MARKET RESEARCH ANALYST  

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.  

NATURE OF THE OCCUPATION

Market-Research Analysts may:

Establish research methods and design formats for data gathering and analysis  

Collect data on products or services and consumers' needs and tastes, purchasing power, and buying habits  

Check consumer reaction to new or improved products or services  

Develop and implement procedures for identifying advertising needs  

Measure the effectiveness of advertising methods and other marketing  

strategies  

Gather data on competitors' products, services, and locations and analyze their marketing methods and strategies  

Analyze data to forecast marketing trends and to identify potential markets  

Determine what actions should be taken to improve products or services and aid sales and distribution  

Translate complex numerical data into non-technical writing  

Prepare reports of surveys and research studies in written, graphic, pictorial, and tabular forms  

Attend staff conferences to submit findings and proposals to management for consideration  

Equipment and work aids used may include:

OCCUPATIONAL SPECIALTIES

Market-Research Analysts may specialize in these areas:

050.067-014 MARKET-RESEARCH ANALYSTS in develop research data and generally specialize in one or more areas such as data collection, analysis, presentation, or consultation. They may also use their knowledge and skills to conduct research in areas not directly involving the marketing of products, services, or retail business site locations. Those projects include social research studies for government program planning and other purposes; attitude and opinion polls for use in political campaigns; and market assessments to identify potential contributors for fundraising activities.  

Market-Research Analysts who commission research studies and other services for their firms are also usually responsible for all aspects of marketing research as in-house specialists. They may also work in areas such as product planning, which combines knowledge in product design, engineering, or other technical fields with marketing research.  

Market-Research Analysts work under a variety of titles such as Store Location Analyst, Site Evaluation Analyst, Advertising Copy Research Analyst, Marketing Assessment Director, Marketing Technical Support Representative, New Product Planner, Public Opinion Analyst or Media Analyst.  

In addition to learning about these specialties, you may also find it helpful to explore the following MOIScripts:  

WORKING CONDITIONS AND REQUIREMENTS

Market-Research Analysts usually work on a research team with statisticians, motivational research specialists who design survey questions, pollsters, interviewers, data processing specialists, and a great variety of other personnel.  

Working conditions of Market-Research Analysts are generally the same as those of other professionals who work in offices. Their surroundings are well lighted and comfortably heated or air-conditioned.  

Market-Research Analysts generally work an 8 to 5, 40-hour week. However, they are expected to work as many overtime hours as necessary to complete their assignments when under pressure to meet deadlines, tight schedules, and heavy workloads. Analysts who work as independent consultants have varied and flexible hours. Travel is frequently involved in marketing research projects.  

Membership in professional associations is not required, but many Market-Research Analysts join at least one to keep up with developments in their field. These associations include The American Marketing Association, The Media Research Directors Association, The Marketing Research Association, and The American Association for Public Opinion Research. Association members must pay periodic dues.  

You Should Prefer:

• Activities concerned with people and communication of information  

• Activities of a technical nature  

• Activities of an unusual, indefinite nature  

• Using creative imagination  

You Should Be Able To:

• Reason logically and abstractly  

• Have agreeable working relationships with others  

• Deal with people beyond giving and receiving instructions  

• Work well under pressure to meet deadlines  

• Communicate effectively in speech and writing  

• Make decisions by personal judgment or based on data  

• Understand mathematical and statistical methods  

• Perform arithmetic operations quickly and accurately  

• See details and spot errors in written materials, charts, or tables  

Math Problem You Should Be Able to Solve:

XYC is a manufacturer of word processors currently being marketed in six large metropolitan areas throughout the country. Six office equipment distributors were contacted to sell the XYC work processors, with each distributor having total selling responsibility in their own metropolitan area. The number of word processors sold last year by each distributors and the number of salespersons employed last year by each distributor were: 90 and 8; 60 and 5; 30 and 4; 80 and 10; 40 and 2; 60 and 7. Calculate the correlation between units sold and the number of salespersons employed.  

