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Market Research

Analyst Digital Marketing Rahul Dwivedi talks about Market Research course, what is Market Research and other details about a Career in Market Research.

















Market Research

Rahul Dwivedi | Analyst Digital Marketing | Accenture






What is Market Research?


A Career in Market Research is very intriguing. Unfortunately, it is very difficult to find information about What Market Research actually is. Most pages on the internet just talk about How to get into Market Research. While anyone can have an opinion on what Market Research entails; only a real professional can really explain it.

Analyst Digital Marketing Rahul Dwivedi has worked in Market Research for 5 years & 6 months. Analyst Digital Marketing Rahul Dwivedi defines Market Research as:

Market research is one of the main factors used in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition.





How Analyst Digital Marketing Rahul Dwivedi got into Market Research?


After completing my BBA from University of Lucknow, I did PGDM from Jaipuria Institute of Management, Lucknow. After that, I started working as a Market Research Analyst - Strategic intelligence at PATH infotech Ltd. A year later, I joined R Systems as a Senior Research Analyst. In May 2017, I started working as Analyst Digital Research with Accenture and since then I have been working at Accenture





Analyst Digital Marketing Rahul Dwivedi's Talk on Market Research


Session Image
The Journey of a Market Research Analyst: Insights from Rahul Diveti


In the dynamic world of market research, professionals like Rahul Diveti are paving the way with their analytical skills and creative insights. With a bachelor's degree in Business Administration and a BGDM from the Jaipur Institute of Management, Rahul is currently shaping strategies at Accenture India as a digital marketing analyst. Having amassed five years of experience in the field, he not only excels in understanding market dynamics but also passionately shares his knowledge through writing and future pursuits in academia. This article deeply explores the educational background, essential skills, positives, challenges, and daily responsibilities that define a career in market research, showcasing the valuable insights from Rahul's journey.

What Is Market Research?

Market research is a systematic process of gathering and analyzing information relating to competitors, industries, and business verticals. It plays a critical role in helping businesses make informed decisions by understanding both the micro and macro environments they operate in. In essence, market research equips organizations with the data and context required to strategize effectively, ultimately impacting their success in the marketplace. Rahul emphasizes that this process is vital for any business hoping to navigate challenges and seize opportunities in an ever-evolving landscape.

Education


Market Sizing

### Market Sizing Image

Market sizing is a foundational element in market research that assesses the potential of a market. It enables businesses to analyze the total worth of products or services within a given space. According to Rahul, this process can be approached through top-down and bottom-up methodologies, both of which are crucial for effective market analysis. Understanding market sizing not only helps researchers gauge the competitive landscape but also assists businesses in strategizing their entry or expansion within a particular market.

Customer Analysis

### Customer Analysis Image

Effective customer analysis involves examining customer behaviors, preferences, and trends which enable businesses to tailor their strategies accordingly. Rahul points out that without a comprehensive understanding of customer actions and expectations, companies struggle to define their own strategies effectively. This analysis is essential for formulating data-driven marketing strategies that resonate with target audiences and enhance customer engagement.

Data Collection Methods

### Data Collection Methods Image

Data collection is the backbone of market research and encompasses both primary and secondary research methodologies. Rahul notes that primary research involves gathering data for the first time, utilizing methods such as surveys and interviews, while secondary research relies on existing data from various sources like government databases or online tools. Familiarity with various data collection methods is paramount for aspiring researchers, as accurate data collection leads to reliable findings that inform business decisions.

Types of Research Reports

### Types of Research Reports Image

Research reports in market research can typically be classified as custom or syndicated. Custom reports are tailored to meet specific client needs, while syndicated reports provide broad overviews of an industry. Rahul stresses the importance of understanding these types of reports, as they dictate how insights are presented to clients and how analysts approach their research undertakings. This discernment further aids in fulfilling client expectations and delivering tailored recommendations.

Research Models

### Research Models Image

Knowledge of various research models, such as the BCG matrix or Porter's five forces, serves as a key component in market research. Rahul explains that these models aid in contextualizing market data, facilitating both micro and macro environmental analyses. Additionally, understanding models like PESTLE helps researchers appreciate the varying factors that influence market conditions, ultimately allowing for more nuanced insights.

Research Process

### Research Process Image

A strong grasp of the research process is essential for effective market research. Rahul describes the series of steps that take place, from defining management problems to drafting final reports. Familiarity with this process ensures researchers can navigate the complexities of data analysis methodically and efficiently, producing actionable insights that align with client objectives.

