Applications of Market Research
Organizations use market research to understand prospective customers, their habits, and their tastes. Researchers also study organizations’ existing customers and their satisfaction levels. In addition, market research is used to study competitors, their products, and their services. Organizations also periodically conduct extensive research on markets.
Market research is used in the areas of FMCG products, consumer durables, industrial products, services, and even charities and government services.
Work Profile of Market Researchers
Researchers often do the following work:
- Plan research and analysis methods, often in consultation with experts
- Conduct surveys through personal or telephone interviews, go door to door, and conduct focus-group discussions
- Gather statistical data on competitors and examine prices, sales, marketing, and distribution methods
- Scan and interpret information and determine its relevance to clients’ businesses
- Make recommendations to clients based on the findings
- Interest in people and their behaviors
- Strong interpersonal skills and the ability to quickly establish rapport with people
- Multicultural sensitivity and awareness of social customs
- Good interviewing techniques
- Business awareness
- Computer and technical skills
- Analytical ability
- Good organizational skills and the ability to meet deadlines
- The ability to work with large databases and marketing messages
- The ability to synthesize and quickly see the implications and applications of data
- The ability to work with IT specialists, statisticians, and surveyors
- The ability to draw conclusions, present findings, and make recommendations
- The ability to absorb and process vast amounts of data
- The ability to detect patterns and discrepancies
- The ability to work as part of a team
- Integrity when working with sensitive and confidential material
According to a U.S. Labor Bureau report, market research analysts held approximately 190,000 jobs in 2004, and their median annual earnings were $56,140. Candidates with Ph.D.s or masters degrees in marketing or related fields had the best job opportunities.
