Market Research Analyst - Career Advice - Office and Administration

Market Research Executive
Market Research Interviewer
Pricing Analyst

Market research analysts collect, process and analyse data to assist in the marketing of products and services. Market Research Analyst determines the market for new products, develops advertising strategies and evaluates the best business sites for various types of commercial enterprises. Market research analysts examine data to identify trends and establish potential markets or sales techniques for products or services. They help companies understand what products people want, who will buy them, and at what price.

They conduct research on a topic, product or service using design surveys, questionnaires and other methods for obtaining data, and organising the dissemination and collection of these documents. They also supervise the staff who collect these documents. They may also conduct one-on-one interviews or focus groups, and undertake administrative tasks. Future Growth Very Strong

ANZSCO ID & description: 225112: Determines the market for new goods and services, develops advertising strategies, and evaluates the best business sites for commercial organisations.

Alternative Names: Analyst, Market Researcher, Insights analyst, Marketing data analyst, Product research analyst, Qualitative research assistant

Specialisations: Market Research Interviewer - assists market researchers in collecting information by speaking with people face-to-face or over the phone, and recording (on questionnaires or in reports) the answers or details given by interviewees about the market research subject.

Knowledge, skills and attributes

A market research analyst needs:

excellent maths and computer skills
an interest in consumer behaviour
good listening skills
strong written communication skills
strong analytical, conceptual and reasoning skills
organisational, planning and time management skills
the ability to design data collection mechanisms
the ability to analyse and interpret statistics and other data
creative ability to make data interesting for people who aren’t experts
accuracy and strong attention to detail
data entry skills.

Plotting influences
(Source: Workable)

Duties and Tasks

Market researchers may perform the following tasks:

devise and use surveys, questionnaires, and opinion polls to gather data and select sample groups to survey
check the quality of data gathered
collect facts from sources (such as company records) showing the total volume of sales, or from government statistics and information (such as population census data)
use relevant statistical software to analyse the data
arrange and analyse collected information
convert complex data and findings into easy-to-read tables, graphs, and written reports
interpret and predict current and future consumer trends, such as changes in tastes and lifestyles
write reports about the results of research activities
discuss information needs with clients
present results to clients and management
monitor and forecast marketing and sales trends
identify specific consumer markets for clients
measure the effectiveness of marketing programs and strategies

Working conditions

In a full-time role as a market research analyst, you would work a standard number of hours per week, with necessary overtime to meet project deadlines. You may sometimes need to work in the evenings if, for example, you were conducting a series of focus groups.

The majority of market researcher analysts are employed by marketing or market research agencies that carry out projects for different companies and industries.You would usually be based in an office with occasional travel to client meetings.

Market research analysts usually work in an office environment. They are often required to travel locally, interstate or overseas in order to meet with clients to conduct research, or to attend training or conferences. They usually work where there are large populations, such as cities so that they can gather as much data as possible, but may also be required to conduct research in regional areas from time to time.

They may also conduct online market research, which may collect data from a wider cross-section of people. Market research analysts need to be familiar with both qualitative and quantitative research methods.

Showing
(Source: Your Career)

Tools and technologies

Marketing research analysts use computers, and in particular specialist data analysis programs. They also use presentation software to create and deliver market research presentations to focus groups.

They may also use whiteboards [Interactive Whiteboards] or other audio visual presentation media. They may also use audio or video equipment to record their one-on-one interviews or focus group sessions for further analysis.

Education and training/entrance requirements

To become a market research analyst you usually need to obtain a degree in commerce or business, with a major in marketing. It is also possible for graduates of statistics, psychology, sociology, economics, behavioural sciences or computer science degrees to enter this occupation. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Most universities in Australia offer degrees in these areas.

Graduates of marketing courses may be eligible for membership of the Australian Marketing Institute or Australian Market and Social Research Society.

Employment Opportunities

Employment of market research analysts is projected to grow much faster than the average for all occupations.

Employment growth will be driven by an increased use of data and market research across all industries, to understand the needs and wants of customers, and to measure the effectiveness of marketing and business strategies.
Market researchers may work for organisations that make and market products such as cars, magazines, food, clothing, appliances and other consumer products. They may also work for radio and television networks. In recent years, government bodies have made increasing use of market research services. There are also market research firms that offer their services on a consulting basis.

