Becoming a market research analyst involves earning your on-campus or online bachelor’s degree. A degree in a business discipline with an emphasis on marketing, mathematics or statistics will prepare you for a career as a market researcher or market research analyst.
Related Market Research Analyst Programs
What does a market research analyst do?
The main responsibility of a market research analyst is to gather information on what people want. They do that by developing surveys, sending them out to the desired demographics, and tabulating and interpreting the responses.
The information is used to help companies understand what types of products people want, who will buy them and for what price.
The duties of a market researcher include developing methods for obtaining the data they need. They so this by designing surveys so they accurately reflect consumer preferences. Data gathering is done by several methods including:
• The Internet
• Telephone
• Focus Groups
• Direct Mail Responses
• Email Response
• One on one interviews
The data collected provides companies what they need to help make promotion and distribution decisions. It assists them with the design of products and services they sell. For example, ready to cook meals resulted from the public’s demand for convenience in food preparation.
Market research analysts may also help design advertising brochures and materials.
What kind of education does a market research analyst need?
To be an effective market research analyst, a good grasp of quantitative skills is required. For example, coursework would include:
• Mathematics
• Statistics
• Sampling Theory and Survey Design
• Computer Science
• Marketing
A detail oriented, analytical approach to business is essential to be successful as a market research analyst.
Market researchers often earn advanced degrees in business, statistics communications and marketing.
How much does a market research analyst earn?
Bureau of Labor Statistics suggest that median annual salaries for market research analysts are at around $61,070.
Where can a market research analyst work?
The industries that employ the most market researchers include scientific, management and technical consulting services, food and drug companies, insurance carriers and computer systems design and related services firms.