A market researcher would respond that it depends on whether you are paid based on the size or the weight of the product. As a result of today’s consumer-driven market, businesses face a fierce level of competition to survive and succeed.
Market Research: What Does It Mean?
In order to succeed, a company must understand the needs and behaviors of its consumers, which is why backend market research is integral to its success. Research into the market does not only provide information on the products a company should produce, but it also provides insight into how to present them to the consumer. Nevertheless, the work isn’t done here. Once the product is on the market, market researchers inform the company about consumer feedback in order to make the necessary changes in order to increase the reach of the product.
In today’s business environment, market research is an integral part of every business module and plays a crucial role in several important business decisions, including product design, packaging, and advertising. In recent years, India has become a major hub for businesses from around the world due to its status as the world’s largest consumer nation. It is very important for these companies to conduct market research in order to establish themselves in our country, and therefore a career in market research is very promising for Indian students.
Despite the name, market research involves a great deal of research, but to get you started, we have researched this career for you. As a career path in market research, the following aspects are important to consider.
Market Research Careers
All curious minds who enjoy exploring and learning about how things work will find market research to be one of the best professions for them. In order for a business strategy to be successful, market research analysts are crucial. In order to understand and improve the sales of a company, they must play a variety of roles.
A statistical analysis of past sales is conducted by analysts in order to predict the future sales of the service or product. It is their responsibility to research the products, prices, and marketing strategies employed by their competitors. Additionally, market research informs the company about the behavior of prospective consumers and the feedback of existing customers, which is collected through direct interviews, questionnaires, online surveys, or telephone calls. Furthermore, the analysts provide insight into the risks and rewards associated with introducing a new product line or expanding into a new market.
It is not only important for private companies to conduct market research, but it is also important for government agencies and political parties. Some major sectors that rely on constant market research for growth include:
- Property and Housing
- Media and Public Relations
- Finance, Investment, and Insurance
- Automotive
- Healthcare and Medical
- Government and Local Authority
- Retail and Wholesale Market
- Leisure and Tourism
- Education and Training
- FMCG including Food, Drink, and Household Products
- Public Services and Utilities
- Political Institutions
The Salary Structure
There is a high level of compensation for market research jobs in India. However, since this field is highly specialized and requires a substantial amount of experience, entry-level positions can be low paying. It is common for fresh graduates to receive a salary between INR 15 and 20 thousand per month. As one gains experience in the field, one’s remuneration increases significantly. Candidates with master’s or doctoral degrees are offered high salaries, with joining packages that range from 50, 000 to 80, 000 rupees per month.
Education Requirements
The minimum educational requirement for a career in market research is a Bachelor of Business Administration (BBA) with a marketing concentration. If you wish to pursue this degree from a reputed college, you should have a minimum grade point average of 50% in your 10+2. An undergraduate degree in business administration can lead to an entry-level position as a researcher or junior market analyst in the market research field.
For those who wish to specialize in this area, you may pursue a Master of Business Administration (MBA) or a Master of Marketing Research (MMR). In addition, you may wish to pursue a doctoral degree in business administration or marketing. MBA students are equipped with a multidisciplinary approach to market research through a wide range of courses that include sociology, psychology, statistics, and mathematics. You will be able to land managerial jobs with masters or doctoral degrees, such as Project Managers, Marketing Directors, Fieldwork Managers, and Operations Directors.
Conclusion
During the last few years, the market research industry in India has undergone a vast transformation and is predicted to continue transforming as we progress toward globalization and digitalization. Innovation transforms existing perceptions, so this is the perfect career for those who want to make their mark on the world. An explorer who loves numbers and knows how to manipulate them should consider this job.
