A market researcher has to design data collection methods either a questionnaire or an interview guide, manage the collection of data or information and analyze the information and present to the client.
Market researchers are applied consumer behavioral analysts who combine quantitative data with their understanding of how markets work to better promote a product. They gauge the success of a product using tools like statistical analysis packages, surveys, focus groups and new product tests.
The market research industry in India is scaling the growth chart at an unbelievable rate. The market is currently growing at about 30%. The growth is fuelled by research done for domestic companies as well as works done on international research and outsourcing. The biggest growth areas are research for services â€“ financial, travel and hospitalityâ€”as well as social research.
Work as a market researcher is interesting and lucrative. The field is booming. With ever-improving data from places such as supermarket scanners and the Internet, there is no doubt that this field has a bright future. A market researcher has to design data collection methods either a questionnaire or an interview guide, manage the collection of data or information and analyze the information and present to the client.
A research is basically done either to find out how a product is faring or to find out if there is any scope for launching a new product and study the market trend says a COO of a leading market research agency. So the job of a market research executive is to meet with respondents, collect information, accumulate data and prepare report. He goes on to add, â€œBut if you are in the outsourcing research sector, you will get ready information in hand, one has to analyze the information provided and files a report.â€?
Good with Data
Market Research Analysts research market conditions by collecting, organizing and interpreting data from local, regional, national, or other areas to determine potential sales of a product, service, or retail facilities.
Market researchers usually work on a research team with statisticians, motivational research specialists who design survey questions, pollsters, interviewers, IT specialists and a variety of others.
The growth largely depends on the Individual but typically a person undergoes on the job training for the first couple of years. After five-six years the person is given a certain amount of business responsibility.
If a person has started career from the field, in a few years (four-five years) time he could be leading a team of market research executives. From thereon, commensurate with experience he could also get involved in designing survey research projects, deciding the methodology, developing the questionnaire, supervising the fieldwork and analyzing data and then finally making recommendations to the client based on insights drawn from the survey.
If the market researcher gets into the client servicing side, in about nine years time, he could be easily heading a business unit, a sector or a specific client.
The above potential for a market researcher highlights the importance of market research for any industry or business which is directly linked with its growth or strategy.