Reading Example You Should Be Able to Read and Comprehend:

Various marketing research terminologies and procedures, such as correlation analysis, cross-tabulation, assessor model, factor analysis, nonprobablity sampling, market segments, random sampling, tachistoscope.  

Writing Example You Should Be Able to Produce:

Develop a research design to provide a demand estimate for a new product -- a plastic umbrella that folds behind the handlebars of a bicycle when not in use.  

Thinking Skill You Should Be Able to Demonstrate:

Excellent analytical skills, organizational skills, and be detail oriented in researching market conditions and organizing data.  

At least a bachelor's degree with a major in economics, (geography especially marketing geography) or business administration (marketing) is required and many high level positions require graduate study. Specialized skills in computer technology or in technical areas related to particular products or services may also be required. An increasing number of marketing research positions in manufacturing call for a bachelor's degree in engineering or other technical areas with graduate study in business administration. A doctoral degree is required for college teaching.  

EDUCATION AND PREPARATION OPPORTUNITIES   

NOTE: A Bachelor's Degree (four years of study beyond high school) or a Master's Degree (five to six years of study beyond high school) or a Professional Degree or Doctorate (seven to ten years of study beyond high school) may qualify a person for this occupation.

The following education and preparation opportunities are helpful in preparing for occupations in the MOIScript:  

***SCHOOL SUBJECTS***

0600 BUSINESS , 0700 CAREERS , 0900 COMMUNICATIONS , 1000 COMPUTERS , 1100 ECONOMICS , 1300 ENGLISH , 1600 FOREIGN LANGUAGE , 2200 MATH , 3000 SOCIAL STUDIES , 3100 STUDY & WORK OPTIONS

***VOCATIONAL EDUCATION PROGRAMS***

There are no Vocational Education Programs related to this MOIScript  

***POSTSECONDARY PROGRAMS***

025 BUSINESS MANAGEMENT & ADMIN.

Programs in Business Management and Administration provide opportunities to gain the knowledge and skills needed for employment in a  

leadership role in business. Individuals who teach business at the secondary school level must have a Michigan Teaching Certificate.

Courses within programs will vary but may include:

049 ECONOMICS

Programs in Economics provide opportunities to gain the knowledge and skills needed for employment applying economic theory and interpreting economic data. Employment may be found in business, industry, government, or education. Individuals who teach Economics at the secondary school level must have a Michigan Teaching Certificate.  

Courses vary but may be offered in the following areas:

  Search for a College and/or Instructional Program

***APPRENTICESHIP OPPORTUNITIES***

There are no Apprenticeships related to this MOIScript  

***MILITARY TRAINING PROGRAMS***

There are no Military Programs related to this MOIScript  

    E-Learning Courses and Programs    

OPPORTUNITIES FOR EXPERIENCE AND METHODS OF ENTRY

Opportunities for experience are few. High school students may obtain some experience in the field of marketing by participating in Junior Achievement programs. Postsecondary programs in business management and administration and economics may offer opportunities for experience. College students may be able to participate in marketing research projects for universities, the government, business firms, and other employers or complete market research internships as part of their training. Summer or part-time business work may offer opportunities to study some of the problems of research.  

            School-to-Work opportunities include:

informal apprenticeships  

mentorships  

job shadowing experiences  

touring a local Market-Research Analyst employer  

internships  

volunteer work with a Market-Research Analyst employer  

community service work with an agency  

Methods of entry include direct application to market research firms and other employers. College placement office personnel may assist in finding a job. Newspapers and professional publications, such as the biweekly "Marketing News," list openings for Market-Research Analysts. In addition, you should access and search the Internet's on-line employment services sites such as:    

Michigan Talent Bank ( http://www.michworks.org/mtb/user/MTB_EMPL.EntryMainPage )  

America's Job Bank ( http://www.ajb.dni.us )  

American Marketing Assoc. Career Center ( http://www.ama.org/jobs )  

JobOptions ( http://ww1.joboptions.com/jo_main/index.jsp )  

MONSTER.COM ( http://www.monster.com )  

Michigan Dept. of Career Development ( http://www.michigan.gov/mdcd )

Michigan Works! ( http://www.michiganworks.org )  

            You should also enter an electronic resume on these on-line services.

