Wesson, Aimee - Market Research Analyst

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[edit] Market Research Analyst (Aimee Wesson)

The job of a Market Research Analyst is related to the field of Consumer Psychology.

[edit] General Overview

A job as a Market Research Analyst as the name implies, is based primarily on the researching and understanding market trends. Marketing research analyst’s focus on understanding consumer buying behavior (that is, what consumers want to buy and how much they are willing to pay for it), conducting market research, interpreting data from research, formulating sales reports and making recommendations on marketing strategies to their clients based on this information[1]. A job in this field could also involve figuring out exactly what emotional, environmental and behavioral factors motivate or influence consumers when making purchasing decisions[2].

[edit] Job Duties and Responsibilities

Although responsibilities and duties of a Market Research Analyst can vary, they typically involve:

  • Designing questionnaires and moderator guides to collect the necessary data from consumers[3].
  • Gathering, processing and interpreting research data. This happens in a variety of ways including using focus groups and surveys to using geofencing and eye tracking technologies[1].
  • Using gathered research data to make decisions regarding consumer needs, wants and desires[4]. This would involve understanding consumer emotions, thoughts and behaviors that relate to the consumer purchase experience.
  • Identifying and monitoring market trends and communicating this information to clients[3].
  • Reporting on sales trends and presenting marketing strategy recommendations to clients[3].

[edit] Typical Workday

A marketing research analyst’s day typically starts off in the office at 9:00 am. Most of the time they are working on multiple research projects for different clients at a time[5]. On average, 6 hours a day are spent managing what the client wants, designing questionnaires, testing surveys, analyzing reports and preparing project specific presentations for the clients[6]. The rest of the workday is spent in meetings and discussions with clients and the team with whom the project will be worked on with[6]. However, days vary depending on the clients you are working with and on the types of projects you are doing for them.

[edit] Educational Requirements

Research on current job offering and information on marketing research analyst jobs show that there are many options one can take to fulfill the educational requirements for this job[7].

  • A Bachelor of Arts or Bachelor of Science Degree in Psychology (with a Minor in Business or Marketing)is an ideal educational background to have for someone looking to work as a market research analyst.
  • A Bachelor of Business Administration Degree with a Concentration in Marketing (and a minor in Psychology) would be equally ideal.

However, some job posting’s stated any Undergraduate degree would suffice[8]. All of these degrees in some form can be taken at any university in Canada. However, if you are majoring in Psychology, it is highly recommended that you focus your electives or minors on disciplines involving statistics, marketing, business, mathematics and survey design[9].

A Master’s degree, although not usually required to get a job as a marketing research analyst, always opens up the door for more job opportunities and higher pay.

  • A Master's Degree in Consumer Psychology (with a focus in Consumer Behavior, Psychology and Marketing) is uniquely offered at University of Guelph.
  • Another option is a Master's Degree in Marketing. This graduate degree option is offered at a many universities in Canada.

Internships and work experience are valuable to add to your resume[10]. For non-clinical work in any psychology related field, licensing or certification to work as a marketing research analyst is not required. However, to be considered specialized in market analysis one can obtain Professional Research Certification (PRC)[11] from the Marketing Research Association[9]. This certification has to be renewed every two years and educational classes are required to keep this certificate[9]. However, career options are not always limited to job offerings. With the necessary education and work experience one could start up their own marketing research analysis agency or consulting business.

[edit] Related Skills, Interests and Abilities

  • People Skills. Having these skills will improve self-awareness and the understanding of others, which is essential to any career in consumer psychology. Such skills can involve high levels of emotional intelligence allowing you to understand the emotions and behaviors that motivate people is necessary for a job in market research analysis. Being able to actively observe people and their surroundings to perceive what consumers need, want and desire is essential.
  • Analytical Skills. Having solve-problems skills and the ability make decisions for clients based on statistical research data is pertinent to this job. Similarly, the ability to understand and explain this research data will be essential to this job.
  • Communication Skills. Having the ability to evaluate, interpret and convey the information found in research to clients will not be effective unless one has good communication skills (which include; speaking, writing and non-verbal communication)[12].
  • Interpersonal Skills. These skills involve working well with others as individuals and in a team setting. These skills include communication skills and understanding people. On a daily basis, a Marketing Research Analyst will be involved in various projects where they will have to work with both clients and team members regularly.
  • Computer Skills. It is recommended that a market research analyst be computer literate in at least some aspects. This job requires writing emails, designing questionnaires and presentations as well as having an understanding of how to use different computer software’s used to gather and interpret research results[10].

[edit] Relevance of Psychology Undergraduate Degree

So much of what a Psychology Undergraduate Degree offers will relate to the field of Consumer Psychology and thus marketing research as well. This is because many courses in this program provide a good foundation for what you will need in this job. Some of the courses include:

  • Social Psychology: This course allows you to connect social theories to consumer behaviour. It is a definite foundation for understanding people and their behaviors and therefore important to interpreting consumer behaviour in marketing research.
  • Statistics: This is often a mandatory course for Psychology majors and for good reason. A course like this will help you understand research results and correctly interpret research data, which is essential to any psychology-marketing field.
  • Cognition: This course will take you through a scientific understanding of how the human mind processes data and attention to detail. It will help in the understanding of how we make decisions and what influences the memories we retain – all essential to understanding consumer behavior.
  • Personality and Individual Differences: The title of this program is definitive of what is involved in this course. A course like this is likely to further a persons understanding of personality theories. These theories can be used to connect behaviours to actions, for instance what personalities are likely to be attracted to a certain advertisement or product.

