Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Market research analysts typically do the following:
Monitor and forecast marketing and sales trends
Measure the effectiveness of marketing programs and strategies
Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
Gather data on consumers, competitors, and market conditions
Analyze data using statistical software
Convert complex data and findings into understandable tables, graphs, and written reports
Prepare reports and present results to clients and management
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.