Sample English Research Paper on Market Research Analyst

Revised Overview Section

In the contemporary world, the ever dynamic business world experiences stiff competition. One major way of beating competition is to have an effective marketing strategy, which ensures that a firm’s products or services are known by the targeted customer base. Ensuring that the customers are aware of a commodity and wants to buy it needs a comprehensive market analysis. An outstanding market analyst is crucial to an enterprise since he or she can assist the company in making decisions regarding which product the best to put in the market, the relevant market, as well as setting the commodity’s price (Kothari, Eric, and Verdi 128). The responsibilities of a market analyst include researching and gathering market data and finding out the competitor’s strengths and weaknesses by collecting data on the rival’s marketing techniques and pricing strategies. The professional also gathers data on the market’s volume, value, and trend. Additionally, these professionals study the consumers’ buying patterns and convert the complex findings into graphs, and tables among other visual tools that help companies to come up with effective market strategies, which ensure making profitable and sustainable decisions (Graaf 10). A person should possess excellent communication, writing for report compiling, critical thinking, and analytical skills for data analysis to become an excellent market analyst.

Demand for Market Analysists

Statistics show that demand for market analysists in the contemporary job market, and more so in the United States, is high and point to a healthy growth rate. Companies realize the importance of market analysts thus creating positions and recruiting for the role (Roger 22). With the advent of the internet, which has led to the information era whereby big data analytics is used to make marketing decisions, the role of market analysts has become more critical than ever before. As at 2017, there were about 595,400 marketing analysts in the U.S. The median pay for the position is $30.40 per hour and $63,230 per year (“Bureau of Labor Statistics” 1). Since it is an entry-level job, prior experience is not mandatory for a person to be hired. According to job forecast, the growth of the demand for the market analyst position is expected to grow at a 23% rate in the next eight years, a rate which is higher than most common entry level jobs across the world.

Quick Facts: Market Analysts
Median Pay (2017)$30.40 per hour, $63,230 per year
Entry-Level Education QualificationBachelor’s degree
Needed Work ExperienceNone
Number of Jobs, 2017595,400
Job Outlook, 2016-2623% growth rate

Table 1: Quick facts about market analysts (Bureau of Labor Statistics)

Different industries encompass distinct demand for market analysts. Currently, the advertising industry has the highest concentration of market analysts (Kothari, Eric and Verdi 128). The management in the scientific and consultancy industry take up the second spot. Information provision also relies heavily on market analysis hence is a favorable industry for the role. Lastly, the software industry also has a high demand for market analysists. Table 2 and Figure 1 depict the current demand for the position.

Industry          Number of market analysists needed each yearAnnual mean wage
Advertising, PR and Related Services28,600$69,290
Management, Scientific and Consulting Services72,520$68,010
Information Services Providers10,630$79,220
Software Services Providers13,690$91,250

Table 2: industry demand for market analysts (Bureau of Labor Statistics)

Figure 1: A graph comparing industry demand and wages for market analysts

The outlook for market analyst position is encouraging. The projected growth of the employment rate of market analysts is projected to be 23% between 2018 and 2023 (“Bureau of Labor Statistics” 1). The growth percentage is higher than that of other occupations (Cook 4128). The high growth rate will be fueled by the increasing use of market research and data analytics across industries. Market analysts will be needed to foster understanding the wants and needs of customers, identifying factors affecting product demand, and measuring the effectiveness and efficiency of corporate and marketing strategies. However, job prospects will favor the individuals who have higher certificates, such as masters in statistics and market research (Luo and Zheng 88). Individuals with a background in the quantitative and qualitative analysis will have more prospects than those without (Holzer 4). Moreover, due to the issue of data mining being used in contemporary research, it will be highly beneficial for people wishing to grow in the field of market analysts to possess adequate computational skills, such as SQL and relevant data management skills (Cook 4128). Lastly, it is imperative for professionals to ensure continual growth by taking up-to-date courses, which can help in improving their skills. Figure 2shows the percentage change in employment in the business field. 

