Purpose of the job
The role of the Market Research Analyst is generally, to research the target market segments and liaise with the Product Officers / Managers for the purpose of ensuring that the products of the business offer something to each demographic. Through the Market Research Analyst efforts to analyse market data, marketing strategies are developed and these are used to enhance the reception of those products in the market.
When a new product is launched, there is needs of a concrete comprehension of the projected costs of that product. This is inclusive of everything from development costs, research costs, development costs, manufacturing, and marketing costs. The Market Research Analyst creates mathematical representations of all these factors, which aids the business’s stakeholders in understanding how and when to introduce the product into the market.
Key Accountabilities not limited to:
- Product Simplification: The Market Research Analyst is responsible for formulating ways in which to package and market products in such a way that they become differentiated, compelling, easy to sell, and easy to buy
- Product Analytics: responsible for the development and delivery of tangible consumer benefits through the product or service of the business. In addition, the Market Research Analyst is also responsible for measuring and monitoring the product or service’s performance as well as presenting product related consumer, market, and competitive analysis to the Products Development Manager
- Product Administration: responsible for the development and proposal of overall product strategies, innovation, presentation of marketplace outcome projections;
- Initiative: the Market Research Analyst ensures that there is a good flow of communication between the Products Development Unit and Marketing department, as well as a clear communication of the overall strategy to these teams.
- Product Rationalization: The Market Research Analyst manages the on-going rationalization of the business’s products in order to ensure that there is an efficiency and effectiveness in products management.
- Product Management Operations: The Market Research Analyst also has the obligation to respond in a timely manner to all requests and enquiries for product information or changes. He/she also performs the initial product analysis in order to assess the need for any requested changes as well as their potential impact. Financial modelling is undertaken on the products or services of the business as well as of the target markets in order to bring about an understanding of the relations between the product and the target market. This information is presented to the Products Development Manager and other stakeholders, when necessary
- Pricing and Development: The Market Research Analyst has the responsibility to monitor the market, competitor activities, as well as any price movements and make recommendations that will be used in key decision making.
- Products Benchmarking: The Market Research Analyst develops or adopts research tools, sources, and methods that further support and contribute to the business’s products benchmarking against those of other banks.
- Risk Management: the Market Research Analyst ensures that there is compliance with relevant legislation, regulations, and ethics. In addition to this, He/She ensures that third parties are in compliance and familiarity with all business processes and policies.
- Performs other such roles and duties as may be reasonably required by the Line Manager or by the Head of Department.
