Marketing analysis and research involves applying statistics in a real-world setting. Continue reading to learn about the academic and career opportunities available in marketing analysis and research.
Marketing analysis and research professionals use statistical data to determine what people think so they can make decisions regarding product placement, packaging, advertising and design. They may gather information through polls, surveys or by counting the number of products sold at various stores across the nation. In turn, they sell the information to their clients, or use the information for their own company, to improve sales.
According to the U.S. Bureau of Labor Statistics (BLS) in May 2013, 430,350 people worked as market research analysts and marketing specialists. An additional 17,370 conducted survey research, and 174,010 worked as marketing managers. The BLS projected that employment of market research analysts would increase by 32% nationwide from 2012-2022, with an 18% increase expected for survey researchers. During the same period, employment of market managers was projected to grow by an average rate of 13%.
As of May 2013, the BLS reported that the median annual salary for market research analysts and marketing specialists was $60,800. In the same month, marketing managers and survey researchers earned $123,220 and $47,720, respectively (www.bls.gov).
According to the BLS, the minimum requirement for a career in marketing is a bachelor's degree, which can lead to positions in advertising, promotions, public relations or product management. With a bachelor's degree in marketing, you can conduct surveys or pursue entry-level research work. A master's degree in market research is sufficient to teach business or marketing courses at a community college. However, completion of a doctoral program in marketing research is necessary for most university instructional positions. Graduate programs can lead to opportunities gathering technical data for research and analysis purposes and may be necessary for a management career.
As a marketing student, you'll study strategic marketing techniques and learn how to use statistics to predict market trends. Through studies in consumer behavior, public relations and advertising, you'll acquire a more complete picture of the roles marketing professionals fill in the business world. You'll learn to create a marketing plan and explore how brands affect price and quality in the eyes of the consumer. Most programs allow for real-world experiences in the form of internships and consulting opportunities.
Successful marketing professionals are detail-oriented, able to work well under pressure and have excellent people skills, according to the BLS.