Market Research Salary

Individuals that work in market research analyze what ideals and desires frequently motivate consumers to buy certain goods and avoid other goods. They often use sales statistics, feedback from consumer reports and surveys. This information helps companies design effective public relation campaigns, advertising and to choose only highly effective media. The results of the research can estimate the success of a product or a product line and help determine how a new product is designed.

Salary Overview

Salaries are affected by several factors such as the state and metropolitan location and what industry the company is part of. Generally, cities will pay more than towns in rural areas. The applicant’s level of education and training, professional certifications and membership to associations also can make an impact on how an employee is paid. For example, a market analyst that has a master’s degree is more likely to start at a higher salary than one with a bachelor’s or associate’s degree.

The US Bureau of Labor Statistics reported the following salary information as of May in 2009.

A market research analyst’s median annual salary was $61,580. Individuals that worked in the scientific, technical and management consulting services earned highest pay of $64,360.

Individuals employed as marketing managers earned a median salary of $110,030. Managers of securities and commodity exchanges made the highest mean wage of $153, 060.

The median salary for survey researchers was $35,380. Those that worked in the science research and development service made the highest industrial wage of $62,280.

Job Description and Outlook

A market research analyst is responsible for determining the potential sales of a service or product. They analyze the statistical information of sales history to estimate future sales and then give management the data required to make an informed decision on how a service or product is created, priced, promoted and distributed.

A marketing manager supervises the design and development of a company’s general strategy for marketing. Their duties include keeping an eye the on progress of research performed externally and internally, how marketing promotions are used, designing new products for specific demographics and implementing advertising strategies. Often, marketing managers supervise market research analysts and other research employees. They also work with various managers to ensure a coordinated strategy for producing new items and promoting current products to consumers.