For professionally qualified business management graduates, there’s high demand for careers in market research which is becoming increasingly sophisticated
The numbers-crunching back-room boys of high-flying marketing strategists of industry — especially of the glamorous FMCG (fast moving consumer goods) industry — are low-profile market researchers who provide the vital demographic, qualit-ative research and other data, based on which marketing whiz kids and advertising agencies conceptualise and design multi-crore multimedia advertising and sales promotion campaigns.
Market researchers collect information about markets and customers in a scientifically organised manner. For every business organisation, infor-mation and data gathered through market research is the prerequisite of planning business development and marketing strategies. Continuous field research data inflow enables business managers and executives to keep abreast of changing trends in the marketplace, diverse geographical locations and to gauge consumer preferences and effectiveness of marketing, sales and public relations campaigns on an on-going basis.
A bachelors degree is the minimum requirement for most market research jobs. A strong background in English and working knowledge of marketing, economics, statistics, psychology, sociology and political science is useful, as are good communication skills. Most freshers in market research start as trainee coders or tabulators, then become interviewers or research assistants, before moving up the firm’s hierarchy.
However, specialised certification is increasingly being preferred by empl-oyers. Most B-schools and business management institutes in India offer special market research modules in the standard bachelor of business adminis-tration (BBA) programme, while a Master of business administration (MBA) is the preferred postgraduate course for aspiring market research professionals. There’s also an option of Master of marketing research (MMR). The eligi-bility for undergrad programmes is Plus Two whereas for admission into post-grad degree and diploma programmes, students should be graduates of any recognised college or university.
Some of the more prominent institutes offering market research study progr-ammes in India are the Apeejay School of Marketing (Delhi); R.A. Podar Institute of Management (Jaipur); IIMs (Ahmedabad, Bangalore, Kolkata, Lucknow and Indore); Jamnalal Bajaj Institute of Management Studies; S.P. Jain Institute of Management and Research, among others.
Moreover, market research is now available as a postgraduate programme in India. A.C. Nielsen — the premier market research agency in India — has joined hands with the Northpoint Centre of Learning, Mumbai to offer an 11-month fast-track course which started last June and culminates in an internship with placement opportunities.
For professionally qualified business management graduates there’s high demand for placements in market research. A B-school graduate starts as a research associate or research execu-tive and moves up the ladder as market research manager, senior research manager, research director, associate vice president, vice president and executive director, depending on performance. Career progression tends to be fast. Salaries keep pace with field executives commanding Rs.5.6-8.5 lakh plus benefits per year; data processing analysts between Rs.5.5-10 lakh and senior managers earning between Rs.9.5-15 lakh with attractive benefits.
“There is no lack of opportunities in the fast-track market research industry. The usual entry routes are to sign up with an established market research agency or work on the client’s side as a market research specialist within a corporate, where you could conduct a certain amount of your own research and commission external agencies for larger projects. Another option is to freelance as a consultant after acquiring training and experience,” says Raj Sharma, co-founder and president of the Mumbai-based Majestic Market Research Support Services (MMRSS).
An alumnus of the vivekananda Education Society’s College of Engineering, Mumbai with a Masters in marketing from Mumbai University, Sharma acquired market research experience in the Godrej and Tata groups prior to signing in 1997 with Majestic Software Ltd, an IT/ITES company where he was assigned the international business development and customer management portfolios. In 1998, the company promoted Majestic Market Research Support Services, co-founded by Sharma and Sandeep Bhatia. Currently MMRSS has operations in India, the Middle East and South-east Asia with a growing clientele in the pharmaceuticals, healthcare, FMCG, automotive, information communications and technology, hospitality, retail and media industries.
“The market research industry is on a roll. Companies which believe that the customer is king are increasingly relying on market research for product roll-out, diversification and investment decisions. In the process, market research firms have moved up the value chain from information gatherers to business consultancy organisations. This has stoked demand for experienced market researchers from agencies and client corporates. It’s a highly engaging profession for anyone who enjoys questioning the purpose or reasoning of things,” says Sharma.
Indra Gidwani (Mumbai)