Market Research Analyst Functional Interview Prep Guide

Transcription

1 Market Research Analyst Functional Interview Prep Guide Prepared by the Thunderbird Career Management Center Position Description: Support annual and long-range strategy and business planning effort for assigned product group through development of market-sizing, competitive analysis and market segmentation. Provide analytical support for new and existing opportunities. Develop and maintain models for forecasting and tracking market size by product segments, geographies, etc. Manage internal market sizing reporting to industry analysts through coordination with Finance and Business Operations teams. Provide appropriate guidance on new product and market directions and related growth expectations. Support other product group activities, including assisting in developing senior management presentations. Build close working relationships and interact as necessary with other divisions of company, including Finance and Corporate Development. Act as a market research consultant to Business Units marketing teams, assist in developing market research proposals, research methodologies, and coordinate projects with industry leading market research companies. Required Qualifications: Technical experience in designing and executing marketing research studies, analyzing research findings, making recommendations for marketing action, and presenting recommendations to senior staff, managers, and executives. An undergraduate degree in statistics, marketing, business, or equivalent job experience. Proficiency in Internet-based research, working knowledge of research firms and subscriptions services and databases is a plus. Should be highly motivated, action-oriented team player, who can also act independently. Desired Qualifications: Functional Experience: Industry Experience Total full-time work experience: Less than 2 years, Market Research/Analysis or Sales Less than 2 years, Technology Less than 2 years

2 Market Research Analyst Interview Questions 1) What excites you about marketing? 2) Give me an example of good (and bad) advertising and why you consider it to be good (or bad). After giving an example, answer: How would you measure whether or not the ad was successful? 3) Describe a market research project you were involved in, either for a class or during an internship. 4) Discuss the main difference between secondary and primary research. When is the best time to use each? 5) What s the difference between qualitative and quantitative research? 6) If you were getting resistance from another department on meeting a project deadline, how would you handle it? 7) In a situation where the people who own the data are biased, how do you go about validating and analyzing that data? 8) If you had to describe market research as more analytical or more creative, which would you choose? 9) Consider the following scenario: A client has sunk a lot of money into a product. Your research indicates that the product wasn t well received by consumers. In fact, it s a total failure. How do you present your findings and still please the client? 10) What qualities are important in a market research analyst? 11) How has the internet changed the field of market research? 12) How might Continental Airlines use marketing research? Be specific. What about a small sporting goods store? A shopping mall in downtown Phoenix? The Traditional Interview Typical Questions you may encounter in a Traditional Interview include the following: Tell me about yourself. Take me through your résumé. Where do you want to be in five years? What are your strengths / weaknesses? Why should we hire you for this position? How would you handle this hypothetical situation? While this is the traditional method, companies are moving away from this type of interview. The questions are well known and, as a result, interviewers receive canned answers that tell them what they want to hear (which might not be the complete truth.) While some of these questions remain standard, many companies want to know more about previous experience in specific types of situations. These types of questions are part of a Behavioral Interview. Do: Practice, practice, practice Structure your information to the interviewer s interests

3 Mention where you were educated, your general accomplishments, perhaps highlighting one that is of particular interest, your future goals Tell a story with an introduction, action, and conclusion When describing your experience, tell what you learned and how it benefited the company you may relate bullets or points 1, 2, 3 etc. Don't: Recite your résumé elaborate on and illustrate skills that are not necessarily on your résumé Ramble and go on for more than 2-3 minutes to answer a question Start with your first job Go off on a tangent or bore the interviewer Forget to practice Sample Traditional Interview Questions 1) Tell me about yourself. 2) Why did you choose to interview with our company? How much do you know about our company? 3) Describe your ideal job. 4) Why did you apply for this position and what will you be able to contribute to this organization? 5) What are your major assets? 6) What are your weaknesses? 7) How would you describe yourself in five words? 8) What five words would your colleagues use to describe you? 9) What are your long-term and short-term plans? 10) Where do you want to be in five years? Ten years? 11) What do you regard as your strongest qualification for this position? 12) Do you think that your grades accurately reflect your abilities? 13) What classes have you taken at Thunderbird that you feel will be the most valuable to you in this type of position, and why? 14) Were you financially responsible for any portion of your college education? 15) Did you work while going to school? What were the positions? 16) Which campus activities did you participate in? 17) What did you enjoy most/least about your last position? 18) Which of your jobs did you like best? 19) If you had a complete freedom, what job would you choose? 20) How did you get your past jobs? 21) Have you ever quit a job? Why? 22) Do you prefer to work under supervision or on your own? 23) Do you think you would be successful working on a team? Why? 24) How do you feel about working in a structured environment? 25) Why did you choose Thunderbird? 26) How do you feel about working overtime? 27) How do you feel about travel? 28) How do you feel about relocating?

