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The Role To Be Played by The Market Analyst

by Sunanda K. Chavan on Thursday 13 January 2011, 5:46 PM | Category: Marketing| View: 488 views
 
 
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The Role To Be Played by The Market Analyst  

 

Market Research is an important field in marketing & helps lots in decision making and forecasting. The market research analyst enables companies to know what products consumers want, which consumers will purchase the company's products, and what future sales might look like. Work that a market research analyst does involves collecting data and doing analysis on data from consumer survey results, from focus groups, or from sales results for the purpose of figuring out how to market products to consumers. The market research analyst might work alone or with a research group. Often, there are deadlines that must be met and that means the job can be stressful. If you aspire to become a market research analyst, generally you will need a college degree and a post-graduate degree.

Marketing analysts often work in companies or in advertising agencies. Granted, market analysts are not limited to working in those settings. For example, market research analysts can work in insurance companies or health care settings. Or, if you become a market research analyst and if you have an interest in teaching, you could go back to school to get a Doctor of Philosophy (PhD) in business so you could have a college teaching career

One of the most active areas of research and development is found within the scientific disciplines. Many developments are based on enhancements of existing technology or concepts. Innovations in this area require years of steady work and can become quite expensive to fund. Success in this aspect of research and development does not necessarily translate into a product that can generate revenue for the company. In fact, many developments never translate into viable products.

Technology in the research and development industry typically focuses on two markets: consumer and business users. The consumer market for technology development has traditionally centered around gaming systems or entertainment products. In the past five to eight years, there has been an increased development in combination products, adding entertainment aspects to functional, communication equipment.

Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes.

Based on market research data, businesses can develop a "target audience." A target audience is a specific group of customers that has a distinct need or desire for a product or service. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing market research information, manufacturers and service providers learn where to focus their resources most effectively.

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