Build a career in market research

Knowing the daily changing market trend is very important for the progress of any business. No one can develop other than the trend of the market. This is the reason that there is a demand for market researchers from food, cereal and footwear companies to government schemes. Experts believe that this sector is continuously expanding and there will be a lot of jobs in it in the coming times. It is the job of a market researcher to study people’s reactions, likes and dislikes about a particular product or item, new plans, etc. A market research professional can work on behalf of the supplier as well as on behalf of the client. You too can start working as a market research professional. The special thing is that it is not that you do this work only after getting a particular degree, but you can step into the field of research even while graduating. If you start working early, then along with studies, you will be able to understand the requirements related to this field and then by studying related subjects, you will be able to strengthen your job eligibility. You will get the benefit of that experience in future in professional life as well.

Why this field is special: Earlier their demand was more in foreign countries, but now there is a demand for such experts at the global level. This trend of conducting research has changed rapidly in the last 5 years. Market research has become an important aspect for every kind of business today. It has come to be considered essential for making business strategy. In market research, information related to the market and customers is collected. When the results of market research come out, then on the basis of that the companies take decisions related to packaging etc. and the company also decides to promote its products etc. on the basis of market research. Sometimes research is also done for what the customers like and for what reasons they like the things.

Since today the preferences of the customers have changed a lot and there is a lot of competition in the market, therefore every company conducts such research to know the demand of the customers. Regularly changing market trends can be known through them. Not only in the corporate world, data is collected before implementing government schemes. Politicians also take the help of researchers before elections and after implementing a scheme, researchers do the final work till they know its results.

Market research is done with the help of customer analysis, risk analysis, product research, advertising research etc. Experts believe that this is one of the fast growing enterprises and the potential for jobs in this sector will expand manifold in the future. Firstly the data of past sales is taken and studied. Information about competitors, prices of various products and their marketing methods, methods of distribution are studied. Then the customers are talked to.

For this they are made to fill questionnaires, they are called, internet surveys and personal interviews are taken. After collecting all the information, the price, sales, marketing, distribution etc. of the product is analyzed. In this whole process, the market researcher can collect data using whatever methods he wants. Mostly telephone, mail or internet surveys are also done for this. Apart from these, surveys are also conducted through interviews, group discussions or setting up booths in public places.

How many types of research: All types of companies conduct this research. Apart from this, government agencies, politicians, service provider companies also conduct research. Its area is very large. Survey designers prepare the results of such research.

Qualification: The first qualification to step into this field is BBA from any recognized university. degree of After doing 12th in any subject, you can do B.B.A. can do. Next to this M.B.A. Can study. Diploma and P.G. Diploma options are also available. And at Masters level, Master of Business Administration course is offered. A graduation is required for a job in Market Research. Apart from this, there should be a good command over English. Studying in Marketing, Economics, Psychology, Sociology proves to be very helpful. Good communication skills are essential to move forward in this field. After graduation you get a job as a trainee. They are also called coders. After this, the post of interviewers or research assistant is available. After this, senior posts come.

How much can you earn: In the initial phase in market research, you can earn up to Rs 15,000 per month. After this, the annual package increases from 5 to 15 lakhs according to the post.

These are the skills required: ‘Communication skills’ Creativity ‘Salesmanship’ Data gathering ‘Teamwork’ Analytical ability Diligence

These are the posts: After stepping into this field, you can start with field work, after that you can reach the post of Vice President of Marketing Research.