Market research wing is a very important department for any commercial company involved in selling products or commodities. The gains and losses that a company suffers is practically a work of this department. They play an important role in warning company executives about possible failures that their product can beget as well as encourage them on to launch a new and innovative commodity, based on their findings.
What does this department do? In essence, it conducts its independent research to ascertain how well a product or a service about to be launched will be received by the people. It basically concerns itself with analyzing the trends of the market and identifying the contemporary taste and preference of the people.
How does this department function? There are a number of employees in this particular department of any company. Work is assigned to every person depending on his merit and ability. This department thrives on division of labor and on coordination among the various groups or units of workers.
The work done by this department follows a linear path- data is collected, it is analyzed, then assimilated and compiled to form a report. The report not only reflects the key findings but also entail a certain semblance of advice, warning the company of possible failures and suggesting strategies to reach out to the consumers with its product. This ensures that the company can come up with the best possible strategies and invest only where it is needed. This department is therefore crucial in enabling the company to gain maximum out of every deal.
This also makes it clear that the jobs in marketing research sphere are limited to only few posts, though the number of incumbents to the post may vary from company to company. The key posts in this department are:
•Market Research Manager- this person is credited with managing the work of the entire department. Though his work is mostly supervisory, he needs to make sure that the work is being done on time.
•Market Research Executives- they decide upon the strategies which the department will avail of in order to study the dynamics of the market.
•Market Research Analysts- Their work is similar to what market research executives do. The two work in tandem strategizing every move of the department, analyzing the collected data and coming up with solutions which the company can adopt to sell their products.
•Market Research Worker/ Interviewer- These are the people who do the real work in the sense they work at the grass root level collecting statistical data which will be analyzed later on. They are charged with the duty of designing online polls as well as conducting personal face to face interviews to gauge for themselves the pulse of the market.
Now that you know that work in market research is not limited and you are aware of the detailed job profile, I am sure that will apply for the market research job of your preference. Jobs in market research are easy to bag provided you have at a least bachelor’s degree in marketing. Moreover, since this is a high paying job, if you think you have the knack for it, you should surely apply for it straight away!