New graduates sometimes take up market research interviewing jobs in order to break into this field. It is common for market researchers to have to work in the evenings or on weekends.

Market research executives advise clients on how to best use market research data to understand peoples' views on consumer products and a wide range of issues. A market research executive collects and analyses data to assess public opinion on the quality of consumer goods or on matters of interest. They normally work for government departments, advertising agencies and private businesses. Future Growth Very Strong

ANZSCO ID: 225112

Alternative names: Director of Market Research

Knowledge, skills and attributes

To become a market research executive, you would need:

excellent numeracy skills
good IT and specialist software skills and understanding of statistical data
report writing skills
accuracy and attention to detail.

Did You Know?

The market research process consists of six discrete stages or steps:

Step 1 - Articulate the research problem and objectives

Step 2 - Develop the overall research plan

Step 3 – Collect the data or information

Step 4 – Analyze the data or information

Step 5 – Present or disseminate the findings

Step 6 – Use the findings to make the decision
(Source: The Balance)

Results
(Source: The Balance)

Duties and Tasks

As a market research executive, you would:

meet with clients to understand what information they need
propose market research strategies to meet clients' needs
prepare briefs and commission research
brief interviewers and researchers
liaising with and manage survey staff
manage project budgets
moderate focus groups
monitor the progress of research projects
analyse and interpret data to identify patterns and solutions
make predictions on market trends and developments
write detailed reports on the outcomes of research for clients and management
advise clients or senior management on how to best use research findings.

Working conditions

As a market research executive you would usually work a standard number of hours per week. Depending on the type of research you do, you may work standard office hours or you may work evenings and weekends seeing clients and moderating focus groups.

The majority of market researcher executives are employed by marketing or market research agencies that carry out projects for different companies and industries.You would usually be office based with some travel to clients or when moderating focus groups.

Education and training/entrance requirements

You would become a market researcher by completing a degree in business, management or commerce with a major in marketing or market research. A degree in other relevant subjects such as statistics, sociology or economics may also be appropriate. To get into these courses you usually need to gain your senior secondary school certificate or equivalent. English and mathematics are appropriate subjects to study prior to university.

Graduates of marketing courses may qualify for membership of the Australian Marketing Institute or Australian Market and Social Research Society.

Employment Opportunities

Employment of market research executives is projected to grow much faster than the average for all occupations.

Employment growth will be driven by an increased use of data and market research across all industries, to understand the needs and wants of customers, and to measure the effectiveness of marketing and business strategies.

Market research interviewers use a set of prepared questions to interview people and gather data. A market research interviewer asks people their opinion on a range of topics; this could be on the quality or popularity of consumer goods, or on matters of public interest. They collect the answers and pass these on to companies and organisations to use. Future Growth Very Strong

ANZSCO ID: 5615

Alternative names: Market Field Interviewer,

Knowledge, skills and attributes

To become a market research interviewer, you would need:

an approachable and polite manner
excellent communication skills and knowledge of the English language
a friendly persuasive attitude
good listening skills
the ability to get on with a wide range of people
accuracy and attention to detail

Market Research Interviewer
(Source: Hap Market Research Solutions)

Duties and Tasks

As a market research interviewer, you would:

meet with management or clients to understand the aim of the project
approach people by phone, home visits or on the street
explain what the research is for and how it will be used
ask the set questions and note the answers in detail
interview your target number of people
approaching people individually or in groups (focus groups)
approaching people on the street, by telephone, by email, at home or at work
explaining to people you interview what the information will be used for
asking people questions from a list and noting down their answers
asking people to complete a questionnaire
recording the information on paper, on computer or on video
helping to prepare questionnaires and to analyse the results
using the internet to do any necessary homework beforehand
in some jobs, encouraging people to buy a particular product
organise the results and pass them back to the market research organisation.

Market research topics include:

Consumer attitudes – opinions on price, quality, after sales service and availability of goods and services. Assessing, for example, the popularity of television programmes or loyalty to a particular brand of butter. Predicting the future success of new products.

