What will you do daily
As a Market Research Analyst, depending upon your specialization, your duties and responsibilities will vary. Few common duties and responsibilities are:
- You will be required to do primary and secondary research. Primary research involves collecting data by yourself whereas secondary research involves using data already available in the public domain. An example of primary research could be to find what are the factors that affect people while they buy their mobile phone. Here, research will collect data by asking questions to people. Thus, data is collected by them. An example of secondary research will be finding the relation between Delhi pollution and number of cars and bikes in the city. For this research, the researcher will take data of vehicles in Delhi in the last 10 years and the pollution level in those 10 years. All these data are already available.
- If you are working in a market research firm, you may be required to work closely with the business clients across all continents understanding the need of the client, inquiring from them about the business need and creating a research problem.
- You should be able to collect information from different sources and databases. These sources and databases can be the International Monetary Fund and similar international websites, UN websites, National databases like Census, GDP, etc.
- You will perform industry research and develop a report on different topics as required by the client’s problem.
- You will prepare reports of your findings using graphs and charts to illustrate data. You will also translate complex problems, solutions, and findings in simple language.
- You will collect and analyse data-based customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand. Some of the methods to collect primary data are interviews, survey, phone calls, observation, etc. Some of the methods to collect secondary data are: taking a government website, using IMF, UN, and other international institutes, using private consulting firm’s data, etc.