Market research

Description

The processes, techniques, and purposes comprised in the first step for developing marketing strategies such as the collection of information about customers and the definition of segments and targets.

Alternative labels

market studies
market analysis

Skill type

knowledge

Skill reusability level

cross-sector

Relationships with occupations

Essential knowledge

Market research is an essential knowledge of the following occupations:

Online community manager: Online community managers provide and maintain an interactive environment facilitated by applications such as social media, forums and wikis. They maintain the relations between different digital communities.
Product development manager: Product development managers coordinate the development of new products from beginning to end. They receive briefings and start envisioning the new product considering design, technical and cost criteria. They conduct research on market needs and create prototypes of new products for untapped market opportunities. Product development managers also improve and boost technological quality.
Marketing assistant: Marketing assistants support all the efforts and operations carried out by marketing managers and officers. They prepare reports in relation to the marketing operations needed by other departments, especially account and financial divisions. They ensure that resources needed by the managers to perform their job are in place.
 
Advertising manager: Advertising managers perform the implementation of the advertising initiatives planned in the strategic marketing plan. They organise and prepare the resources needed to launch advertising campaigns and operations in advertising agencies. They prepare and align the communication channels, negotiate contracts, and ensure that operations adhere to budgets.
Intellectual property consultant: Intellectual property consultants provide advice on the usage of intellectual property assests such as patents, copyrights, and trademarks. They help clients to value, in monetary terms, intellectual property portfolios, to follow adequate legal procedures for protecting of such property, and to perform patent brokerage activities.
Business analyst:
Business analysts research and understand the strategic position of businesses and companies in relation to their markets and their stakeholders. They analyse and present their views on how the company, from many perspectives, can improve its strategic position and internal corporate structure. They assess needs for change, communication methods, technology, IT tools, new standards and certifications.
Market research analyst: Market research analysts collect the information gathered in the market research and study it to draw conclusions. They define the potential customers of a product, the target group and the way they can be reached. Market research analysts analyse the position of products in the market from different perspectives such as features, prices and competitors. They analyse cross selling and interdependencies between different products and their placement. Market research analysts prepare information helpful for the development of marketing strategies.
Public relations manager: Public relations managers strive to convey and maintain a desired image or reputation of a company, individual, governmental institution, or organisation in general to the public and stakeholders at large. They use all sorts of media and events to promote the positive image of products, humanitarian causes or organisations. They attempt to ensure that all public communications portray clients the way they want to be perceived.
Marketing manager: Marketing managers carry out the implementation of efforts related to the marketing operations in a company. They develop marketing strategies and plans by detailing cost and resources needed. They analyse the profitability of these plans, develop pricing strategies, and strive to raise awareness on products and companies among targeted customers.
Research and development manager: Research and development managers coordinate the efforts of scientists, academical researchers, product developers, and market researchers towards the creation of new products, the improvement of current ones or other research activities, including scientific research. They manage and plan research and development activities of an organisation, specify goals and budget requirements and manage the staff.
Sensory scientist: Sensory scientists carry out sensory analysis in order to compose or improve flavours and fragrances for the food, beverage and cosmetics industry. They base their flavour and fragrance development on sensory and consumer research. Sensory scientists carry out research and analyse statistical data to meet customers expectations.
Product manager: Product development managers are responsible for managing the lifecycle of a product. They research and develop new products in addition to managing existing ones through market research and strategic planning. Product managers perform marketing and planning activities to increase profits.
Advertising media planner: Advertising media planners advise on the best communication media platforms to convey ideas. They analyse advertising plans in order to assess the aim and objective of the marketing strategy. They assess the potential and response rate that different communication channels might have on the transmission of a message related to a product, company, or brand.
Property developer: Property developers buy land, finance deals, order construction projects and orchestrate the process of development. They purchase a tract of land, decide on a marketing strategy, and develop the building program. Developers must also obtain legal approval and financing. When the project is finished, they may lease, manage, or sell the property.
Public relations officer: Public relations officers represent a company or organisation to stakeholders and the public. They use communications strategies to promote an understanding of the activities and image of their clients in a favourable way.
Banking products manager: Banking products managers study the market of banking products and adapt the existing ones to the characteristics of this evolution or create new products to suit clients needs. They monitor and evaluate the performance indicators of these products and suggest improvements. Banking products managers assist with the sales and marketing strategy of the bank.
Communication manager:
Communication managers, as spokespersons, the communications issued by the company for both the internal and the external clients. For internal clients, meaning the employees, communication managers ensure that communications reach each one of the employees and further questions can be answered. For external parties, they coordinate coherence among the messages transmitted in mails, printed materials, press articles, and corporate promotional materials. They strive to maintain truthful communications.
Promotion manager: Promotion managers plan and implement the implementation of promotional programs in the point-of-sale of products. They coordinate all efforts from personnel, below-the-line (BTL) advertising material, and conventional advertising efforts in order to raise awareness of a specific promotion.
Category manager: Category managers define the sales programme for specific product groups. They research market demands and newly supplied products.

Patent engineer: Patent engineers advise companies on different aspects of intellectual property law. They analyse inventions, and research their economic potential. They check if  patent rights have already been given out for an invention and ensure that these rights have not been affected or violated.

Optional knowledge

Market research is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Fiscal affairs policy officer: Fiscal policy officers research, analyse and develop policies related to taxation and government spending in public policy sectors, and implement these policies to improve the existing regulation around the sector. They work closely with partners, external organisations or other stakeholders and provide them with regular updates.  
Market research interviewer:
Market research interviewers strive to collect information on the perceptions, opinions, and preferences of customers in relation to commercial products or services. They use interview techniques to draw as much information as possible by contacting people via telephone calls, by approaching them face-to-face or by by virtual means. They pass this information to experts for drawing analysis.
Survey enumerator: Survey enumerators perform interviews and fill in forms in order to collect the data provided by interviewees. They can collect information by phone, mail, personal visits or on the street. They conduct and help the interviewees administer the information that the interviewer is interested in having, usually related to demographic information for governmental statistical purposes.
Sales manager: Sales managers develop sales and targeting strategies for a company. They manage sales teams, allocate sales resources based on the plans, prioritise and follow up on critical leads, develop sales pitches and adjust them over time, and maintain a sales platform to track all leads and sales.
Statistician: Statisticians collect, tabulate, and, most importantly, analyse quantitative information coming from a varied array of fields. They interpret and analyse statistical studies on fields such as health, demographics, finance, business, etc. and advise based on patterns and drawn analysis.
Business developer:
Business developers strive to improve the market share of companies in the market. They perform strategic analyses of the core advantages that a company’s products or services have to offer, they cooperate in the development of marketing campaigns for lead generation and support on sales efforts.
Spokesperson: Spokespeople speak on behalf of companies or organisations. They use communication strategies to represent clients through public announcements and conferences. They promote their clients in a positive light and work to increase an understanding of their activities and interests.
Shop supervisor: Shop supervisors are responsible for the smooth operation of stores according to regulations and company policy. They oversee business activities such budgets, inventory and customer service. Shop supervisors also monitor employees’ performance and ensure that goals are being met.

 


 

References

  1. Market research – ESCO

 

Last updated on September 20, 2022

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