Market Research Jobs, Outlook and Opportunities, Are You Ready
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Outlook for Market Research Jobs
Out look for Market Research Research Jobs and Opportunities
Market Research is one of the most fascinating fields I can think of for some one who really is a keen observer and likes to analyze markets for business purposes. There is a subtle difference between market research and marketing research. In this hub I am including both. The need for market and marketing research is vast. Why is it?
The economies will resume growth, recession is temporary. Further, the need for market research is more when there is recession because a company cannot afford product failures anytime more so in recession. Product failures are expensive and damaging, so to ignore or by pass market research to save little money is penny wise planning in my opinion.
The need for market research can only increase. Increasing competition and growing consumer individuality and increasing promotional expenditure are all contributing to the popularity and dependence on market research in all sectors. Now more than ever, manufacturing and service sector are increasingly making use of market research for drawing up strategy, promotion and problem solving.
Market research is ubiquitous and draws a lot of demand from social and political arenas too.
Outlook is very optimistic. The percent spent on market research may look small but given the width of application and increasing corporate volumes this can grow a lot.
The Nature of Market Research Jobs
If you have analytical mind, comfortable with data and data analysis and a keen social researcher with good modeling and statistical knowledge you should fit in well. What is good about the jobs? Nice and comfortable offices, lots of data, not much travel, little or no transfers, reasonable flexibility in hours and opportunity to publish and attend conferences. An academically oriented person should enjoy market research, except it can put bit of pressure in commercial sectors.
A researcher should not get hurt if his research is not trusted by the commercial guys. With all the professionalism we have there are enough managers who trust their own intuition than research in marketing and in finance too. Many a times the equity research is ignored by the fund managers (though they may deny this).
The types of market research projects can vary from simple estimation of demand, market shares of the competitors, price fluctuations, brand preferences tracking and related research, media habits, consumer buying habits, segmentation and positioning research, retail habits, retail location, customer satisfaction with the brand performance, customer satisfaction with dealers and distributors and after sale service, economic social research like demographics and income groups, age groups and habits and post launch problem solving projects like effectiveness research. There is no end for it and it depends on the clients needs
Qualifications for Market Research Jobs
Ideally these people should have analytical mind with a very sound knowledge of statistics, computers and modeling, marketing and consumer behavior and or psychology.
A good aptitude for drawing up questions and designing research interests through a study of research methodology. Depending on the position the qualifications can be as high as Ph.D in marketing or Statistics or at least a Masters in Business Administration along with Bachelors or Masters in Statistics, Psychology or Mathematics would be needed. Undergraduate degree holder can enter but would find it hard to move up.
Opportunities and outlook
Free standing market research companies are plenty. Corporate global market research chains, Media research organizations, Companies with Market research departments, Small business organizations in market research and all business schools need persons qualified and experienced in market and marketing research
List of some Organizations Employing Market Researchers-Are You Ready
Global
The Independent Consultants Group (ICG)
Frank Lynn and Associates
Anderson Analytics
CentracDC LLC
Forrester Research (http://www.imrbint.com)
Opinion Research Corporation (http://www.opinionresearch.com)
Quirk’s Find Market Research Companies (http://www.quirks.com)
Nelsen (http://www.nielsen.com)
TNS global (http://www.nielsen.com)
India
GNN research group (www.gnnresearchgroup.com)
IMRB International (http://www.imrbint.com)
TNS global (http://www.tnsglobal.com/global/alm/india)
Indian Council for Market Research (http://www.imrbint.com)
Many big market research companies are global and therefore the same companies can be found internationally.
Some services of Market Research Organizations
On line service and panels, data collection and interviewing, qualitative research like focus groups and taste tests, international research, consumer research, health care market research, consulting and strategy research, product research, mystery shopping, advertising research, technical services, Brand and Image research and Media Research
Salary range for Market Research Jobs
Chief Marketing research executive median salary US$ 160,000,
Range $101,000 -236,000, bonus plus benefits 37 percent
On a base salary of $ 158,000 the gross comes to $248,000
Level 1 marketing research supervisor median salary US$59,000
Range $46000-$80,000, benefits and bonus 29 percent
On base salary of $60,000 benefits plus bonus gross comes to $85,000
Level 1 market research analyst median $ 48,000
Range
Benefits plus bonus come to 31 percent
On base salary of $49,000 the benefit plus bonus gross comes to $72,000.
UK
Analyst salary ponds 18000-25000
Project executive pounds 24000
With five years experience, pounds 32000-38000
Significant experienced market researcher pounds 25000-45000
Canada
Marketing Research Analyst C$40,000
Marketing Research Manager C$ 50,000
Project Manager C$ 50,000
Consultant c$ 53,000
Australia
Market Research Director A$120,000
Market research Manager A$ 78,000
Consultant market research A$ 63000
Data Analyst A$40,000
India
Rs 225000-436000
Inclusive of bonus profit sharing data not available
Useful links
http://hubpages.com/hub/What-To-Check-Up-Before-You-Join-A-Start-Up
http://ramkkasturisbusinessmanagement.wordpress.com/
http://hubpages.com/hub/Sales-Careers-Challenges-and-Opportunities-Are-You-Ready
http://www.executivesontheweb.com/sales-manager-jobs
http://www.salesvacancies.com/
http://www.salesvacancies.com/
http://www.marketresearchworld.net/
CommentsLoading...
Lean Man, Thanks for reading this hub and the guiding. I will try to create a capsule
There is a lot of info in this article I needed to learn. Thanks for this one.
Thank you for the nice comment.
LeanMan Level 4 Commenter 20 months ago
good hub ram,
You need to work on your links though..
For instance, your first link in the text, "forester research", if that is the keyword that you want to use for the link, highlight it in edit mode and click the link icon on the edit box toolbar (looks like a small chain link).. this will bring up a small window in which you can type in the URL for your link (http://...)
And for useful links, either do as above or even easier open a links capsule, this will allow you to have a summary of each link also..
experiment and try..