A Career in Marketing Research AMA Collegiate Marketing Research Certificate Program

Module Objectives Careers in marketing research Provide industry highlights and trends What your first job might look like

So, What Is Marketing Research? Function linking the consumer, customer, and public to the marketer Identify and define marketing opportunities and problems; Generate, refine, evaluate marketing actions; Monitor marketing performance; and Improve understanding of marketing as a process. Marketer Consumer Customer Public AMA Definition of Marketing Research, 2004

Marketing Research……. Specifies needed information Designs data collecting methods Manages/implements data collection process Analyzes the results Communicates the findings and their implications

What Can Be Researched? Competitors and industry trends Consumer needs and preferences Segmentation, positioning, targeting Virtually any strategies and tactics Product/Service (new, existing, deletion) Pricing (setting, changing, price lines) Promotion (advertising, sales promotions, PR) Place (Internet, In-store, multi-channel)

Honomichl Research Top 50 Report 204 U.S. research companies U.S. based revenues of $9.2 billion in 2011, up 5.1% from 2010 The 204 firms reported 38,305 full-time, an estimated increase of 7.9% from 2010 While research spend was up 5.1%, U.S. GDP was up just 1.7%, or a net increase of 3.4% Source: Jack Honomichl, The 2012 Honomichl Top 50 Report, Marketing News, June 30, 2012

Source: Jack Honomichl, The 2012 Honomichl Top 50 Report, Marketing News, June 30, 2012

Source: Jack Honomichl, The 2012 Honomichl Top 50 Report, Marketing News, June 30, 2012

A Few Notes About The Report Focused on spending within the U.S. for marketing/advertising/public-opinion research Including government plus miscellaneous = $15.3 billion Estimated total spending = approximately $25 billion Source: Jack Honomichl, The 2012 Honomichl Top 50 Report, Marketing News, June 30, 2012

Careers In Marketing Research End-users (Internal) Full-service Vendors Data collection/processing companies Consultants

Sample Titles For Vendors Account Executive/Director Project Director/Manager Field Director/Manager Moderator Research Analyst

Data Collection/Processing Companies Project Director/Manager Field Director/Manager Telephone Supervisor Field/Telephone Coder, Data Entry, Data Processor, Programmer Social Media and SEO

First Job? Research Analyst Tasks: Research what types of products/services customers want, who will buy them, how much they will pay, and other marketing mix decisions. Assist in assessing demand for current/new products. Promotion: With experience they manage their own project. Education Requirements: A bachelor’s degree is usually sufficient for an entry-level job; though internship is important.

Average Salary? Market research analysts average annual salaries ranging from $38,805 to $54,818 With less than one year of experience = $33,906 to $49,302 a year Source: Payscale, December, 2010

Broader Experience Range Source: U.S. Bureau of Labor Statistics, http://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm

Core Capabilities? Math/computer skills Data software experience Writing skills Verbal/presentation skills Analytical skills Internships help!

So, Let’s Get Started And Learn A Few Things About Marketing Research!