Growth Trends for Related Jobs
The product analyst is an integral part of the development and progression of a company's products and services. A product analyst's work plays a role in the beginning, middle and end stages of a product's development and life cycle. Much of the guesswork is taken out of product development by utilizing the skills of a product analyst. Product analysts work in many different environments, including advertising, marketing, and manufacturing companies. Product analysts hold a minimum of a bachelor's degree in business or marketing, though many have a master's in business administration (MBA). Some product analysts have taken specialized classes for working in specific fields, such as the medical field or the food industry.
Identify Target Markets
When a company begins to develop a new product or service, one of the most important things the product analyst does is identify target markets for the product or service. To do this, the product analyst must conduct extensive research and provide the company with detailed and verifiable product and market assessments. The product analyst collects and analyzes data regarding potential target markets and reports that data to the appropriate departments. This data analysis helps the company set goals for development, marketing, and promotion of its product or service. Factors considered in identifying target markets are consumer age range, gender, socio-economic levels, and geographic location.
Analyze Marketing Results
Once a product is on the market, the product analyst collects, reviews, and analyzes the marketing results of the product. This may involve the use of market research, which involves interviewing and collecting data from the end-user or consumer. As the product analyst observes and monitors marketing results, the company can adjust accordingly to meet sales demand or slow down manufacturing until sales increase. It's important for the product analyst and his team to monitor marketing results constantly to maximize company profits and minimize the risk of loss of revenue.
Monitor Product Life Cycle
Every product has a life cycle. All products go through four stages: the introduction stage, the growth stage, the mature stage, and the decline stage. During the introduction stage, a product is introduced to the consumer for the first time. At this point, if the product is new, the price may be high and customer awareness is just building so demand may not yet be high. When a product enters the growth stage, the company will increase advertising and sometimes introduce similar or complementary products. Price decreases somewhat at this stage. In the next stage, the mature stage, the product is losing popularity and has many competitors, thus the price is reduced further. At the decline stage, sales have reached a low point and are not likely to recover without product revision. The product analyst must monitor and anticipate each of these stages so the company can work proactively to avoid loss.