If math, research and logical reasoning interest you, a career in marketing research might appeal you. Pritika Behrawala gives you a gist of this career option
What is marketing research?
Have you ever wondered why Nestlé stopped producing their chocolate malt beverage, Milo, in India? What went wrong or why people stopped consuming it? Maybe their marketing research team had got it all wrong. Are you thinking of ways you could fix this? If yes, then marketing research is the perfect career option for you.
Due to increasing competition in global markets, marketing research has become an extremely essential tool for any organisation’s survival. Researchers systematically collect, record and analyse data that is used to identify and solve marketing problems. It includes research in products, consumers, packaging and pricing which help the company make production and marketing policies, introduce new products, identify new markets and collect information on competitors. The company uses this information to fight competition and reduce the gap between demand and supply.
Types of marketing research
Marketing research can be partitioned into two types, based on the target market:
• Consumer market research is the first type. Its goal is to study the purchasing habits, likes, dislikes and expectations of the target audience. This is done by tallying up how much of a product is sold, through surveys or through other means. The information gathered from consumers can be used to analyse current marketing campaigns and to create new ones.
• The second type of marketing research is business to business (B2B) research, which studies how businesses sell products and services to other businesses. It is important to understand how companies find out about other products, how well these products are marketed and how good the market is for that particular product.
How can you get there?
Anyone who has passed their 10+2 level in any discipline is eligible for the undergraduate courses, whereas, for the postgraduate degree and diploma courses, you must have graduated in a relevant field from any recognised institute or university. Bachelor of Business Administration (BBA) at the undergraduate level, Master of Business Administration (MBA) at the postgraduate level and several diploma courses are some paths you can choose to study marketing research. A small number of business schools also offer a more specialised Master of Marketing Research (MMR) degree. An MMR degree typically prepares students for a wide range of research methodologies and focuses on learning both in the classroom and on the field. There is a growing preference among recruiters for people with master’s degrees specifically in marketing research.
Personal skills and traits
Marketing research has many layers to it as employees need to have an understanding of the market, the target audience and the competition. Employers look out for certain traits while hiring – an analytical mind, strong knowledge of statistics and computers, excellent communication and writing skills, an interest in psychology and behavioural science for qualitative research, excellent people skills and confidence when dealing with a wide variety of people.
Remuneration
If you are looking for a job as a marketing researcher, a well-paid, fat salary is guaranteed in India. Since this category of a job often calls for a master’s degree or even a doctorate, pay can be quite good. In the early stage, a marketing researcher can earn between Rs. 10,000 and Rs. 12,000 per month. With two or three year’s experience, one can get around Rs. 18,000 – 25,000 per month. Experienced market researchers can earn a lot in this field.
Scope in India
Marketing Research forms the core of any company as it helps to identify and solve marketing problems and take major decisions. It is fast growing in its importance due to increasing competition, fast-moving technological developments and changing consumer needs, expectations and attitudes. Even in India, companies are always on the lookout for efficient and skilled marketing researchers as a result of which the courses related to this field have gained much popularity in the present day. But, be advised, it’s not for the faint-hearted; it is a place for the shrewd, brave and intelligent!
A Hurdle on the Way
“The biggest challenge a market researcher faces is of remaining relevant, staying ahead of the brand game and knowing more about the client’s business than the client himself. Those who do this will thrive in this industry. There is a premium on expertise and the researcher must live up to this.”
Sridevi Rao, Vice President and Head of Human Resources at IMRB International
Course Canvas
Apeejay School of Marketing, Delhi
R.A. Podar Institute of Management, Jaipur
Indian Institutes of Management (IIMs), Ahmedabad, Bangalore, Kolkata, Lucknow and Indore
Jamnalal Bajaj Institute of Management Studies, Mumbai
S. P Jain Institute of Management and Research, Mumbai
Management Development Institute (MDI), Haryana
Did you Know?
• Marketing research and market research are sometimes used interchangeably.
However, they are NOT synonyms.
• Market research is a subset of marketing research.
• Marketing research is the study of place, product, price and promotion to understand the consumer’s behaviour. It covers areas such as research into new products, modes of distribution, product development, pricing and advertising.
• Market research is the study of place i.e. a specific market or segment, customer, competition and the industry in general.
Volume 2 Issue 8