Figure 2: projected percentage growth

Methods to Use to Get the Job

The methodologies of looking for jobs have changed over the years. Currently, the internet has made it easier for people to connect and network with each other than before (Beerepoot and Lambregts 234). Additionally, through the media, individuals can access companies and directly send work application documents. Nevertheless, it is prudent to employ both contemporary and traditional methodologies of searching for jobs.

The first approach is to use online companies to look for jobs. Presently, numerous online companies connect job seekers with employers. Some of the reputable ones include CareerBuilder, Indeed, Job.com, LinkedIn, Glassdoor, and SimplyHired among others. A job seeker simply needs to prepare a resume and cover letter after which he/she may log into five of the online companies and search for market analyst positions. The applicant then submits the application online after locating desirable companies or positions. Currently, this methodology of looking for a job is very convenient since all a person needs is a personal computer, internet connection, and a few minutes dedicated to aligning cover letters with each job position. Moreover, this approach will allow for the application for numerous vacancies within a short period hence increase the chances of securing an interview.

The second strategy to be considered is to network with individuals working in the needed position. The applicant needs to join both online and physical communities of market analysts. The job seeker should then seek to be acquainted with some of the professionals and request them to recommend him/her for the positions for which he/she is adequately qualified. The methodology might take a long time to implement but it is extremely effective since being hired through a recommendation is easier than when using the traditional hiring and recruitment process (Cook 4128). Additionally, a recommendation is bound to connect a job seeker with a position that a person can handle effectively.

Lastly, a job seeker can offer to intern with companies for the position of a market analyst. It is easier to secure an internship than employment because companies pay interns less than the workers. After securing the position, the intern would need to work extremely hard and make the management consider hiring him or her as an employee when a position opens up at the corporation. Additionally, an internship would enable a person to network with specialists in the industry hence sharpen skills and know whenever vacancies that can be taken advantage are arise. Working as an intern exposes a person to the tenets of a particular job thus helps one to know the skills that he or she needs to work on to be an excellent market analyst.

Compensation

In May 2017, the median annual wage for market analysts was $63,230. The highest ten percentile earned more than $122,770 while the lowest one made less than $34,510. Commonly, market analysts do work full-time hence are paid salaries (“Bureau of Labor Statistics” 1). Some of the market analysts are under high pressure to deliver within a short time hence have to work overtime, which is compensated for adequately. However, it should be noted that market analysists work for both private and public companies thus their wages are dictated by the industries and the companies for which they work (Luo and Zheng 88). As such, it is possible for employees from different companies to do the same type of work but receive different compensations (Tayeh, Al-Jarrah, and Tarhini 2).  Table 3 shows the industries with the highest wages for market analysts.

IndustryHourly mean wageAnnual mean wage
Aerospace Product and Parts Production Industry$55.47$115,380
Semiconductors and Electronic Component Manufacturing Industry$50.15$104,310
Oil and Gas Extraction Industry$47.56$98,910
Federal Executive Branches$45.77$95,200
Telecommunications$44.25$92,030

Table 3 industries with the highest wages for market analysts (Bureau of Labor Statistics)

Benefits Given to Market Analysts

Market analysts have access to benefits, such as bonuses, commissions, and profit sharing among other relevant officially recognized benefits, depending on the organization that one works for. Most importantly, market analysts are offered crucial benefits such as healthcare insurance, paid leaves as well as pension plans which they can take advantage to save for retirement years. When compared to other posts, such as financial analysts, software engineering, and social workers among others, the compensation and benefits offered to market analysts aligns with those of highly sought occupations and hence can be considered to be worthwhile. Additionally, market analysts generally have the benefit of a high upward mobility hence they have high chances of experiencing career growths and of earning more after working for a couple of years.

Compensation after Three To Five Years’ Experience

Just like other technical jobs, market analysts’ wages rises with experience and the time that they have worked for an organization (Frey and Osborne 254). As such, their wages rise annually. For an entry-level graduate, the first year the average annual salary is $50,000, the second year about $55,000, the third year $63,000 while individuals who have worked for more than four years can make more than $68,000 (“Bureau of Labor Statistics” 1). Indeed, the wage increase is expected to rise annually. Moreover, after gaining enough experience, market analysts can take advantage of other jobs such as becoming strategists, planners and market predictors and hence gain from these ventures. Lastly, after working for about five years, market analysts can open their own consultancy firms and become self-employed (Tayeh, Al-Jarrah, and Tarhini 2).

