Fundamentals of Marketing Research Training

Marketing Research Training

Market research is a specialized field of the marketing department, wherein research and studies are conducted and data collected to analyze and predict the current and the future trends of the market and consumers’ tastes and preferences. A specialized research team is appointed to find out the potential market for the products and services, what is appealing to the customers, and their reaction towards the products that are already in the market or in the development stage. Studies are conducted as per the age, gender, geographic location, customs, habit or occupation. Market research professionals screen the participant consumers, display the products, lead their group discussions, administer tests, find the reports and analyze results.

Objectives of Market Research

The relevant data and information that is collected through the market research is used by the marketing managers to make marketing and promotional decisions and solve many marketing issues.  Marketing research concentrates on customers, the company and its competition. Companies have to understand and react to the requirements of the customers, and what competitors are offering.

How Market research helps managers in making decisions?

Market research helps managers generate more business from the current employees by growing the market share, expanding its product range into new markets, persuade existing customers to buy products and services. In this situation market research can easily explore and study the needs of the customers for the products, and their level of satisfaction.

These are the few high-level business questions that are solved by the market research professionals:

• How can the fall in sales be reversed or achieve an increase in sales?
• How can the profitable targets be achieved?
• How can we satisfy the customers to achieve their loyalty?
• What can be done to improve the offering to the customers in terms of the guarantee, delivery, service support etc?
• How to motivate people to buy the products and services?
• What should be done to trigger the interest of the customers?

What goes on in market research?

Each research project should have a defined aim which should clearly state why the research should take place. And what are the different aspects that need to be carried out through this objective? The objective should be as per the marketing decision that has to be made. There are three broad questions that determine if the research should be taken: If there are any existing research or studies undertaken, what research is required? Can the research be easily undertaken?

As found By David Alan Reid, Richard E. Plank, ”Research is also needed in defining what is meant by a relationship and the level at which it is being viewed. A salesperson can have a relationship with a buyer, for example, and the two companies can said to have a relationship with each other.”

How To Become A Market Research Professional?

Many entry level market professionals like market or survey researcher need a bachelor’s degree in marketing or business administration with subjects in marketing, social sciences, mathematics, psychology or statistics. A doctoral or a master degree is required to advance the career in the managerial position.

Skills required

Besides acquiring strong mathematical or analytical skills, a market researcher or a professional should be a good communicator, have good quantitative skills, knowledge of gathering and analyzing data. Besides, he should be computer savvy and mastery in multiple languages.

Careers in Market Research Training

The market research people have capability and skill to go deep insight into the data and formulate strategies accordingly. The career option for the suitable candidates goes into three fields: supplier or research firms, client-side organizations or through advertising agencies or consulting firms.

Candidates generally enter as a researcher in research supplier or research firms who serves the clients with their research capabilities and strategies. These supplier firms can be small to multi-national companies to specialized firms. The advantage of working in these firms is that candidates can get a lot of experience. A candidate would be working on the different kinds of projects with the different method, processes and survey designs.

Working towards the client side is an attractive proposition, as you can be working directly with brands and can immediately see the impacts of your study and research. Working for the client side ensures stability and strong benefit packages. A candidate can gain specialization in a particular domain and hone his or her skills within the industry and in particular methodologies.

Another career option is with the advertising agency or as a consultant. Working with the agencies entails you to collaborate with the clients on the project to project basis and perform the variety of research. Besides, candidate will get a great exposure working with the different kinds of media.

Marketing research can also prove to be a step to the great marketing career ahead.  Researchers can get ample experience and hone their skills to take up brand managers and perform conventional marketing duties.

When you are drafting your career path, it is best to take out some time to make the assessment of what you most value in a job and how you retain a competitive edge in the industry. Specialize in one area of research area to make yourself distinct apart and make sure to continue to increase your knowledge base and skills.

Other career options

• Advertising Manager

He looks after the media campaigns as promotional means for the company’s products and services.

• Public Relations Specialist

A public relation specialist improves and sustains the reputation of the company and deals with the media and stakeholders.