Specialist trends – such as the machinery and raw materials which factories buy in, or the medicines which doctors choose to prescribe.

Social trends – opinion on issues such as politics, unemployment, crime rates, race and sex discrimination, sources of energy, health and housing.

Working conditions

Market research interviews tend to work part-time or on temporary short-term contracts. The hours generally include evening and weekend work.

You would work in the street or other public spaces interviewing people, going door-to-door, or in a call centre or from home using a telephone. When working outdoors, you would be walking and standing for long periods, and in all types of weather.

Education and training/entrance requirements

No formal qualifications are required to become a market research interviewer. You would receive some training on the job. Your personality and communication skills would be very important in securing a role.

Employment Opportunities

Employment of market research interviewers is projected to grow much faster than the average for all occupations.

Employment growth will be driven by an increase in collection, and subsequent use, of data and market research across all industries, to understand the needs and wants of customers, and to measure the effectiveness of marketing and business strategies.

Every business, regardless of whether it offers goods or services, needs to set a price. Pricing analysts help determine what prices to set and whether current rates need adjustment. The cost of goods and services impacts audience reach and profit, making it an important part of doing business. Pricing analysts understand business trends and market values for the products and services their organizations offer. This role is essential for the success of many businesses. When a business sets the price too low, it won’t make enough profit. When it sets the price too high, it can’t maintain a consumer base. Future Growth Very Strong

Pricing analysts attempt to set a fair but competitive price for a business’s goods or services. Some pricing analysts work as contractors on specific projects, but many are full-time employees with a strong grasp of an organization’s operations. In addition to understanding the business on a high level, an in-house pricing analyst understands the company’s consumer base and suite of products and services, including upcoming releases and past successes and failures.

Finding the best price for a product or service isn’t just a shot in the dark. Pricing analysts conduct research to learn the history of the product and previous market trends. Once they have set a price, they communicate with company stakeholders and track the sales of the product or service over time, making changes to the price as necessary to maximize profit.

Pricing analysts interpret market trends, manufacturing costs, and competitor behaviour to set prices for goods and services. Pricing analysts conduct research to learn the history of the product and previous market trends. Once they have set a price, they communicate with company stakeholders and track the sales of the product or service over time, making changes to the price as necessary to maximize profit.

ANZSCO ID: 225113

Alternative names: Pricing Consultant, Pricing Specialist,

Knowledge, skills and attributes

To become a pricing analyst, you would need:

excellent maths and computer skills
the ability to analyse and interpret statistics and other data
good spoken and written communication skills
creative ability to make data interesting for people who aren’t experts
problem-solving skills
accuracy and strong attention to detail.

Pricing Analyst
(Source: Maryville University)

Duties and Tasks

As a pricing analyst, you would:

analyse manufacturing prices and breakdown of costs
monitor and forecast marketing and sales trends
understand detailed changes in the market in relation to costs, competitors and legislation
use relevant statistical software to analyse the data
review existing pricing contracts
convert complex data and findings into easy-to-read tables, graphs, and written reports
ensure integrity and quality of pricing data.

Working conditions

In a full-time role as a pricing analyst, you would work a standard number of hours per week, with necessary overtime to meet project deadlines.

The majority of pricing analysts are employed by large consumer goods or financial services businesses or market research agencies that carry out projects for different companies and industries.You would usually be based in an office with occasional travel to client meetings.

Education and training/entrance requirements

Pricing analysts typically complete a degree in market research, or in business, management or commerce with a major in marketing. A degree in other relevant subjects such as statistics, sociology, maths or economics may also be appropriate. To get into these courses you usually need to gain your senior secondary school certificate or equivalent. English and mathematics are appropriate subjects to study prior to university.

Graduates of marketing courses may qualify for membership of the Australian Marketing Institute or Australian Market and Social Research Society.

Employment Opportunities

Employment of pricing analysts is projected to grow faster than the average for all occupations.

Employment growth will be driven by an increased use of data and market research across all industries, to create more accurate pricing structures, and to measure the effectiveness of marketing and business strategies against product pricing.

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