[edit] Salary Potential

As previously mentioned, the higher degree you have the higher likelihood of you getting a higher paying job. A Marketing Research Analyst’s salary also depends on the province and sometimes the town one works in. Ontario’s average salaries per year range by town. In Toronto $45,306, in Ottawa: $50,868 and in Etobicoke $55,298 seem to be the normal range for marketing research analyst salaries[13]. The average salary for this job in Alberta are a lot higher at $77,968 per year, on average[14]. Salary information for other provinces were not available. Other researchers say some marketing research analysts can earn over $110,000/year depending on their experience, the company they work for and the types of clients they works with[1].

[edit] Job Outlook

As shown in the table below, there seems to be a huge demand for marketing related jobs, and psychology has a huge role to play in this field. This table shows the demand for jobs based in three different regions of Canada. Marketing jobs had over 1400 jobs in Canada alone, with Human Resources coming in second at 675 available job openings, both of which have require a background in psychology[15]. Although statistics on the growth of Marketing Research Analyst jobs in Canada were not available, the growth rate in the U.S for this field is expected to be at 32% from 2012 to 2022[9].


Numerical data retrieved from Jobbank.gc.ca[15]

Billions of dollars are spent on advertising and marketing campaigns every year with the intent to promote awareness, attract customers and make sales. Statistics show that by 2017, $15.5 billion dollars will be spent on advertising in that year alone (an increase from $12.6 billion in 2017)[16]. Market Research Analysts are professionals in finding out and knowing what it takes to ‘convince’ a consumer that buying their clients product is the right idea. A student of psychology and marketing is going to be in high demand as advertising continues to grow.

[edit] To Know More

To find out more about Market Research Analyst jobs, please visit this website.

To gain a more in depth understanding of the field of Consumer Psychology, please visit this website. There is also an interview conducted with a well-known consumer psychologist who started his own business, Adam Ferrier.

To learn more about what other psychology and marketing related jobs are available, please visit this website

--Aw11lj 23:32, 25 March 2015 (EDT)

[edit] Notes and References

  1. 1.0 1.1 1.2 Best Business Jobs: Market Research Analyst. (n.d.). Retrieved March 26, 2015, from http://money.usnews.com/careers/best-jobs/market-research-analyst.
  2. Cherry, K. (n.d.). Consumer Psychology - The Science of Consumer Behavior. Retrieved March 26, 2015, from http://psychology.about.com/od/branchesofpsycholog1/a/consumer-psychology.htm
  3. 3.0 3.1 3.2 Market Research Analyst. (n.d.). Retrieved March 26, 2015, from https://www.marketresearchcareers.com/jdmarketresearchanalyst.aspx
  4. Consumer Behavior Analyst Job Description. (n.d.). Retrieved March 26, 2015, from http://www.americasjobexchange.com/consumer-behavior-analyst-job-description
  5. A Day In The Life Of: A Market Research Analyst. (n.d.). Retrieved March 26, 2015, from http://www.bayt.com/en/career-article-3095/
  6. 6.0 6.1 Copland, S. (2011, March 29). Why Choose a Career in Market Research? – Answered by Sean Copeland. Retrieved March 26, 2015, from http://abacusinsider.com/marketing-advertising/why-choose-career-in-market-research/
  7. Market Research Analyst: Job Duties, Requirements & Career Info. (n.d.). Retrieved March 26, 2015, from http://study.com/articles/Market_Research_Analyst_Job_Duties_Requirements_and_Career_Information.html
  8. "Marketing Analyst/Specialist" (2015, February 23). Retrieved March 26, 2015, from http://www.insuranceworks.ca/13595-marketing-analyst-specialist-job.html?utm_source=Indeed&utm_medium=cpc&utm_campaign=Indeed
  9. 9.0 9.1 9.2 9.3 McKay, D. (n.d.). Market Research Analyst - Career Information. Retrieved March 26, 2015, from http://careerplanning.about.com/od/occupations/p/mkt_rsch_analst.htm
  10. 10.0 10.1 How to Become a Consumer Psychologist: Step-by-Step Career Guide. (n.d.). Retrieved March 26, 2015, from http://education-portal.com/articles/How_to_Become_a_Consumer_Psychologist_Step-by-Step_Career_Guide.html
  11. Careers in Marketing Psychology: Options and Requirements. (n.d.). Retrieved March 26, 2015, from http://study.com/articles/Careers_in_Marketing_Psychology_Options_and_Requirements.html
  12. Lalwani, P. (2011, June 28). How to Become a Consumer Psychologist. Retrieved March 26, 2015, from http://www.buzzle.com/articles/how-to-become-a-consumer-psychologist.html
  13. Market Research Analyst Salary in Toronto, Ottawa and Etobicoke Ontario (Canada). (n.d.). Retrieved March 26, 2015, from http://www.payscale.com/research/CA/Job=Market_Research_Analyst/Salary/97228302/Toronto-ON
  14. Occupational Profile. (n.d.). Retrieved March 26, 2015, from http://occinfo.alis.alberta.ca/occinfopreview/info/browse-occupations/occupation-profile.html?id=71002602
  15. 15.0 15.1 Education Program Search - Results. (n.d.). Retrieved March 26, 2015, from http://www.jobbank.gc.ca/report_educational-eng.do?titleKeyword=Industrial and Organizational Psychology&cip=42.09&regionKeyword=Vancouver, British_Columbia&mis=39070&action=Search
  16. Advertising spending in Canada 2011-2017 | Forecast. (n.d.). Retrieved March 26, 2015, from http://www.statista.com/statistics/235212/media-ad-spending-in-canada/
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