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How to do market research : Make a career in market research
What are the popularity of the TV series, the demand for which products are high in the market, what percentage of the people like, what the likes of customers, or what customers would like to be loved, etc. Market researchers answer questions. Every company is doing this kind of research today and this is the reason that the potential of career in this field is immense.
Knowing the trend of changing the market is extremely important for any business to progress. No one else can develop the market trends. This is the reason that there is a demand for market researchers from food items, serial and shoe companies to government schemes. Experts believe that this sector is continuously expanding and it will be full of jobs in the coming time.
Career expert Bhanu Garg founder of Digital Marketing Deal says, “The work of market researchers is the study of feedback, likes and dislikes about people’s particular product or object, new plans etc.”. A market research can also work from a professional supplier and also from the client side. ‘ You can also start work as a market research professional. It is not that you have done this job only after taking a particular degree. While graduating, they can move in the field of research. If you start working early, you will be able to understand the requirements related to this area along with studies and then you will be able to strengthen your job eligibility by reading related topics.
Why is this area special
Earlier, their demands were higher in abroad, but now there is a demand for such experts globally. This trend of research has changed rapidly in the last 5 years. Today market research has become an important factor for every kind of business. It has come to be considered necessary for making a business strategy. Market research involves information related to market and customers.
When the results of market research come out, on the basis of which companies take decisions related to packaging, etc. and the company decides to promote its products, etc. on the basis of market research. Many times it is also researched for what the customers like and what reasons they like for the things.
Since today’s choice of customers has 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 these. Statistics are collected not only in the corporate world but before implementing government schemes. Politicians also take the help of Researchers before the election and after implementing any plan, Researchers do the last job till their results are known.
How is Market Research
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 fastest growing enterprises and in the future, the possibility of multi-fold jobs in this field will expand. Firstly the data of previous sales is taken and they are studied.
The information about competitors, the prices of different products and their marketing methods, methods of distribution are studied. Then the customer is spoken. For this, they are supplied with a questionnaire, they are called, internet surveys and personal interviews are taken.
Then all the information is collected and analysis of the product’s prices, sales, marketing, distribution etc. In this entire process, market researchers can collect data using the methods they want. Mostly, telephone, mail or Internet surveys are also done for this. Apart from this, there are also surveys by interviewing booths in interviews, group discussions or public places.
How many types of research
All types of companies do this research. Apart from this, government agencies, politicians, service providers also do research. Its area is very large. The results of such research prepare survey designers.
The first qualification to take part in this field is BBA degree from any recognized university. After doing 12th in any subject, you can do BBA. You can study MBA ahead of this. There are also options for diploma and PG diploma.
And the Master of Business Administration course is taught at the Masters level.
How much can i earn
In the first round of market research, you can earn up to Rs 15,000 per month. After this, according to the post, an annual package of 5 to 15 lakhs increases.
These skills are necessary
These are the positions
After stepping into this field, you can start from the field work and reach the post of Vice President of Marketing Research.
A job graduation is necessary in market research. Besides this there should be a good command on English. Studies in marketing, economics, psychology, social sciences prove to be very helpful. Good communication skills are essential for moving forward in this area. After graduation, you get a job in trainee. They are also called coders. After this, the post of Interviewers or Research Assistant gets. This is followed by a senior post.
Where do course
There are several management institutes in India who specialize in marketing research-
Christ University, Bengaluru
Amity International Business School, Noida
APJ School of Marketing, Delhi
Symbiosis Institute of Media and Communication, Pune
Guru Gobind Singh Indraprastha University, Delhi
University of Lucknow, Lucknow
Bundelkhand University, Jhansi
Indian School of Institutes of Management and Research, Delhi
St. Xavier’s College, Kolkata
IIM (Ahmedabad, Bengaluru, Kolkata, Lucknow and Indore)
Jamnalal Bajaj Institute of Management Studies, Mumbai
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