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Market Research As A Career

Market Research As A Career

Summary

  • Market Research involves collection of data in a systematic and objective manner through primary research or secondary research, in order to analyse the target market, competition or environment. It can be carried in two ways: Quantitave research, which is gathered through survey and questionnaires. Here the researcher focuses on coming up with numbers, example- what percentage of the population buys a particular product. Qualitative research, gets behind the facts and figure to find how people feel about a particular product. Researchers take interview, use questionnaires and interpret the result.

How to Pursue a Career in Market Research

StreamGraduationAfter GraduationAfter Post Graduation
Path 1
Clear Class XII in CommercePursue BA Economics, Statistics, B.com, BBA, (Marketing Specialization) (Preffered)Pursue Masters in Business Administration or Masters in Marketing Research-
Path 2
Clear Class XII in any StreamPursue B.Sc Marketing (Hons) or BBA (Marketing Specialization), BA Economics, Statistics, B.com, BBA, (Marketing Specialization) (Preffered)Pursue a Diploma Course in Marketing-

Important Facts

  • Most colleges have eligibility criteria of minimum 50% aggregate marks in Class XII
  • To pursue this field one needs to have knowledge of Economics, Statistics, etc. For example: A candidate who has completed BA Psychology/ any graduation and has knowledge of Economics or Statistics can opt for this course.

Leading Institutes

Top Market Research Institutes in India
CollegeLocationWebsite
Shaheed Sukdhev College of Business Studies (BBA)Delhiwww.sscbs.du.ac.in/ 
Christ University (BBA)Bangalorewww.christuniversity.in/ 
Sri Ram College of Commerce (Eco)Delhiwww.srcc.edu/ 
St. Stephen College(Eco)Delhiwww.ststephens.edu/ 
St. Xaviers College (B.Com)Mumbaiwww.xaviers.edu/main/ 
Loyola College (B.Com)Chennaiwww.loyolacollege.edu/ 
Lady Sri Ram College (Psychology)Delhiwww.lsr.edu.in/courses-psychology.asp 
Gargi College (Psychology)Delhiwww.gargi.du.ac.in/ 
Indian Institute of Management (IIM-A)Ahmedabadwww.iimahd.ernet.in/ 
Indian School of Business (ISB)Hyderabadwww.isb.edu/ 
Indian Institute of Management (IIM-B)Bangalorewww.iimb.ac.in/ 
Indian Institute of Management (IIM-C)Kolkatawww.iimcal.ac.in/ 
Indian Institute of Management (IIM-L)Lucknowwww.iiml.ac.in/ 
SP Jain Institute of Management and ResearchMumbai, Maharashtrawww.spjimr.org/ 
Mudra Institute of Communications, AhmedabadAhmedabad, Gujaratwww.mica.ac.in/ 
Jamnalal Bajaj Institute of ManagementMumbai, Maharashtrawww.jbims.edu/ 

Important Entrance Exams

Undergraduate
CollegeTentative DateImportant ElementsWebsite
Delhi University (Join Admission test- JAT)May (Forms) June (Exam)
Written-English (Reading comprehension), GK, Reasoning aptitude, Analytical Aptitude
GD and Interview
www.du.ac.in 
BBA - Christ UniversityFeb- March
Quantitative and Numerical Ability, Logical Reasoning, English, General and business awareness, Data Interpretation/Data Analysis
Presenatation & PI
www.christuniversity.in/apply-online 
Postgraduate
InstitutionTentative DateImportant ElementsWebsite
CATForms - Aug-Sept Entrance test - CAT – NovQuantitative Aptitude; Verbal and Reading comprehension, Data Interpretation and Logical Reasoningwww.iimcat.ac.in 
GMAT/GRE Anytime over the yearGMAT/GRE – Anytime over the yearVerbal Reasoning, Quantitative Reasoning and Analytical Writingwww.isb.edu/pgp/admissions/admission-calendar 
XATForms- Aug- Nov Entrance test- XAT - JanVerbal Ability, Logical Ability; Decision Making, Quantitative Ability, Data Interpretation, General Knowledge. Also includes Essay Writing as a part of the test.www.xatonline.net.in/ 
SPJIMROot - DecQuantitative Aptitude, Verbal & Reading comprehension, Data Interpretation & Logical Reasoningwww.spjain.org/programs/undergraduate/entrance-test 
MICATForms End of Sep – Nov (for MICAT I) Jan (for MICAT II) Entrance – MICAT I (Dec) MICAT II – (Feb)MICAT – Psychometric, Verbal Ability, Quantitative Ability, General Awareness, Divergent-convergent Reasoning, Descriptive testwww.mica.ac.in/postgraduate-programme/selection-process-and-timelines 
Jamnalal Bajaj Institute of Management Studies (JBIMS)Forms application – Jan – Feb Exam- March Centralized admission process (CAP) MAH-MBA CETVerbal Ability, Reading comprehension, Quantitative aptitude, Logical & abstratct reasoningwww.jbims.edu/academia/admission/full-time/mms 

Work Description

  • Collect data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand
  • Gather data on competitors and analyze their prices, sales, and method of marketing and distribution
  • Prepare reports of findings, illustrating data graphically and translating complex findings into written text
  • Devise and evaluate methods and procedures for collecting data, such as surveys, opinion polls, or questionnaires, or arrange to obtain existing data
  • Monitor industry statistics and follow trends in trade literature
  • Measure the effectiveness of marketing, advertising, and communications programmes and strategies
  • Forecast and track marketing and sales trends, analyzing collected data
  • Collaborate with marketing professionals, statisticians, pollsters, and other professionals

Pros & Cons of a Career in Market Research

Pros
  • High pay potential, as they are the backbone of their company.
  • Get to travel in various places.
Cons
  • Irregular working hours
  • Can be stressful due to deadline.

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