- March 13, 2017
- Posted by: Bunmi Eyiaro
- Category: Career
When you walk into a grocery store, you see myriads of products and products in the same category such as Peak Milk, Dano Milk, Cowbell Milk, Loya Milk but these products are made by different companies.
Other examples of products and services in the same category, that serves the same purpose but made by different companies, include Coca-cola, Pepsi, Big cola; Oreos, Mccvities digestive,Maryland cookies, RichTea; MTN, Glo, Etisalat, Airtel etc.
Let’s go back in time and try to remember some of your favourite snack and chocolates, you would observe that not all the products that existed before are still in existence. Can you mention some products and services you use to see before and can not see anymore? It could also be a favourite TV series. I don’t see this amazing Goody-goody chocolate anymore in a red nylon, neither do I hear of Texaco fuel station. Do you care to know why? It could be as a result of the choices you and I made. Professionally and in the market/economy world, you and I are called consumers, while the products, goods and services are called a market.
For products, goods and services such as coca-cola, Nestle milo, knorr seasoning cube, Mobil mega fuel station etc to still be in the market and relevant for many years, an efficient and an excellent market analysis and research was put in place to survive in the market and beat other competitive products. Market analysis is the secret to the growth of companies and businesses and increased sale. Therefore organizations, companies, businesses are in constant need of market analysts and marketing specialist who can sustain their growth.
In today’s world, it is nearly impossible to efficiently sell a product or service without having conducted market research. Using yourself as a case study, what network would you rather choose to make calls or browse? MTN, Etisalat, Airtel, Glo? What brand of water would you rather go for? Nestle table water, Eva water, C-way water, Cascade water, Rantipe water? etc. Consumers choice determine the sales of a product which in turn reflects in the growth of the business/company. With the help of market analyst and marketing research specialist, they study market conditions, competitors activities and consumer behaviour. A consumer’s choice of a preferable network may be because of the free unlimited text messages he gets from the network. You can say a market analyst is a commercial prophet of a company/business because they have the power to determine and forecast the rise or fall of a product in the market through information they were able to gather during analysis. The discoveries of a market analyst can have a significant effect on how companies choose to design, market and distribute their products and services.
According to Eric Bryn, a Digital Marketing Analyst, Consultant and Adjunct professor of Digital Marketing Analytics at Loyola University of Chicago in an interview, when asked what kind of person makes the best marketing analyst? He said:
A scientifically minded person with an appreciation for design. Analysts are by nature and expectation, numbers minded, data driven, and logical individuals. And marketing analysts are not an exception to this.
Considering having a career in this field, would require you to embrace courses like economics, statistics, commerce and information science. Eric Bryn said that having a fundamental understanding of statistics and information science will enable a student to make a bigger and more productive impact during their internships and jobs post-graduation.
Analysis means a careful study of something to learn about it’s parts,what they do and how they are related to each other. It can also be defined as a detailed examination of anything complex in order to understand it’s nature or to determine it’s essential feature. In summary, analysis means a thorough study of something.
There are case studies to check your analytical skills. More so having analytical skills does not mean that the only career you can venture into is “Market Analyst” Market Analyst is just an example of several career occupations that requires analytical skills. There are other careers that also require analytical skills. What we have done in this article is to give you an overview of the career Market Analyst” We feature several career professions every week. In this academy, we help teenagers make an informed, deliberate and satisfying career choice. We know it can be a bit complex and confusing to know which career path to venture into. We also believe that you need to be enlightened on several career professions, and then you can identify which career profession sparks your interest. Click on this link http://teenafricaacademy.org/register-as-a-parentguardian/ to be part of our Career Development Program to learn more about career choices.