Market Research Sector

Market research can be explained as the analytical gathering, logging and analysis of customer, competition and market data. The purpose being to help support businesses identify, communicate and trade with its key audiences. In general it allows organisations to understand all aspects of their customers' behavior from requirements, beliefs and buying habits.

In order to attain such data or information, businesses generally use two basic research techniques: 

• Qualitative research - obtaining data from small groups to form opinions on a specific issue, identifying subconscious drives and motivations.
• Quantitative research - obtaining data from large groups of respondents which is statistically analysed to provide a general overview of an entire population.

 

Today the UK market remains the second largest in the world for market research and has seen steady but consistent growth over the last few years. This growth has been affected by the use of new techniques in gathering data, as research companies look to deliver faster results at lower prices. Online data collection methods have been the prime tool in providing an improved service, as the market becomes more and more competitive. New entrants into the sector have expanded the offering further by using behavioral studies, business intelligence and forecasting, techniques beyond the traditional market research boundaries. Such change brings further graduate opportunities within market research.

 

Market research offers graduates the opportunity to combine their analytical talents with their communication skills, a unique selling point for many graduates. Graduates considering analytical and consultancy careers often thrive in this sector, as a career in market research combines elements of both. 

Requirements for a career in market research differ depending on which field of research you wish to join:

• Quantitative research:

Consultants in this specialism deal with large amounts of numerical data on a daily basis. Graduates are not required to be high class mathematicians. Employers seek graduates with the ability to understand and interpret data, to translate it into an easy to understand business case. Due to this, graduates in Psychology and History tend to be successful in this field, as do those with sound communication skills and writing abilities.

•  Qualitative research: 

Consultants in this specialism are often required to work with respondents on a face-to-face basis. This is often through focus group work. Successful candidates must therefore demonstrate strong people/soft skills and the ability to understand behavioral signs to translate into a business case. Both sound writing ability and an analytical approach are key characteristics sought by employers.

 

The market research sector is yet to be dominated by large companies, thus graduates will find many opportunities within small to medium sized organisations.

GRB are actively providing candidates for a number of leading players in the market research industry. View our graduate market research jobs.

 

Despite being a relatively niche market, many companies offer well established training programmes. Many training schemes encapsulate both classroom and on the job learning to ensure graduates gain industry knowledge extremely quickly.

 

Companies will consider graduates from all backgrounds and generally do not require specific degree experience. In the market research sector personality is key as employers seek confident, outgoing candidates who demonstrate an organised, methodical approach to their work.

 

The career path within market research is often well defined by graduate recruiters. Graduates will begin their career as a Research Executive, looking to reach Senior Research Executive within three years. From there, management responsibilities can be expected relatively quickly.

Typically a graduate will be offered a starting salary between £18,000 and £22,000. Competitive salaries follow as graduates gain experience and secure senior and management positions. Established bonus structures are also often in place.

Begin your search for Market Research Graduate Jobs.

 

If candidates are successful in the initial application process, they will be invited to an assessment day. Generally assessments consist of:

• Formal interview
• Numerical tests
• Personality tests
• Problem solving tests
• Analysis of data and presentation of those findings to a panel

The Chartered Institute of Marketing www.cim.co.uk
Market Research Society www.mrs.org.uk