Marketing plays an important role in business. People in marketing positions help companies develop, price and promote their products and services. Marketing can make the difference between success and failure. Marketing professionals typically enjoy careers that include opportunities for growth and advancement, according to the U.S. Bureau of Labor Statistics.
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Market researchers and market research analysts conduct and analyse surveys to determine what consumers think. This helps companies determine which products people want and how much people are willing to pay. Market researchers also compile and analyse data on competitors or on past products to guide and predict future sales.
Typically, market researchers and research analysts need at least a bachelor's degree, although the Bureau of Labor Statistics recommends a master's degree. Aspiring market researchers should concentrate their college studies on the social sciences, including psychology and sociology, and study mathematics and statistics.
The Bureau of Labor Statistics estimates job opportunities for market researchers and market research analysts will grow 28 per cent through 2018. The median annual salary of a market researcher was £23,543 as of 2008. The median annual salary of a market research analyst was £39,695.
Market research managers supervise researchers and analysts. As with most other marketing positions, employers typically require at least a bachelor's degree and often prefer a master's degree. The Bureau of Labor Statistics does not offer specific employment or wage information for market research managers.
Marketing managers typically work with their companies' advertising and promotions departments to create and implement strategies. With the help of market research managers, marketing managers must estimate demand, identify potential markets and determine appropriate pricing. Marketing managers also may assist in product development.
Generally, marketing managers must possess at least a bachelor's degree in business administration and should have studied management, accounting and statistics.
As of 2008, the median annual salary of a marketing manager was £70,577, according to the Bureau of Labor Statistics.
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