A Market Research Manager is responsible for overseeing all market research operations and activities. They develop research plans and budgets and oversee the collection, analysis, and reporting of data. A market research manager must be able to understand complex data and be able to communicate these findings to clients or management in a clear and concise manner.
In what industries do they work?
A market research manager may work in any industry, with the exception of consulting. In this position, one may work in any location, but more often than not they are found working in the main office of a company. They can work in any company that conducts market research.
What is their average daily routine?
A Market research manager's day starts with an early morning meeting with staff to review the previous day's work and discuss goals for the next day. They then proceed to meet with different departments and gather data about costs and prices associated with goods and services.
Afterward, they communicate this information back to senior management and present findings from market research studies. Throughout the rest of their day, they will attend meetings and handle any issues that arise within the department or office as well as monitor ongoing projects. They end their days by compiling reports, analyzing, and providing follow-up to their findings.
What are the main responsibilities of a market research manager?
A market research manager is responsible for:
- overseeing all market research operations and activities: this includes developing research plans and budgets, overseeing the collection, analysis and reporting of data, as well as understanding complex data
- communicating findings from market research studies to clients or management in a clear and concise manner
- meeting with staff and department heads to gather data about costs and prices associated with goods and services
- monitoring projects and ensuring that they are completed on time, within budget, and to specification
- compiling reports, analyzing data, and providing follow-up to findings.
Required and extra skills
They must have strong analytical skills and be able to understand and present complex data in an easy-to-understand manner. Excellent communication skills are also essential, as is the ability to work independently and manage multiple projects simultaneously.
Some market research managers may have certification in market research from the Marketing Research Association (MRA). This certification demonstrates that they have met specific requirements with regard to education, experience, and ethics.
The main required skills for this position are:
- strong analytical skills
- ability to understand and present complex data in an easy-to-understand manner
- excellent communication skills
- ability to work independently and manage multiple projects simultaneously
The main preferred skills for this position are:
- certification in market research from the Marketing Research Association (MRA)
What education do you need?
A market research manager typically has a bachelor's degree in business, economics, marketing, or a related field. However, some may have an associate's degree or be working towards a certification in market research. No matter what their level of education is, it is important that they have strong analytical skills and the ability to understand and present complex data in an easy-to-understand manner.
Education programs for a market research manager :
- Bachelor of Business Administration (BBA) in Business Administration
- Bachelor of Science (BS) in Economics
- Bachelor of Arts (BA) in Marketing
- Certification in Market Research from the Marketing Research Association (MRA)
Bachelor's degree in Business Administration, Economics, Marketing, Journalism can help you to get the position. All these courses are helpful but if you want to specialize in this field.
How to get a certification from the Market Research Association?
A certification in market research from the Marketing Research Association (MRA) shows that a professional has met specific requirements with regard to education, experience, and ethics. The required skills for this position are: strong analytical skills, being able to understand and present complex data in an easy-to-understand manner, excellent communication skills, having the ability to work independently and manage multiple projects simultaneously.
In order to obtain a Certification In Market Research, you must pass an exam proctored by one of the following proctors: American Marketing Association (AMA), National Institute of Business Management (NIBM), or International Council of Sales Professionals(ICSP). Each test costs $325 and lasts 3 hours long. This test consists of 125 multiple choice questions and covers the following topics: Planning and Designing Research, Sampling and Data Collection, Processing and Analysis, Reporting and Use of Results.
How much does a Market Research Manager make?
The average salary of a market research manager is $77,000 per year according to Indeed.com. The salary range is between $65,000-$90,000 per year with the average being around $80,000 per year. However, some market research managers are compensated more depending on experience level and qualifications.
For example, the top earners made over 100k while the lowest earners made 45k annually. Some examples of highest-paid market research managers are David Dewhurst, Sr. Manager, Consumer & Shopper Insights at PepsiCo who made $164,000 in 2016, Sarah L. White Director of Research at Memorial Sloan Kettering who made $153,000 in 2016, and finally Kent A. Wilkens Vice President, Consumer & Shopper Insights at Hershey's who made $148,000 in 2016.
The typical candidate for a market research manager position is someone who has an undergraduate degree in business or marketing, and at least 5 to 7 years of experience in a marketing research role. They should also have strong analytical skills, the ability to understand and present complex data in an easy-to-understand manner, excellent communication skills, and be able to work independently and manage multiple projects simultaneously. In addition, they should have several years of experience working from home.
Some companies encourage employees to get their professional certification (CAMR) while working their way up the corporate ladder by taking courses that increase skills necessary for senior management positions like market research managers.
