If you have begun exploring your career options within the field of marketing, an important question has probably crossed your mind: What is a market research analyst? By reading the information found below, you can obtain an answer to this question and several others that pertain to the field of marketing.
Marketing – The Basics
Although broadly defined, marketing is basically a process that involves communicating the value of a business’s services or products with prospective customers or existing clients. Marketing can be viewed as a type of organizational function as well as a group of processes designed to create, deliver and communicate value to customers while also managing customer relationships in a fashion that is beneficial for the organization. To make the process of selling products and services as effective as possible, marketing incorporates the use of market analysis and market segmentation to choose target markets for specific goods.
What is a Market Research Analyst?
Although broadly defined, a market research analyst is an individual who studies market conditions for the purpose of examining the potential sales of a business’s service or product. Market research analysts are very valuable to companies, because they help them understand what types of products people want, who will purchase them, and how much they will be willing to spend for the good/s.
Market Research Analyst – Work Environment
As a result of the fact that most industries make use of market research to facilitate optimal functioning, market research analysts are employed in a plethora of distinct sectors. Generally, market research analysts work full-time and during regular hours of business. In some cases, they may need to work with tight schedules or under pressure for the purpose of meeting a deadline.
How to Become a Market Research Analyst
Individuals who wish to become market research analysts need to obtain a bachelor’s degree in order to do so. Ideally, the degree should be in fields such as marketing, advertising, or communications. In many cases, the top market research analyst positions will necessitate that the job candidate have a master’s degree. To perform the job with excellence and expedience, market research analysts need to have strong analytical and math skills.
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Market Research Analysts – Job Outlook
According to the U.S. Bureau of Labor Statistics, employment for market research analysts is expected to grow by 32% between the years of 2012 and 2022. This is much faster than the national average for all vocations. The employment growth anticipated by experts will be facilitated by the increased use of market research and data as well as the recognition of the fact that understanding the needs and wants of clients plays an integral role in raising conversion rates.
Market Research Analysts-Salary
The U.S. Bureau of Labor Statistics reports that the average salary for a market research analyst in May of 2012 was $60,300. This annual income is subject to change based on a plethora of factors such as education, experience, expertise, and location.
If you are thinking about developing a career in the field of marketing, you should know that opting to become a market research analyst can help you accomplish your objective. Now that you have an answer to the question “What is a market research analyst?,” you can make an informed decision regarding whether this vocational path would be appropriate and advantageous for you.