Do you keenly watch Big Boss seasons? And still manage to steal a quick look of its repeated episodes? Some audience are attracted so much to it that it becomes addictive, then they form a huge audience group whose inputs run the shows content. The reaction, likes and dislikes are all calculated and forms the basis of corresponding episodes. Nearly all of this is facilitated by market researchers. This is an attractive and rewarding field for those with the inclination for questioning the reason of things. Opportunities in the field of market research as a profession are available worldwide and need a rich indulgence in market culture and quantitative methods. Market research is well thought-out to be the highest growing professional categories today.
rnMarket Research includes collection of information and inputs regarding consumers' opinions, tastes, needs and preferences. This data is compiled through a various methods and then used by companies for decision making regarding advertising, promotion, and distribution activities. Information gathered and analyzed by market research is also helpful to find out accurately who the companies' target markets are. Market research analysts perform the day-to-day work of the marketing research industry.
rnNature of work
rnJob profile of market researchers varies from the function of field data collection to data compiling, coding and analysis as well. Market research analysts are concerned about the prospective sales of a product or service. They evaluate statistical data on past sales to forecast future sales. They congregate facts and figures on competitors and explore prices, sales, and methods of promotion and distribution.
rnMarket Research Analysts develop methods and measures to obtain the data they need. They often devise telephonic, electronic mail, or online surveys to understand and evaluate customer preferences. Some surveys are conducted as personal interviews by approaching consumers door-to-door, conducting focus group discussions, or setting up kiosks to capture data in public places such as shopping malls and trade fairs. Skilled interviewers, under the market research analyst’s track, mostly conduct the surveys.
rnAfter compiling the data, market research analysts assess them and formulate recommendations for their client or employer based on their studies. The information generated out of their analysis forms basis of various key decisions in the area of advertising and sales budgeting, marketing planning, distribution planning, pricing strategies, differential pricing in various geographical territories. Other strategic decision making areas like brand extensions, product line-stretching or pruning, opening new branches, capacity expansion and diversification of operations are also facilitated by such data analysis.
rnMarket research analysts may contribute through his inputs towards developing promotional content for sales brochures, advertising leaflets and ad films, sales strategy, and product promotional offers like sample trials and freebees.
rnResearch studies can be conducted for various agencies, organizations, businesses, rating agencies, government bodies, political parties and individual consultants as well.
rnDesired Skills in the area of market research
rnInquisitiveness, Students aspiring to pursue market research as a career should be of basic nature as inquisitive, to look after reasons and facts for certain observed trends.
rnData skills, aspirant must be good at figures and statistical operations. Knowledge of MS office, excel, powerpoint and even IBM SPSS is desirable and in fact must as these facilitate data compilation, analysis and presentation easier.
rnTeam-spirit, as research projects in companies are across huge geographies, large teams are formed to conduct surveys and studies so candidate must be a good team person who can effectively and efficiently collaborate.
rnPeople skills and Communication skills, these skills are must to collect information and deal with a variety of audience and be able to understand them thoroughly.
rnMentally agility, since this area calls for interaction with variety of target respondents and customer groups so the candidate should be of agile mindset to be able to adjust with the frequency of subject and be able to connect and articulate accordingly.
rnReady to travel; since data collection is to be done from various geographic locations and organizations so frequent traveler is suited for the profile while simultaneously skills pertaining to focus and accuracy in data entry and analysis is also needed.
rnMarket Research companies providing jobs in India
Nielson India
IMRB International
Milward Brown
RNB research
Market Xcel data matrix pvt.ltd.
IPSOS Indica research
Delphi Research Services
IDC India
Lamcon Finance and Management
Hansa Research
Market Pulse
Protech India
TNS India
Positions offered in Market Research:
Vice-President of Marketing Research: This position is one of the top-ranking position in the area of market research which is responsible for bringing client research projects to company and heads entire research functions by formulating goals and objectives of market research department of firm.
Research Director: A senior level position in the organization which holds responsibility of planning, directing and executing the entire research projects. It also deals with client interaction to understand needs and assess requirements.
Assistant Director of Research: This is an administrative position to assist the functions of director to identify resources and supervise the team of researchers.
(Senior) Project Manager: A position that calls for complete project execution responsibility by designing team and delegating responsibilities, monitoring processes.
Statistician/Data Processing Specialist: This position requires expertise in the area of data processing and analysis, requires up-to-date knowledge of all statistical tools and software to be able to process data with speed and precision.
Senior Analyst: This position has role of directly executing projects by developing research design as well as data collection and also preparation of final reports within time deadlines and the constraints of cost allocated.
Analyst: Functions at this position are designing questionnaire, data collection tools and preliminary data analysis under the supervision of senior analyst.
Junior Analyst: Executes assignments on regular basis and conducts collection and compilation of secondary data as well. His function is also associated with data presentation by coding and editing questionnaire.
Field Work Director: Job profile at this level includes identification and selection of field level personnel for data collection and training them for primary data collection activities.
rnTo go with theory, it is said that, “ every marketing decision starts with a market research and ends with a market research” so the area will keep growing in terms of career opportunities and will continue to offer ample opportunities.
rnBy-
Dr. Pallavi Chandwaskar
Asst. Professor
DR VN BRIMS