Understanding Business
12th Edition
ISBN: 9781260092332
Author: Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 13, Problem 1CE
Summary Introduction
To discuss: The task performed, skills needed, pay, and opportunity outlook in the career.
Introduction: The researcher who studies the market conditions and examines the potential sales for a product or service is known as
Expert Solution & Answer
Answer to Problem 1CE
Marketing research analyst is the person who studies the market conditions and analyzes that what kind of products people want and at what price. The researcher must have completed bachelors and need to be good in mathematical and analytical skills. The annual wage rate will be $63,230 and opportunity to growth rate is 23% from the year 2016 to 2026.
Explanation of Solution
There are many companies who want to understand the customer’s need and what price they are willing to pay for that, for this purpose companies hire market research analysts who studies the prevailing and past market conditions and examines the potential sale of the product or a service.
There are various skills that are required for becoming a marketing research analyst; there must be at least a bachelor’s degree whereas for some higher positions researchers may require a master’s degree too. The person needs to be strong in mathematics and analytical skills.
The wage rate of a marketing research analyst in this career is:
- Hourly wage rate- $30.40.
- Annual wage rate- $63,230.
The opportunity outlook in the employment of market research analysts is projected to grow 23% from the year 2016 to 2026; this opportunity growth is much faster than the average for all the occupations. This will be due to an increase in use of data and market research in the industrial sector.
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Chapter 13 Solutions
Understanding Business
Ch. 13.1 - Prob. 13.1AQCh. 13.2 - Prob. 13.2AQCh. 13.2 - Prob. 13.2BQCh. 13.2 - Prob. 1TPCh. 13.2 - Prob. 2TPCh. 13.2 - Prob. 3TPCh. 13.3 - Prob. 13.3AQCh. 13.4 - Prob. 4TPCh. 13.4 - Prob. 5TPCh. 13.4 - Prob. 6TP
Ch. 13.5 - Bass pro Shops offers a vast arrays of products...Ch. 13.6 - Prob. 7TPCh. 13.6 - Prob. 8TPCh. 13.6 - Prob. 9TPCh. 13.6 - Prob. 10TPCh. 13 - Prob. 1CECh. 13 - Prob. 2CECh. 13 - Prob. 3CECh. 13 - Prob. 4CECh. 13 - Prob. 1CTCh. 13 - Prob. 2CTCh. 13 - Prob. 3CTCh. 13 - Prob. 4CTCh. 13 - Prob. 1DCSCh. 13 - Prob. 2DCSCh. 13 - Prob. 3DCSCh. 13 - Prob. 4DCSCh. 13 - Prob. 5DCSCh. 13 - Prob. 1PPTCh. 13 - Prob. 2PPTCh. 13 - Prob. 3PPTCh. 13 - Prob. 4PPTCh. 13 - Prob. 1VCCh. 13 - Prob. 2VCCh. 13 - Prob. 3VC
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