How to Be Market Planning Analyst - Job Description, Skills, and Interview Questions

Jan 18, 2020 / 6 Minutes Read / By Albert

How to Become

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Increasing competition in the market has caused the need for companies to hire a Market Planning Analyst. This role is essential in helping companies identify customer needs, analyze trends, and develop strategies to maximize profits. The Analyst works to collect and interpret data, identify opportunities for improvement, and suggest solutions to increase sales and profitability.

They also work to monitor competition, evaluate customer behavior, and develop pricing models to ensure that the company is competitive and profitable in the market. the Market Planning Analyst plays an important role in helping companies remain competitive and successful in a rapidly changing market.

Steps How to Become

Earn a Bachelor's Degree. Market planning analysts typically need to have a bachelor's degree in marketing, business or a related field. This degree should provide a foundation in economics, statistics, marketing principles, management and financial analysis.
Gain Experience in the Field. It can be beneficial to obtain some experience in the field of marketing prior to becoming a market planning analyst. This can be done through internships, part-time jobs or volunteer opportunities.
Complete an Analytical Training Program. Many employers prefer to hire market planning analysts who have completed an analytical training program or course. These programs typically emphasize statistical analysis and modeling, as well as market research and forecasting.
Develop Expertise in a Specific Industry. Market planning analysts typically specialize in a particular industry, such as healthcare, automotive or consumer products. To become an expert in the field, it can be beneficial to read industry-related publications and become familiar with developments in the industry.
Gain Experience with Analytical Software. Market planning analysts must be proficient with various analytical software to be successful in their role. Examples of software used by market planning analysts include SAS, SPSS and Tableau. It is important to have experience with at least one of these programs before applying for a position as a market planning analyst.
Obtain a Certification. Although not always required, obtaining a certification can help demonstrate expertise in the field of market planning. The Institute of Certified Professional Managers (ICPM) offers the Certified Professional Market Planning Analyst (CPMA) certification. This certification requires individuals to pass an exam that tests their knowledge of market planning principles, processes and techniques.

The key to becoming a reliable and capable Market Planning Analyst is to develop a strong set of analytical skills, stay up to date on the latest trends in the industry, and to be able to effectively communicate the findings of their analysis. Having strong analytical skills aid in being able to accurately assess market conditions, identify key trends, and generate insightful recommendations. Additionally, staying up to date on the latest trends in the industry can help Market Planning Analysts create more effective strategies and plans. Finally, being able to effectively communicate the findings of their analysis is critical for successful market planning as it enables Market Planning Analysts to clearly explain their recommendations and collaborate with other teams to ensure they are properly implemented.

You may want to check Market Development Manager, Market Research Consultant, and Market Research Director for alternative.

Job Description

Develop and execute market research studies to collect data on target markets and current trends.
Analyze customer data and market trends to identify areas of potential growth and opportunity.
Develop and manage marketing strategies and plans to increase market share.
Evaluate competitor strategies and market conditions to advise on the effectiveness of current and potential marketing initiatives.
Monitor market trends, pricing and positioning of products and services.
Prepare reports on customer segmentation, sales trends, market share and other key metrics.
Assist in developing and executing promotional campaigns.
Collaborate with internal departments such as product development, sales, and finance to ensure alignment of strategy and tactics.
Recommend strategies for improvement based on findings from analyses.
Prepare presentations for senior management outlining findings, recommendations and action plans.

Skills and Competencies to Have

Strategic Thinking and Planning: Ability to identify long-term trends and develop strategies to capitalize on them.
Data Analysis and Interpretation: Ability to collect, analyze, and interpret data to inform market planning decisions.
Market Research: Ability to conduct research to understand consumer needs and preferences.
Business Acumen: Ability to understand the business environment in order to develop effective market plans.
Project Management: Ability to manage multiple projects and timelines in order to meet deadlines.
Communication and Presentation: Ability to present complex data in a clear and concise manner.
Problem-Solving: Ability to analyze data and develop creative solutions to problems.
Collaboration: Ability to work effectively with cross-functional teams to achieve goals.
Technical Skills: Ability to utilize software tools and technologies for market planning purposes.

