Profession market research analyst

Market research analysts collect the information gathered in the market research and study it to draw conclusions. They define the potential customers of a product, the target group and the way they can be reached. Market research analysts analyse the position of products in the market from different perspectives such as features, prices and competitors. They analyse cross selling and interdependencies between different products and their placement. Market research analysts prepare information helpful for the development of marketing strategies.

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Personality Type

• Investigative / Enterprising

Knowledge

• Market research

  The processes, techniques, and purposes comprised in the first step for developing marketing strategies such as the collection of information about customers and the definition of segments and targets.

• Statistics

  The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.

• Marketing mix

  Principle of marketing that describes the four fundamental elements in marketing strategies which are the product, the place, the price and the promotion.

• Marketing department processes

  The different processes, duties, jargon, role in an organisation, and other specificities of the marketing department within an organisation such as market research, marketing strategies, and advertising processes.

• Marketing principles

  The principles of managing the relationship between consumers and products or services for the purpose of increasing sales and improving advertising techniques.

• Visual presentation techniques

  The visual representation and interaction techniques, such as histograms, scatter plots, surface plots, tree maps and parallel coordinate plots, that can be used to present abstract numerical and non-numerical data, in order to reinforce the human understanding of this information.

• Trendwatching

  The practice of understanding the world and its ever-changing nature. The observation of different phenomena in the world in order to predict and foresee the evolution of things in the world.

Skills

• Present reports

  Display results, statistics and conclusions to an audience in a transparent and straightforward way.

• Analyse internal factors of companies

  Research and understand various internal factors that influence the operation of companies such as its culture, strategic foundation, products, prices, and available resources.

• Recommend market-related measures

  Analyse information and recommend possible improvements, market strategies, and customer preferences in order to adapt the company's market approach.

• Draw conclusions from market research results

  Analyse, draw conclusions and present major observations from the results of market research. Suggest on potential markets, prices, target groups, or investments.

• Prepare market research reports

  Report on the outcomes of the market research, main observations and outcomes, and notes helpful for analysing the information.

• Identify customer's needs

  Use appropriate questions and active listening in order to identify customer expectations, desires and requirements according to product and services.

• Analyse economic trends

  Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.

• Analyse market financial trends

  Monitor and forecast the tendencies of a financial market to move in a particular direction over time.

• Perform market research

  Gather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.

• Analyse external factors of companies

  Perform research and analysis of the external factor pertaining to companies such as consumers, position in the market, competitors, and political situation.

• Make strategic business decisions

  Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.

• Identify market niches

  Analyse the composition of the markets, segment these into groups, and highlight the opportunities that each one of these niches represent in terms of new products.

• Analyse consumer buying trends

  Analyse buying habits or currently prevalent customer behaviour.

• Prepare presentation material

  Prepare the documents, slide shows, posters and any other media needed for specific audiences.

• Identify potential markets for companies

  Observe and analyse market research findings in order to determine promising and profitable markets. Consider the firm's specific advantage and match it with markets where such value proposition is missing.

Optional knowledge and skills

Source: Sisyphus ODB