EARNINGS AND ADVANCEMENT

The earnings of Market-Research Analysts depend on their type of work, amount of training and experience, level of education, and the type, size, and location of the employer. Large corporations in industrial/defense production and independent research agencies generally pay the highest salaries.  

Nationally (early 2002), Junior Market-Research Analysts earned annual salaries of $37,300. Experienced Market-Research Analysts earned an average annual salary of $44,400, while those in supervisory positions averaged $72,100 in early 2002. Market research managers average $74,400 per year in 2001. The median yearly earnings of  "all" workers in the U.S. were $31,044 in 2001.  

In late 2001, graduates with bachelor's degrees in business administration (B.B.A.'s), with a marketing emphasis, were offered starting annual salaries ranging from $30,000 to $40,000. Those with master's degrees in business administration (MBAs)/marketing were offered starting salaries averaging $48,833 per year (late 2001).  

In Michigan, in 2001, experienced Market Research Analysts earned average salaries of $39,300. Recent graduates (2001) of a marketing program at one Michigan college were offered average salaries of  $45,341 with a bachelor's degree.  

Most Market-Research Analysts receive paid vacations and holidays; life, accident and disability insurance; retirement plans; and other benefits, such as tuition reimbursement for approved training programs and membership fees for professional organizations. Some employers may also offer savings and stock investment plans.  

Market-Research Analysts with bachelor's degrees in business administration geography, or marketing usually start as junior Analysts, research assistants, or management trainees. After completing graduate studies or demonstrating the ability to handle more difficult assignments, Analysts may advance to positions as research project leaders, supervisors, or consultants. Market-Research Analysts often advance in both level of responsibility and earnings by moving from one firm to another several times during the course of their careers. Most Analysts complete comprehensive on-the-job training programs that include experience in such areas as production, sales, and purchasing.  

This broad background, along with skills gained from supervising research projects, prepares many Analysts for top-level managerial positions.  

EMPLOYMENT AND OUTLOOK

There were approximately 80,200 Economists, which includes Marketing Research Analysts, employed nationally in 2000. About 9.3% of all Marketing Research Analysts were self-employed  

Employment is expected to increase faster then the average for all occupations through the year 2010. As increased demand for new or improved products and services, as well as changes in location strategies of retail and fast food establishments occur, the demand for Market-Research Analysts will grow. Opportunities will be best for applicants with graduate training in marketing research, statistics, economics, or computer science.  

About 1,350 Market-Research Analysts are employed in Michigan. Most worked in or near metropolitan areas for large manufacturing companies, advertising agencies, advertising departments of commercial and cable television, radio, newspaper, and other media businesses. Others were employed by independent research organizations that provide a great variety of business services including retail site evaluation and location strategies, and by data processing firms. Still others worked for financial institutions, engineering and architectural services firms, major retail corporations, government agencies, public utility companies, and university research centers. A few were self-employed as consultants.  

Employment of Market-Research Analysts is expected to grow more slowly than the average for all occupations through the year 2008. However, because of the very low employment total, less than 40 annual openings are expected due to growth as well as the need to replace Analysts who retire or leave the labor force for other reasons. Additional openings will occur as workers change jobs or occupations.  

Employment opportunities for Market-Research Analysts arise as new products and services are developed. However, an overall demand for marketing services decreases in periods of slow economic growth. This is offset, to some extent, by increased competition in shrinking consumer and industrial markets.  

As techniques improve and statistical data accumulate, more employers are likely to rely on marketing research data. Opportunities are best for Analysts with advanced degrees and specialized skills in such areas as computers and telecommunications. Marketing research opportunities should expand also for persons trained as statisticians, economists, psychologists, geographers and other social scientists with extensive research backgrounds.  

MICHIGAN'S EMPLOYMENT OUTLOOK TO 2008  

SOURCES OF ADDITIONAL INFORMATION

Printed Occupational information is available upon written request from the sources below.  

SUMMARY PROFILE

The occupation of Market-Research Analyst can be summarized by the following:

Copyright © 2003 Michigan Department of Career Development