Market planning analysts play a critical role in the success of businesses, as they are responsible for analyzing data to help inform strategic decisions. Their skillset must include the ability to interpret and analyze data to make informed decisions, as well as the ability to communicate complex concepts in an easy to understand manner. They must also have strong problem-solving skills and be able to think critically and develop solutions to complex business problems.

they must possess excellent project management skills, as they are often responsible for overseeing the implementation of plans. Finally, market planning analysts must be able to anticipate and adapt to changing market trends, ensuring that their strategies remain effective and up-to-date. Without these skills, businesses will be unable to make sound decisions, resulting in decreased profits, slower growth, and an inability to stay competitive in the marketplace.

Market Segment Manager, Market Research Executive, and Market Access Manager are related jobs you may like.

Frequent Interview Questions

What experience do you have in market planning?
Describe a successful project you worked on as a market planning analyst.
How do you identify customer needs and develop strategies to address them?
What is your experience with competitive analysis?
How do you develop pricing strategies and optimize revenue?
What methods do you use to track and measure the performance of marketing initiatives?
How do you stay up-to-date on trends in the marketing industry?
How do you ensure that your plans are aligned with the companys overall objectives?
How do you handle tight deadlines and changing requirements?
Describe a time when you had to adjust a plan due to changing market conditions.

Common Tools in Industry

Microsoft Excel. A spreadsheet application used to organize and analyze data. (eg: creating financial models)
GIS Software. Geographic Information System software used to create maps and analyze data. (eg: mapping sales territories)
Tableau. Software used for data visualization and creating interactive dashboards. (eg: creating visualizations for market trends)
SPSS. Statistical software used for data analysis, predictive modeling, and hypothesis testing. (eg: analyzing customer segmentation data)
SurveyMonkey. Online survey platform used to collect customer feedback. (eg: conducting market research surveys)
Salesforce. A customer relationship management (CRM) platform used to manage customer data and interactions. (eg: tracking customer engagement)
Market Intelligence Tools. Software used to track industry trends and competitor analysis. (eg: monitoring competitors' pricing and product offerings)

Professional Organizations to Know

American Marketing Association (AMA)
Institute of Business Forecasting & Planning (IBF)
International Institute of Forecasters (IIF)
International Business Analysis Association (IBAA)
Association for Consumer Research (ACR)
National Association of Professional Marketers (NAPM)
National Retail Federation (NRF)
Society for Consumer Psychology (SCP)
Association for Information Systems (AIS)
Association for Research on Retail and Distribution (ARRD)

We also have Market Strategy Manager, Market Account Manager, and Market Pricing Analyst jobs reports.

Common Important Terms

Market Research. A systematic and comprehensive analysis of a market, its customers, and competitors that is used to identify opportunities and inform marketing strategies.
Competitive Analysis. The process of gathering and analyzing data about competitors products, services, pricing, marketing strategies, etc. to gain insight into their strengths and weaknesses.
Market Segmentation. The process of dividing a total market into distinct groups of customers or segments, based on shared characteristics such as age, location, income level, etc.
Consumer Insights. A deep understanding of consumer behavior, motivations, and preferences that can be used to inform marketing strategies and decisions.
SWOT Analysis. A tool used to identify the strengths, weaknesses, opportunities, and threats associated with a particular product or market.
Brand Positioning. A strategy for positioning a brand in the marketplace, relative to its competitors, based on factors such as price, quality, innovation, etc.

Frequently Asked Questions

Q1: What is a Market Planning Analyst? A1: A Market Planning Analyst is a professional responsible for analyzing market trends and developing strategies to maximize sales and profits. Q2: What skills do I need to be a Market Planning Analyst? A2: To be a successful Market Planning Analyst, you need strong analytical, problem-solving, and communication skills as well as an understanding of market dynamics and customer needs. Additionally, experience with data analysis software, such as Microsoft Excel, is helpful. Q3: What does a Market Planning Analyst do? A3: A Market Planning Analyst is responsible for conducting market research and analyzing customer data to identify market trends and opportunities. They develop plans and strategies to increase sales and profits by making informed decisions based on data-driven insights. Q4: How much does a Market Planning Analyst make? A4: The average salary for a Market Planning Analyst is around $60,000 per year, depending on experience and location. Q5: What qualifications are needed to become a Market Planning Analyst? A5: To become a Market Planning Analyst, you typically need a bachelor's degree in business, economics, or a related field. Additionally, experience in sales, marketing, or customer service may be beneficial.