Additionally, some companies will hire experienced individuals with no prior education or training; this opportunity often comes with higher responsibility and compensation than entry-level jobs typically offer. What allows these candidates to stand out is previous experience working with market research data and studies.
Search online for 'marketing research manager jobs' on Google, Yahoo, CareerBuilder, etc ...and you will get many options. You can mail your resumes to related companies where job openings are mentioned or you can also upload your resume on their website. You can also directly contact the company through mail or phone and ask for a market research manager job opening.
What skills do you need to highlight during the interview?
The skills that you should highlight during the interview are: strong analytical skills, being able to understand and present complex data in an easy-to-understand manner, excellent communication skills, having the ability to work independently and manage multiple projects simultaneously. In addition, it is important to have a good understanding of the research process, from planning through to analysis and reporting.
What other considerations during the interview should you mind?
During the interview make sure to ask questions about the market research process. It is also important to ask how marketing research fits in with other disciplines at their company. For example, are you working closely with the marketing team or do they have a separate department that focuses on marketing research? You should also ask about their current research projects and how you might be able to help with those. Finally, make sure to ask about the company's culture and what it is like to work there.
The most effective method of applying for a market research manager job is directly contacting the company through mail or phone. You will have better chances of getting your resume noticed if you are able to speak with someone directly so that they can learn about your skills and qualifications first-hand.
Take a minute to sketch out how you would respond to three typical questions in an interview for a market research job according to our Market Research Manager Job Description. Questions are provided below.
Please note that, if hired into the role, you would not need to memorize these answers by heart but rather develop them after several mock interviews with friends or family members. We recommend practicing with at least two people.
Question 1: Walk me through your experience conducting market research.
(Your possible answer)
My experience conducting market research began with my undergraduate degree in business where I learned about the different types of research methods and how to use them effectively. After graduating, I worked as a Research Analyst for a market research company where I was responsible for designing surveys, analyzing data, and reporting my findings to clients.
I then moved on to become a Project Manager, which gave me more responsibility for managing projects and budgets, as well as working with clients directly. Throughout my career, I have continually developed my skills in analytical thinking and data presentation, which I know would be an asset in this role.
Question: What do you think are the most important skills for a market research manager?
I think the most important skills for a market research manager are strong analytical skills, being able to understand and present complex data in an easy-to-understand manner, excellent communication skills, and having the ability to work independently and manage multiple projects simultaneously. In addition, it is important to have a good understanding of the research process, from planning through to analysis and reporting.
Question 3: How do you think marketing research fits into the overall marketing strategy?
Marketing research is an essential part of the marketing mix and should be used early on in the planning process so that all decisions are made based on data. It is also important for ongoing campaigns and product launches to ensure that they are reaching the right people and having a positive impact on their business. In short, marketing research helps ensure that every project has the best chance of success.
Is there any internship opportunity?
Yes, there are. For more information about the internship program please contact the Human Resources departments of each company directly. Be sure to get their email address from LinkedIn or the company website.
What companies can offer this position?
You can work in any different types of companies. There are a great number of market research companies. Some of the most popular ones are GfK, Ipsos, The Nielsen Company, and Research Now.
These companies conduct market research for other businesses, so they are always in need of new talent. However, there are also many pharmaceutical, technology, and consumer goods companies that conduct their own marketing research, so those are also potential employers.
Some other popular companies that you may want to consider include Amazon, Apple, Coca-Cola, Ford Motor Company, General Electric, IBM, Intel, Microsoft, Nike, PepsiCo, Samsung Electronics America.
In addition to conducting its own research, a company may also hire a market research manager to manage and monitor outside suppliers. So if you have experience working with a research agency or another supplier, that could be a big plus.
Career paths for market research managers
Many market research managers go on to open their own consulting practices. If you like the client-facing role, want more responsibility, and enjoy working independently then this could be an attractive option for you. It is also possible to manage a team of researchers or move into sales with your current employer.
One can go to work for market research agencies, advertising holding companies, or marketing departments of other corporations.
What are the perspectives of this position?
A market research manager has a lot of perspectives on the future. It all depends on what the individual wants.
The market research manager has a lot of opportunities to grow in the company. They can move up to a project manager, team leader, and so on. If the individual wants to venture out and start their own business, they have the opportunity to do that as well.
The market research manager also has the opportunity to work with many different types of businesses and see how marketing research is conducted in different industries. There are many opportunities for this position if the individual is willing to explore and take advantage of them.
There is a lot of competition for market research manager positions. It is a very popular career choice, so there are many candidates vying for open positions. This means that you will need to have a very strong resume and be able to demonstrate your skills during the interview process. Having experience in the field, particularly with data analysis and reporting, will be essential.