Market Research

Introduction

In the present day business environment, market research has become quite a significant element of business strategy. Market research involves collecting information about market and customers. All this is done in an organized way. The market research results assist the companies in taking decisions about packaging and advertisements about their products. It gathers data regarding tastes and preferences of the consumers. The present day consumers rule the market and have become competitive too. Thus to cater their rising demands, marketing intelligence too has to become sophisticated. Studies have to be made regarding constantly changing market trends, locations, requirements etc. With the help of techniques like customer analysis, risk analysis, product research and advertising research etc market research is done. Thus Market Research is becoming a very important and beneficial career option for those having interest in this field. It is in a way one of the fastest growing occupational categories at present times since opportunities in this field are global in nature.

Nature of Work

The potential sales or their services of the firms have to be seen by the Market Research Analysts. Statistical data related to the past sales is analyzed to predict the future sales. Information regarding the competitors, prices of various products and techniques concerning marketing and distribution are all looked after by these Analysts. Data is obtained by questionnaire, telephonic calls, internet surveys or direct personal interviews. Market or Marketing Research Analysts are concerned with the potential sales of a product or service. They analyze statistical data on past sales to predict future sales. They gather data on competitors and analyze prices, sales, and methods of marketing and distribution. Market Research Analysts devise methods and procedures in obtaining the data they need. They often design telephone, mail, or Internet surveys to assess consumer preferences. Some surveys are conducted as personal interviews, group discussions, or setting up booths in public places such as shopping malls. Trained interviewers conduct the surveys. Recommendations are made to their employers by these Analysts after compiling the data. Whether a new line of products has to be introduced or not, new branches should be opened or not, diversification of the company's activities should take place or not, are advised by the Market Research Analysts. Decisions regarding releasing brochures, commercial and sales plans, all are taken by them.

Designing and conduction of surveys are carried on by the Survey Researcher. Surveys are conducted for various corporations, government agencies, political candidates, and service providers. Information collected through these surveys help these organizations to make various policy decisions and budget preparations. Analysts may conduct Opinion researches are also conducted by the Market Research professionals. It helps in determining the attitude of public attitudes various matters. This may be useful for political or business leaders in assessing their public support during elections and implementation of social policies. Surveys are designed after consulting economists, statisticians, and market research analysts and data users. Surveys results are presented to the clients by the Survey Designers.

A Market Research Manager's job is to handle the team which takes parts in the survey. They help in carrying out group discussions before launching the new products in the market. All this is done with the help of specifically designed software. Conclusions drawn are then presented to the Product Manager or the Marketing Manager.

Eligibility

At the entry level in this field one needs to have an undergraduate degree of BBA from a recognized university, for which the eligibility requirement is 10+2 in any discipline. At post graduate level one can do MBA. There are Diploma and P.G Diploma courses available too. The entry level jobs available in this field are Operational Supervisor and Assistant Project Manager for which the requirement is a BBA degree. Those with MBA and PhD are taken as Project Managers.

Personal Attributes

These professionals should have:

  • Good communication skills
  • Good analytical skills
  • Creative ability
  • Salesmanship
  • Ability to work for long hours
  • Good in handling data
  • Team oriented spirit

Career Prospects and Growth

These professionals can find employment in professional, scientific, and technical services firms, technical consulting firms, and research and development firms etc. They can also work for State government and internet service providers and web search portals. They can settle down in self employment as well. 50,000 jobs in 2008 in India were held by Survey Researchers. This shows that there is an ample scope in this field.

Market Research companies providing jobs In India:

  • Cross Tab
  • Delphi Research Services
  • Diksha Research
  • IMRB International
  • Lamcon Finance & Management
  • Market Pulse
  • Nielson India
  • Protech India
  • Rural Relations
  • Rushabh Direct Marketing
  • Sampling Research
  • Samsika Marketing Consultants
  • TNS India

Positions available:

  • Vice-President of Marketing Research: he is responsible for the whole range of marketing research operation of the company. He also lays down objectives and goals of the marketing, research department.
  • Research Director: He has to look after the development and execution of all the marketing research projects.
  • Assistant Director of Research: He looks after the administration and supervises the research work.
  • (Senior) Project Manager: He designs, implants and manages the projects.
  • Statistician/Data Processing Specialist: He looks after the statistical techniques used. Also handles experimental designing, data processing, and analysis.
  • Senior Analyst: He helps in development of the projects and directing them. Prepares the final report. Sets meeting time and looks after cost constraints.
  • Analyst: Designing and pretesting the questionnaires while conducting a preliminary analysis of the data.
  • Junior Analyst: Handles secondary data analysis, editing and coding of questionnaires, and simple statistical analysis.
  • Field Work Director: Helps in selection, training, supervision, and evaluation of interviewers and other field workers.

Institutes

Some of the institutes that offer course in market research in India are:

  • Apeejay School of Marketing (Delhi)
  • R.A. Podar Institute of Management (Jaipur)
  • IIMs (Ahmedabad Bangalore, Kolkata, Lucknow and Indore)
  • Jamnalal Bajaj Institute of Management Studies
  • S. P Jain Institute of Management and Research

Remunerations

Market Researchers get a good pay package in our country. Those with masters and doctorate degrees, earn a huge amount. Entry level jobs may not be paying much. It may be around Rs10,000 to Rs12,000 per month. MBA's can earn around Rs25,000 a month. Remuneration can increase with the increase in experience.

Author

The article has been contributed by Ms. Abha Kheterpal. She has been an educationist for past 15 year. She has three masters degrees with her: M.A. in English, M.A Economics and M.Sc Psychotherapy & Counseling and being diverse in her interests, she also holds a Diploma in Computer and Software Applications. She is also a freelance writer with Jagaran Publications. She regularly contributes Career Related articles on CareerAge.com and does Career Counseling.

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