Market research analysts serve a critical purpose in the modern workforce. By obtaining and analyzing data on consumers and competitors, market research analysts work to study consistently changing market conditions. In doing this, they examine the potential sales of a service or a product. Market research analysts are used across most industries. Most work full-time and under strict deadlines, so the skill of time management is essential.
The daily duties of a market research analyst may include the following:
• Monitor and forecast sales and marketing trends.
• Measure the effectiveness of marketing strategies and programs.
• Collect data about consumers, market conditions and competitors.
• Use statistical software to analyze data.
• Convert complex data into tables, graphs, and reports.
• Prepare reports and present the compiled results to management and clients.
According to the Digital Media Marketing Agency, market research analysts serve a simple product for companies: they analyze data and make it easier for companies to understand.
Select an organization (or make one up). This should be the organization you plan to use for the marketing plan which is the major final project for this course. State the name of the organization or make up a name. Please be sure you wish to use this organization as you will be completing your final marketing plan project on this organization. Seek advice from the instructor if you have any questions. This assignment will ultimately be included in your final project. Answer the following questions based on that organization.
- Discuss some of the main actors in the microenvironment and the main forces in the macroenvironment for your organization. Please be specific and provide relevant analysis useful for the organization.
- Consider what marketing research the organization has done or can conduct in the future. Include at least one specific primary data collection and one specific secondary data gathering. Also, what marketing decisions have been or could be made with that marketing research?
(For all dropbox assignments, remember to reference at least 2 sources; one must be the textbook plus one from a website, video, or other source. Use quotes for direct material taken and cite even if paraphrasing.)