International markets look for different things when it comes to products.
A research executive is usually one of the leaders of the market research department of a company or organization. Market research plays a large role in the success or failure of a company by helping develop a thorough sense of what customers need. Companies that do not perform marketing research might end up in a situation where they have created a product or opened a store that is not needed by the customers.
Research
Market research analysts work for research executives collecting data using a variety of means such as surveys, opinion polls, demographics and any other statistics that can give the company a sense of what the needs are of customers in a given area, according to FAS. They also often interview customers, collect information from various locations on the Internet such as forums and review websites, and record information through the process of negotiation. This information is then presented to the market research executive.
Analysis
The market research executive is responsible for determining what research techniques will be used, how broadly the research will be conducted, and estimates how much the research will cost. Data collected through the market research team must be analyzed by the research executive. Through this analysis, the market research executive can determine the buying trends of given demographic, the success and failure of competitors and the effectiveness of advertising methods. The data must be organized and presented to upper management so that they can make decisions based on the data, according to FAS. The research executive also often makes decisions based on the research data.
Qualifications
An educational background in a research-oriented field will be beneficial to the market research executive, though the best education for this position is in marketing and sales, according to Millward Brown, a marketing research agency. Organizational skills are needed both to organize the research data into a clear and useful format and also to keep research projects running smoothly. Since this executive is heading up a team of researchers, he must be self-motivated, according to FAS. Oral and written communication skills are essential, since this executive must not only clearly articulate research results to upper management but must also be able to delegate tasks to members of the research team.
Outlook
Between 2008 and 2018, the need for market researchers is expected to grow by 28 percent, according to the Bureau of Labor Statistics. This growth is driven by growing markets overseas that often have different demographics and product expectations.
Earnings
In 2008, the median earnings for market researchers were $61,070, according to the Bureau of Labor Statistics. The highest 10 percent earned more than $112,410, while the lowest 10 percent earned less than $33,770.
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