A marketing strategy includes a company's marketing objectives and targets, the methods for achieving them, the resources required, and the measures of success.
What It Takes To Be A Market Research Analyst—and Which Industries Need Them The Most
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What does it take to become a market research analyst and what industries need it most?
Companies do not create products or services at random. Before investing big money in something new, they want to make sure it will work. Understand all the factors—current competition, what customers want, how much they are willing to pay, and more. - the company uses the skills of market research analysts.
Market research analysts find, collect, and analyze data to help businesses monitor, measure, and forecast sales, marketing effectiveness, consumer trends, competitors, and market conditions as defined by the Bureau of Labor Statistics. Market research analyst jobs assist various company departments, including advertising and marketing, product development, and sales.
That's why Santa Clara University compiled a list of the 10 industries with the most market research analysts, using data from the BLS Wages and Services Statistics Program. Because the BLS classifies market research analysts, the data also includes workers classified as marketers.
Market research analysts should be proficient in data collection techniques such as interview techniques, survey techniques, focus groups, opinion polls, and staying abreast of news and research. Many of these techniques require good communication skills and attention to detail because analysts work with different types of people and handle large amounts of data. Market Research Analysts must have good mathematical, analytical and programming skills to analyze data using statistical software, but must also think critically to understand the big picture and how to do...
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#10. Educational services
- Number of market research analysts working in this sector: 20,100 - Share of total number of market analyst vacancies in this field: 2.8% - Average annual salary: $63,890
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#9. Retail sale
- Number of market research analysts working in this sector: 29,040 - Percentage of total market analyst vacancies in this field: 4.0% - Average annual salary: $57,540
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#8. Administration and support services, waste management and disposal
- Number of market research analysts working in this sector: 33,480 - Share of total market analyst vacancies in this field: 4.6% - Average annual salary: $70,400
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#7. Medical and social support
- Number of market research analysts working in this sector: 36,450 - Percentage of total market analyst vacancies in this field: 5.0% - Average annual salary: $62,690
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#6. Production:
- Number of market research analysts working in this sector: 43,770 - Percentage of total market analyst vacancies in this field: 6.0% - Average annual salary: $79,750
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#5. Tape
- Number of market research analysts working in this sector: 57,210 - Share of total market analyst jobs in the sector: 7.9% - Average annual salary: $74,850
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#4. Company and company management.
- Number of market research analysts working in this sector: 63,840 - Percentage of total market analyst vacancies in this field: 8.8% - Average annual salary: $89,230
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#3. Finance and insurance
- Number of market research analysts working in this sector: 69,840 - Share of the total number of market analyst jobs in this field: 9.6% - Average annual salary: $81,220
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# two. Information, including publications, telecommunications and media
- Number of market research analysts working in this sector: 75,730 - Percentage of market analyst vacancies in this field: 10.4% - Average annual salary: $92,660
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#1. professional service, scientists and technicians
- Number of market research analysts working in this sector: 203,620 - Percentage of total market analyst vacancies in this field: 28.0% - Average annual salary: $77,130
This story originally appeared at Santa Clara University and was created and distributed in partnership with Stacker Studios.
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Santa Clara University compiled a list of the 10 industries with the most market research analysts using data from the Bureau of Labor Statistics.
Analysis by The Hindu June 14, 2022 (Current Affairs for UPSC/IAS)
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