Careers in Market Research

Interest in marketing, analytical ability and a penchant for details will be required by professionals in this field. Psychologists, marketing professionals, statisticians, economists and teams of field researchers are involved in market research projects. If you like to work in a team, love to work with facts and figures, and are looking for research in commercial operations, market research will make an interesting choice. 

Introduction
With growing consumer awareness market study has become critical to marketing success. Market research is an all-encompassing activity. It involves survey to locate trends current and potential for the need of a product, customer population, study information about competing products, locate potential areas for sale, price keeping of the product and the profit aspects. Feasibility study is carried on before a product launch is planned.
The market research industry in India is on a consistent growth path. From a 35 % growth in 1997 it showed a 20 % growth in 1998 and a 25 % in 1999. It has a net share of $40 million yet far behind the US share of $5 billion, Japan's share of $1 billion and China with $100 million.
The globalisation of the corporate demands a worldwide collection and evaluation of data. The feedback about customer satisfaction, parameters as well as the issues a corporate wants to know are common to all users throughout the world.

Nature of Work
Data is collected for analysis, for making predictions and interpretations useful for business related decisions. Market study incorporates assessment of consumer opinion about a product's brand name, trademark, design, packaging etc. Sales campaigns, sales quota allotments and commissions are based on information related to geographical distribution of sales, seasonal impact on sales, demographical changes influencing sales etc. There are several professionals who work on a project -
Project Incharge takes care of the entire project and his job is to prepare a detailed plan for a market research project. 
Statisticians decide the statistical procedure to be employed for drawing conclusions, sample size, areas to be covered in the survey, nature of questionnaire etc.
Psychologists and demographers work on the questionnaire design and demography for the survey.
Field staff compile data by asking questions from respondents through home visits and market study. 
Market research exercise needs data tabulation, application of statistical tools, analysis and interpretation. 
The data is analysed keeping in mind the aim of the project so that suggestions can be made regarding sales decline, brand marketing, planning new products and making improvements in existing products. 


Work Environment
* 40 hour minimum of office work per week
* Deadlines have to be met thus work goes into late hours
* Travelling is required for planning a research exercise
* Collecting data can be strenuous
* Analysis requires working in the office

Personal Qualities
* Analytical mind 
* Numerical aptitude
* Good communication and people skills
* Interest in problem solving
* Patience 
* Computational skills are important
* Organised approach required for handling data 
* Ability to work under stress and work pressure

Employment prospects
* Industrial houses
* Marketing divisions
* Consultancies
* Government organisations 

Entry Routes
Market Research professionals are management graduates/ postgraduates or degree holders in economics, psychology, sociology or statistics.

Courses 
A BSc. (Hons) course in Statistics is offered by the Indian Statistical Institute, Calcutta. Selection to the course is through a written examination.
Management and Marketing, psychology, sociology, anthropology and economics are offered in many reputed universities. Refer to relevant chapters on this site.