Research market conditions in local, regional, or national areas, or gather information to determine potential sales of a product or service, or create a marketing campaign. May gather information on competitors, prices, sales, and methods of marketing and distribution.
What you can expect to experience while on the job
Employment of market research analysts is projected to grow 23 percent from 2016 to 2026, much faster than the average for all occupations. Employment growth will be driven by an increasing use of data and market research across all industries. They will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand. Market research provides companies and organizations with an opportunity to increase sales and cut costs. Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population. Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing companies to build an advantage over their competitors. They may use research to decide the location of stores, placement of products, and services offered. The increase in the collection and analyses of “big data”—extremely large sets of information, such as social media comments or online product reviews— can provide insight on consumer behaviors and preferences. Businesses will need market research analysts to conduct analyses of the data and information.Read More
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