What does a Market Analyst do?
Published 4 min read
A market analyst is responsible for studying market trends and analyzing consumer behavior in order to help a company better understand its customers and make strategic decisions about product development, marketing, and sales. Market analysts use data from market research, surveys, and other sources to create reports and models that help businesses make informed decisions about where to focus their resources. They may also provide recommendations about pricing, promotions, and other marketing initiatives.
Market Analyst job duties include:
- Conduct market research and analysis to evaluate trends, brand awareness and competition
- Monitor and forecast marketing and sales trends
- Analyze consumer behavior and preferences
- Identify target markets and analyze their needs and wants
- Develop marketing strategies and plans to increase market share and profitability
- Evaluate effectiveness of marketing programs and campaigns
- Manage market research projects from start to finish
- Prepare reports and present findings to senior management
- Stay up-to-date on latest industry trends
Market Analyst Job Requirements
A market analyst is a professional who is responsible for studying, researching, and analyzing market trends to determine potential opportunities and threats for businesses within a specific industry. In order to become a market analyst, one must have at least a bachelor's degree in business, economics, or a related field. Many market analysts also have certification from the Certified Market Research Professional (CMRP) program. Experience is also important for this position, as most employers prefer candidates who have at least 2-3 years of experience working in market research or a related field.
Market Analyst Skills
- Communication
- Presentation
- Excel
- Data analysis
- SQL
- Tableau
- Business acumen
- Industry analysis
- Competitive analysis
- Market research
- Report writing
Related: Top Market Analyst Skills: Definition and Examples
How to become a Market Analyst
A market analyst is a professional who studies market trends and provides research and analysis to help businesses make informed decisions about their products, services, and strategies. There are many different types of market analysts, and the specific job duties vary depending on the type of business and the products or services being analyzed. However, there are some common skills and knowledge that all market analysts need in order to be successful in this field.
First and foremost, market analysts need to have strong research and analytical skills. They must be able to gather data from a variety of sources, both primary and secondary, and then analyze that data to identify trends and patterns. They also need to be able to communicate their findings clearly, both in writing and verbally.
In addition to strong research and analytical skills, market analysts also need to have a good understanding of the business they are working in. They should know the ins and outs of the industry, as well as the specific products or services being analyzed. This knowledge will help them better understand the data they are looking at and make more informed recommendations.
If you are interested in becoming a market analyst, there are a few things you can do to get started. First, consider pursuing a degree in business or economics. This will give you a strong foundation in the skills you need to be successful in this field. You can also look for internships or entry-level jobs at research firms or marketing departments within businesses. These experiences will give you a chance to hone your skills and learn more about the industry.
Related: Market Analyst Resume Example
Related: Market Analyst Interview Questions (With Example Answers)