Skills


Analytical Skills

### Analytical Skills Image

Analytical prowess stands out as a core skill for market researchers. Successfully analyzing vast datasets requires a deep comfort with numbers and an ability to glean insights from complex information. Rahul emphasizes that professionals in this field must be adept at not only analyzing data but also translating those findings into actionable recommendations for clients and stakeholders.

Attention to Details

### Attention to Details Image

In market research, attention to detail is critical, as analysts sift through extensive data to identify relevant information. Rahul conveys that accuracy is paramount; being detail-oriented ensures that the data included in reports is pertinent and reliable. This meticulous approach is vital in maintaining the integrity of the research process and fulfilling client expectations.

Creativity

### Creativity Image

Creativity plays a pivotal role in the market research profession, particularly when it comes to data collection and presentation. Rahul highlights that understanding client problems and crafting innovative solutions based on research insights can set analysts apart. Creativity enables market researchers to devise unique strategies that not only address client needs but also foster fresh perspectives within the industry.

Awareness

### Awareness Image

Being acutely aware of market trends and dynamics is essential for a successful market researcher. Rahul points out that researchers must remain informed about recent developments, such as mergers, acquisitions, and new companies entering the market. This awareness allows analysts to provide timely and relevant insights to clients, reinforcing their position as knowledgeable partners in strategy development.

Communication Skills

### Communication Skills Image

Effective communication skills, both written and verbal, are indispensable in market research. As Rahul notes, researchers often conduct interviews, lead focus groups, and prepare detailed reports. Mastering the art of communication ensures that insights are conveyed clearly and persuasively, fostering understanding and collaboration between market researchers and their clients.

Positives


Growth

### Growth Image

The market research industry offers significant opportunities for professional and personal growth. Rahul shares that day-to-day responsibilities allow analysts to continuously learn and adapt as they confront new challenges and engage with diverse business sectors. This growth stems from the dynamic nature of market research, where every project provides a chance to broaden knowledge and skill sets.

Work Life Balance

### Work Life Balance Image

A notable aspect of working in market research is the potential for a healthy work-life balance. Rahul explains how roles within this field often allow analysts to complete specific tasks independently within a set timeframe. Once a project is completed, researchers can enjoy both their professional responsibilities and personal interests, enabling a fulfilling lifestyle outside of work.

Learning Opportunity

### Learning Opportunity Image

Market research is rich with learning opportunities as professionals engage with various clients across different industries. Rahul finds that this exposure can greatly enhance an analyst's expertise, as they work on diverse projects and collaborate with teams from various geographical locations. Such experiences not only enrich professional knowledge but also foster versatility in tackling complex research challenges.

Challenges


Limited Career Opportunity

A challenge within the market research industry is the limitation in career opportunities, particularly in core syndicated research. However, as noted by Rahul, the emergence of new startups indicates a brighter future for the industry. This shift suggests that aspiring market researchers may soon find more diverse career paths and opportunities for advancement.

Client Needs

### Client Needs Image

As the landscape of market research evolves, so too do client expectations. Rahul indicates that with the rise of new technologies and methodologies, researchers must remain vigilant in meeting and exceeding client needs. Staying updated on the latest tools and data analysis techniques is crucial for maintaining relevancy in a competitive market and ensuring the delivery of high-quality insights.

A Day Of


Market Research

### Market Research Image

A typical day in the life of a market researcher revolves around engaging with data, be it through collection, analysis, or presentation. Rahul explains that researchers may alternate between conducting interviews, preparing insights for clients, or drafting comprehensive reports for stakeholders. This daily rhythm underscores the vital role that clarity and organization play in the research process as analysts work to transform data into meaningful recommendations.

In the world of market research, professionals like Rahul Diveti not only navigate the intricate landscape of data but also pave the way for organizations to thrive in a competitive environment. With a unique blend of analytical prowess, creativity, and communication skills, market researchers significantly contribute to a company's strategic direction. As the industry continues to evolve, the impact of diligent market research remains invaluable, emphasizing the importance of informed decision-making in today's fast-paced business world.





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Career Counselling 2.0




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How to get into

Market Research?



If you are want to get into Market Research, start by investing in a Career Plan.

The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in Market Research is merely an infatuation or is it truly something you wish to do for the rest of your life.

