGE Publications Ltd, 2002. eBook Collection (EBSCOhost). Web. 12 Feb. 2015. Frankel, Richard, S.P. Kothari, and Joseph Weber. "Determinants of The Informativeness Of Analyst Research." Journal Of Accounting And Economics 41.(2006): 29-54. ScienceDirect. Web. 12 Feb. 2015. James, Geoffrey. "A Question of Credibility." Adweek Magazines Technology Marketing 22.6 (2002): 22. MasterFILE Premier. Web. 12 Feb. 2015. Lee, Thomas Y, and Eric T BradLow. "Automated Marketing Research Using Online Customer Reviews." Journal of Marketing Research (JMR) 48.5 (2011): 881-894. Business Source Complete. Web. 12 Feb. 2015. Nunan, Daniel, and MariaLaura Di Domenico. "Market Research And The Ethics Of Big Data." International Journal of Market Research 55.4 (2013): 2-13. Business Source Complete. Web. 12 Feb. 2015. Pritchard, John. "Market Research Analyst." Salem Press Encyclopedia (2013): Research Starters. Web. 12 Feb. 2015. Read More