Possible Career Growth Paths

The market analyst job offers numerous career growth paths. After doing the job for about three years, professionals can pursue other advancements or position. They can advance by taking lateral moves within or outside the original company or take horizontal growth by being promoted to higher management roles (Graaf 10). Typical career growth for Market Analysts entails becoming a marketing director or becoming Senior Marketing Analyst, roles which pay $8K and $18K more respectively on average (Roger 22). After being a market analyst for three years, a person can transition to the role of a marketing manager, marketing director, senior marketing manager, or an analytics manager. An individual can transition into marketing communications, marketing and business development, and overall marketing director and the director of analytics after working for more than five years,

Conclusion

The position of a marketing analyst is crucial for contemporary companies, especially with the growing use of data analytics when making marketing strategies. As such, it needs individuals with the required hard and soft skills. Hard skills entail having a relevant bachelor’s degree in a marketing related course, data analytics skills, and a strong background in quantitative and qualitative analysis. Soft skills, on the contrary, require an individual to be a good communicator, excellent report compiler, and critical thinker. Importantly, the position is compensated adequately, especially when a person works in industries whereby the role of a market analyst is revered.

Works Cited

“Market Research Analysts.” U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, 7 June. 2018, https://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm#tab-1. Accessed June 7, 2018.

Beerepoot, Niels, and Bart Lambregts. “Competition in online job marketplaces: towards a global labor market for outsourcing services?.” Global Networks 15.2 (2015): 236-255. https://onlinelibrary.wiley.com/doi/full/10.1111/glob.12051. Accessed June 7, 2018.

Cook, Jonathan. “Estimating the portion of technical analysts in a market.” Applied Economics 49.41 (2017): 4127-4137. https://www.tandfonline.com/doi/abs/10.1080/00036846.2016.1276274. Accessed June 7, 2018.

Frey, Carl Benedikt, and Michael A. Osborne. “The future of employment: how susceptible are jobs to computerization?.” Technological Forecasting and Social Change 114 (2017): 254-280. https://www.sciencedirect.com/science/article/pii/S0040162516302244. Accessed June 7, 2018.

Graaf, Johan. “Equity market interactions: exploring analysts’ role performances at earnings presentations.” Accounting, Auditing & Accountability Journal just-accepted (2018): 00-10. https://www.emeraldinsight.com/doi/abs/10.1108/AAAJ-05-2016-2565. Accessed June 7, 2018.

Holzer, Harry. “Job market polarization and US worker skills: A tale of two middles.” Economic Studies, The Brookings Institution (2015). https://www.brookings.edu/wp-content/uploads/2016/06/polarization_jobs_policy_holzer.pdf. Accessed June 7, 2018.

Kothari, S. P., Eric So, and Rodrigo Verdi. “Analysts’ forecasts and asset pricing: A survey.” Annual Review of Financial Economics 8 (2016): 197-219. https://www.annualreviews.org/doi/abs/10.1146/annurev-financial-121415-032930. Accessed June 7, 2018.

Luo, Xueming, and Qinqin Zheng. “How firm internationalization is recognized by outsiders: The response of financial analysts.” Journal of Business Research 90 (2018): 87-106. https://www.sciencedirect.com/science/article/abs/pii/S0148296318302066. Accessed June 7, 2018.

Roger, Tristan. “The coverage assignments of financial analysts.” Accounting and Business Research (2018): 1-23. https://www.tandfonline.com/doi/abs/10.1080/00014788.2017.1416452. Accessed June 7, 2018.

Tayeh, Mohammad, Idries M. Al-Jarrah, and Ali Tarhini. “Accounting vs. Market-Based Measures Of Firm Performance Related To Information Technology Investments.” (2015). https://www.researchgate.net/profile/Raed_Masadeh/publication/275463713_Accounting_vs_Market- based_Measures_of_Firm_Performance_Related_to_Information_Technology_Investments/links/553d23b10cf245bdd76ab6ee/Accounting-vs-Market-based-Measures-of-Firm-Performance-Related-to-Information-Technology-Investments.pdf. Accessed June 7, 2018.