Next, your Career Advisor will help you document how you can get into Market Research, what education and skills you need to succeed in Market Research, and what positives and challenges you will face in Market Research.

Finally, you will get a Career Plan stating which Courses, Certifications, Trainings and other Items you need to do in the next 7 years to become world’s best in Market Research.





LifePage Career Plan

14 hour personalized guidance program















Your LifePage Career Advisor facilitates your guided introspection so that you systematically explore various Career options to arrive at a well thought out Career choice.

Next: your Advisor helps you figure out how you will get into your chosen Career and how will you develop the skills needed for success in your Chosen Career.

LifePage Plan will not stop at saying "to become an Architect study Architecture". It will guide you on which Certifications, Trainings and Other items you need to do along with your Architecture education to become the world's best Architect.











Links for this Talk




Analyst Digital Marketing Rahul Dwivedi's LifePage:


Career Counselling 2.0
[LifePage]
https://www.lifepage.in/page/rahuldwivedi






LifePage Career Talk on Market Research


Career Counselling 2.0
[Career]
https://www.lifepage.in/careers/market-research


Career Counselling 2.0
[Full Talk]
https://lifepage.app.link/20180910-0002


Career Counselling 2.0
[Trailer]
https://www.youtube.com/watch?v=CQEJat8iBOA


(Market Research, Rahul Dwivedi, Accenture, Analyst Digital Marketing, Market, Research, Findings, Trends, Analysing, Researcher, Market Analysis, Market Need, Demographics, Segmentation, Market Value)







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Career in Market Research
Market Research
Manjula Garg
Research Manager | Kantar
[ 2 years Experience ]

Market Research is identifying how the market is performing in day-to-day life. It involves gathering data about people or companies from a market and then analyzing it to better understand what that group of people needs. The results of market research, which are usually summarized in a report, are then used to help business owners make more informed decisions about the company's strategies, operations, and potential customer base.

"I completed my schooling from Pine Hall School, Dehradun. Post that, I did my graduation in Economics Honours from Bharati College, Delhi University. After completing my graduation, I embarked on my Career in Market Research by joining Kantar in 2016."


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Career in Print Marketing
Print Marketing
Ritika Chandola
Co-founder & Head | The Doon Mozaic
[ 3 years Experience ]

Print Marketing is a form of advertising that uses physically printed media, such as magazines and newspapers, to reach consumers, business customers and prospects.

"I am pursuing my journalism from Doon University and working as a Marketing Head at Doon Mozaic. The Doon Mozaic is a monthly online journal publishing social stories, interviews, heritage stories, editorials, columns, short fiction, poetry, arts and illustrations with photography with half yearly print issues."


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Career in Sales
Sales
V. C. Jugran
General Manager | Various Organizations
[ 50 years & 5 months Experience ]

Sales are activities related to selling or the number of goods or services sold in a given time period. The seller, or the provider of the goods or services, completes a sale in response to an acquisition, appropriation, requisition, or a direct interaction with the buyer at the point of sale.

"After completing my MA (History), I started my career in Sales with Jiyaji Suiting (Birla Group). I have worked in Sales at various capacities such as Regional Manager and General Manager to name a few. I also got the opportunity to work with some other companies such as Modi Rubber Ltd as well as J P Cements. I have 40+ years of work experience in sales."


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Career in Direct Selling
Direct Selling
Hazel Aswani
Director | Oriflame
[ 8 years & 5 months Experience ]

Direct Selling or Network Marketing is a business model that depends upon a network of distributors for growth, such as in multilevel marketing. It is a direct selling method that features independent agents that make up a distribution network for goods and services. Some network marketing systems are based on tiers that denote how many levels deep a sales and distribution network go. In two-tier or multi-tier examples, the people that make up the top tier of a distribution network are also encouraged to build and manage their own networks of salespeople. Each network creator (or "upline") then earns a commission on their sales revenue, as well as on the sales revenue of the network they have created, otherwise known as "downline."

"After completing my schooling from Government Girls Higher Secondary School, Mandsaur, I did BA from Rajiv Gandhi College Mandsaur, MP. After completing my graduation, I got married and came to Ahmadabad, Gujrat. I always wanted to be an independent woman and came to know network marketing. I then did an online certification course in Telesales from NCVT, Kanpur. I started working as an executive and after years of hardwork, I am working as a director for well-known multinational company named Oriflame. I handle a team of more than 300 people across India and have more than 8 years of experience in direct sales."


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