Skip Nav

Market Research Analysts

What is 'Market Research'

❶Market research may be conducted by the company itself or by a third-party company that specializes in the market research field.

Additional Perspectives on Conducting Market Research

BREAKING DOWN 'Market Research'
What They Do
Work Environment

Tell them how you would want your program to be seen its positioning. Ask them what they think. One of the best ways to make this conclusion is to conduct an evaluation. An evaluation often includes the use of various data collection methods, usually several of them, for example, observing clients, interviewing them, administrating questionnaires with them, developing some case studies, and, ideally, conducting a product field test, or pilot.

One of the best ways to make this conclusion is to evaluate the results of the advertising. This could include use of several data collection methods among your clients, such as observing clients, interviewing them, administrating questionnaires with them, developing some case studies.

To plan your market research, see Business Research. Far too often, we think we know what our customers think and want because -- well, we just know, that's all. Businesses can't be successful if they don't continue to meet the needs of their customers.

There should be few activities as important as finding out what your customers want for products and services and finding out what they think of yours. Fortunately, there are a variety of practical methods that businesses can use to feedback from customers. The methods you choose and how you use them depend on what the type of feedback that you want from customers, for example, to find out their needs in products and services, what they think about your products and services, etc.

Hire summer students or part-time people for a few days every six months to do telephone surveys. Get to know the people in your local office. Offices usually have a wealth of information about localities, sources of networking, community resources to help your business, etc. The Department has offices in various regions across the country and publishes a wide range of information about industries, products and services. They love to help people. Organizations often produce highly useful newsletters for members, along with services for networking, answering questions, etc.

These have become much more useful as various trades become more specialized and their expectations are increasing for timely and useful information. Latino Marketing -- Part 1 of 2 U. To round out your knowledge of this Library topic, you may want to review some related topics, available from the link below. Each of the related topics includes free, online resources. Also, scan the Recommended Books listed below.

They have been selected for their relevance and highly practical nature. Your Guide Lisa Chapman website my blog email. Library's Blogs List of Blogs. Add to Library Community Rules Submit your links. Learn Consulting Online Courses. Learn Strategic Planning Online Courses.

How to Conduct Market Research Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Uses for Market Research The following paragraphs mention some of the primary uses for market research.

Identify opportunities to serve various groups of customers. Examine the size of the market — how many people have the unmet need. Determine the best methods to meet the unmet needs of the target markets. A business must engage in a variety of tasks to complete the market research process. It needs to gather information based on the market sector being examined. The business must analyze and interpret the resulting data to determine the presence of any patterns or relevant data points that it can use in the decision-making process.

Primary information is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research. This type of information generally falls into two categories: Exploratory research is a less structured option and functions via more open-ended questions, and it results in questions or issues being presented that the company may need to address.

Specific research obtains answers to previously identified issues that are often brought to attention through exploratory research. Secondary information is data that an outside entity has already gathered. This can include population information from government census data, trade association reports or presented research from another business operating within the same market sector.

A company that was considering going into business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with the business plan. If not, the company should use the results of the market research to make adjustments to the product to bring it in line with customer desires.

Market research was first put into place in the United States in the s, and originated during the advertising boom during the Golden Age of Radio. Companies that advertised on the radio began to understand the demographics that were revealed by how different radio shows were sponsored. Data collected from these interviews were compared to the circulation of the publication in order to see how effective those ads were. Survey researchers design and conduct surveys and analyze data. Public relations specialists create and maintain a favorable public image for the organization they represent.

They craft media releases and develop social media programs to shape public perception of their organization and to increase awareness of its work and goals. Market Research Analysts and Marketing Specialists. Bureau of Labor Statistics, U. Friday, April 13, The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised.

This tab also covers different types of occupational specialties. The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.

The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.

The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses. Within every occupation, earnings vary by experience, responsibility, performance, tenure, and geographic area. For most profiles, this tab has a table with wages in the major industries employing the occupation.

It does not include pay for self-employed workers, agriculture workers, or workers in private households because these data are not collected by the Occupational Employment Statistics OES survey, the source of BLS wage data in the OOH.

The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings. The Similar Occupations tab describes occupations that share similar duties, skills, interests, education, or training with the occupation covered in the profile.

The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. The wage at which half of the workers in the occupation earned more than that amount and half earned less. Additional training needed postemployment to attain competency in the skills needed in this occupation.

Work experience that is commonly considered necessary by employers, or is a commonly accepted substitute for more formal types of training or education. The employment, or size, of this occupation in , which is the base year of the employment projections. The projected percent change in employment from to The average growth rate for all occupations is 7 percent.

Summary Please enable javascript to play this video. What Market Research Analysts Do About this section Market research analysts gather and analyze data on consumers and competitors. Work Environment About this section Market research analysts may give presentations to clients. How to Become a Market Research Analyst About this section Market research analysts measure the effectiveness of marketing strategies. Market research analysts and marketing specialists Projections Central Occupational employment projections are developed for all states by Labor Market Information LMI or individual state Employment Projections offices.

CareerOneStop CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. Similar Occupations About this section This table shows a list of occupations with job duties that are similar to those of market research analysts. What They Do The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised.

Work Environment The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. Pay The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses.

Job Outlook The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings. Similar Occupations The Similar Occupations tab describes occupations that share similar duties, skills, interests, education, or training with the occupation covered in the profile.

Sections of This Topic Include

Main Topics

Privacy Policy

In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research. Market .

Privacy FAQs

Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.

About Our Ads

Market research consists of systematically gathering data about people or companies and then analyzing it to better understand what that group of people needs. Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer. This practice allows a company to discover the target.

Cookie Info

With effective market research, you can determine the need for your service, a product's likelihood to sell, target-market demographics, and desirable store locations. Market research is an essential component of a business plan for startup businesses - if market research does not indicate a demand for the product or service the proposed business will not likely be viable. Test interest in new products or services to respond to customer needs.