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Market Research

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Summary

Market research is about understanding markets, customers, and competitors by gathering and analyzing data. It helps businesses learn what their customers want, identify trends in the market, and evaluate how well their marketing efforts are working.
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Professional Opportunities

Career Path Description
Market Research Analyst Collects and interprets data on consumers, competitors, and market conditions.
Consumer Insights Manager Focuses on understanding customer preferences and behavior to inform strategies.
Data Analyst Analyzes data to identify patterns and trends that influence market strategies.
Research Consultant Provides expertise to businesses by conducting detailed market studies and reports.

Career Path

Program Level Program Eligibility Criteria Stream Minimum Marks
Diploma Diploma in Market Research 10+2 Any stream 50%-60%
Undergraduate BBA/BCom in Market Research or related 10+2 Commerce/Science 50%-60%
Postgraduate MBA/PGDM in Marketing or Analytics Bachelor’s degree in any discipline Any stream 50%-60% in UG
Doctoral PhD in Marketing/Consumer Behavior Master’s degree in a related field Marketing, Business 55%-60% in PG

Leading Institutes

Institute Location Programs Offered
Indian Institute of Management (IIMs) Multiple locations MBA/PGDM with Marketing specialization
Mudra Institute of Communications (MICA) Ahmedabad PGDM in Strategic Marketing & Research
Indian Statistical Institute (ISI) Kolkata, Bangalore Courses in Data Analytics & Market Research
Xavier School of Management (XLRI) Jamshedpur MBA in Marketing
Delhi School of Economics (DSE) Delhi Masters in Business Economics
Symbiosis Institute of Business Management (SIBM) Pune MBA in Marketing

Entrance Exams

Exam Purpose Institutes Accepting
CAT Admission to MBA programs IIMs, MICA, IITs
MAT Admission to PGDM programs SIBM, Christ University
XAT For MBA programs XLRI, XIMB
CMAT For AICTE-approved management programs Many tier-2 B-schools
GRE/GMAT For advanced management and analytics courses ISB, IIMs, global universities

Work Description

Role Description
Data Collection Designing surveys, focus groups, and other methods to gather market data.
Data Analysis Interpreting data to identify trends, patterns, and insights.
Strategy Development Using research findings to guide marketing and business strategies.
Competitor Analysis Evaluating competitors to identify market gaps and opportunities.
Report Preparation Presenting research findings through reports and presentations.

Pros & Cons

Pros Cons
High demand for skilled professionals Can involve repetitive tasks and tight deadlines
Opportunities in diverse industries May require dealing with unstructured data
Allows for analytical and creative thinking Pressure to deliver actionable insights
Well-paid with experience Initial roles may involve extensive groundwork

Market research offers a promising career for those who enjoy data-driven decision-making, critical analysis, and understanding consumer behavior. It provides exposure to various industries and opportunities for career growth.