Before proceeding into this article, you must understand the concept of marketing research first. In marketing, whenever there is a new product launched or a service is being offered, you must know that there has gone a lot of research work behind them. There has been collection of data, analysis of those data to judge and predict the benefits of both public and the company at the launch of the new product or service. Marketing research is the collective term given to all these marketing processes. It can be divided into two distinct categories. They are the consumer marketing research category and the business to business marketing research category.
The work of an employee in marketing research can be quite tedious but then at the same time can be fun and challenging. The profile of a marketing research analyst can be thrilling. He or she should hold a formal master degree in the field of business administration with specialization in marketing. There are certain things that are expected of an employee working for such a post. They have been given below precisely.
Understanding the market based economy
One has to apply his knowledge of sociology to understand the pattern and trends of market based economy. He or she should be able to interpret the behaviors of target consumers in the market. With his knowledge of statistics the employee must analyze the success of any new product or service launched for this target group. It is important to understand the elements that comprise a marketing mix can have a huge impact on the way a customer would react or respond to any new product.
Should be in a position to take strategic decisions
The employees engaged in analysis market analysis reports should be in a position to take quick and appropriate decisions when required. The decision may concern the potential chances and opportunities in these fields, market segmentation and segregation, marketing performance, implementation of marketing programs and many such fields.
Should be updated with the current scenario
A good decision can not be taken by just a good student. He or she must be in a position to evaluate current situation. He or she should be aware of all the government policies concerning the field of work at that moment. The public policies and technology developments that are taking place which can deeply affect his marketing research work are something about which he or she should be updated.
An important link has to be established by a marketing research analyst between environment and the marketing variable in order to understand the behavior of customers.
There are new challenges always waiting for the marketing research employees for their betterment and to help them grow as responsible workers. They are high paying jobs and there are many opportunities in this field.