4 29) Do you prefer large or small companies? Why? 30) How would you describe your previous supervisor? 31) Describe how you perceive our corporate culture. 32) What do you think is the most important quality a (job title) can have? 33) What do you expect to receive from our company? 34) Why do you think that you would be a good fit with our company? 35) Have you ever sold anything? How successful were you? 36) Why do our products interest you? 37) Have you ever spoken in front of a group of people? What size? 38) What was your greatest contribution to a work/school project? 39) How fluent are you in (language)? Could you carry on a business conversation? Write a memo or letter? 40) What kind of people do you like to work with? 41) If you could have lunch with anyone you wanted to, what individual would that be? 42) Why should we hire you instead of someone else? 43) What are your salary expectations? 44) Do you have any questions? 45) What did you like most/least in your last job? 46) Can you work under pressure and meet deadlines? 47) What is your management philosophy/style? 48) What kind of salary are you looking for? How expensive are you? 49) What business references can you give us? 50) How long would it take you to become productive in this position? 51) If you are hired, what do you see in your future? 52) How do you rate yourself as a professional? 53) What new goals have you established recently? Did you meet any of those goals? 54) What did you think about your last company? 55) Why has it taken you so long to find a job? 56) What does success mean to you? 57) Don t you think you are over qualified for this position? 58) Tell me about the best/worst boss you ever had 59) Why do you feel you have management potential? 60) What is your leadership style? 61) What else should I know about you? 62) How would you describe yourself? How would others describe you? 63) Have you helped increase sales or profits? How? Reduced costs? How? 64) Is this a career switch for you? Why? The Behavioral Interview In this situation, rather than asking how you would behave, the interviewer will ask how you did behave. Studies show that the best indicator of future performance is past performance. It is not as theoretical as the traditional interview, and is more detailed and results-oriented. Companies are looking for specific behaviors that will indicate whether or not your behavior patterns fit with those required for success in the position. Interviewers may prepare for this type of interview by

5 considering colleagues who are successful in the position, analyzing their behavior, and looking for similarities in the candidate. There are many different aspects of behavior that could be evaluated by an interviewer. Make sure you have answered the interviewer s question. If in doubt, you may ask if you have answered their question. Broadly, behaviors can be separated into the following categories: Leadership Skills Vision, Strategic Planning, Establishing Goals and Objectives, Change Management, Policy Setting Management Skills Job Design, Staffing-Hiring, Firing and Promoting, Team Building, Motivating and Delegating, Mentoring, Budgeting, Administrating Cognitive Skills Creativity, Financial and Quantitative Analysis, Problem Solving and Decision Making Interpersonal Skills Relationship Building, Conflict and Confrontation Resolution, Negotiating, Awareness, Sensitivity and Empathy, and Influence Communication Skills Oral Communication, Presentation, Written Communication, Listening, Probing and Feedback Transition Ability Stress and Pressure Tolerance, Managing Uncertainty, Willingness/Capacity to Learn, Managing Task Complexity, Personal Flexibility Motivation and Values Job Satisfaction, Competitiveness, Can Do Attitude, Confidence, Ethics, Integrity and Trust, Sense of Humor Occupational Knowledge Industry, Functional Area, Organization, International Business, Specific Job Tasks To prepare for the Behavioral Interview, you should analyze the job description for the position, including the responsibilities and qualifications required. Do you have those qualifications? Have you performed these (or similar) responsibilities? Think about specific situations in which you utilized these skills and achieved results. Below is a helpful acronym to assist you in preparing answers to behavioral questions: S T A R Situation Task Action Result Describe a Situation you were involved in, give a brief overview of the Task, describe the Action you then took, and finally, what was the Result of your effort.

6 Before the interview, write down some of the situations you have encountered for each of the skills required. You can never be too prepared. Wherever possible, quantify your results. Numbers illustrate your level of authority and responsibility. Be prepared to talk about some instances when the result was not a positive one. How did you handle it? What would you do differently the next time? What have you learned from the experience? Spend some time practicing behavioral questions using the STAR format, utilizing the STAR worksheet available on the CMC homepage. Interviewers, because they want to identify behaviors, will follow-up behavioral questions (next page) with specific questions that help them understand your past performance. These questions usually are simple, but designed to let you explicitly give examples of your actions, analyses, motivations, behaviors and outcomes. Typically, these questions are: What were you thinking? What did you do next? What was your thought process? How did that you make you feel? What was going through your mind? Sample Behavioral Interview Questions 1) Tell me about a time when you were most persuasive in overcoming resistance to your ideas or point of view. 2) Describe an incident where you had a disagreement or clash with someone in your work/school. 3) Give me an instance when you felt most pressured and stressed in your work/school. 4) Describe an occasion when you felt best about your ability to draw out and solicit information from another person. 5) Tell me about a time when you had to deal with a difficult customer. Be specific. 6) Think of a time when you had your whole day planned and then there was an unexpected change. How did you deal with it? 7) Tell me about the last time you made a decision that backfired. 8) What did you do in your last position to contribute towards team success? 9) Tell me about a time when you had to deal with an ambiguous situation. What were your actions and the outcomes of those actions? 10) Describe a time when you had to work with a group to get something accomplished. 11) Give me a specific example of something you did which helped to build enthusiasm in others. 12) Tell me about a time in which you were very persistent in order to reach your goals. 13) Describe a situation in which you had to draw a conclusion quickly and take immediate action. 14) Give me an example of a time when you used facts and reason to persuade another person to take action. 15) Tell me about a high stress situation when it was desirable for you to keep a positive attitude. What happened?

7 16) Tell me about a cross-cultural experience that you found to be difficult. How did you resolve it and what did you learn from it? 17) Tell me about a situation where you had to use your leadership skills. The Case Interview The Case Interview is becoming very common for all functional positions such as marketing, finance, operations, as well as management consulting and other analytical positions. The purpose is to test your analytical skills by watching you work through what is essentially a word problem based on a real life situation. They are not looking for a right answer, but how you reach a solution. Often, interviewers will use a problem they are currently working on to see if you have any new ideas they haven't thought of. You are given random information from which you are asked to derive a conclusion in a structured manner. Basically, the case interview will test your logic, problem solving ability, comfort with numbers, and communication skills. Companies will be looking at: How you analyze information and ask for more How you can cut through extraneous information and focus on the central issue Your line of thinking and how you stick to it, how you develop your ideas in an organized manner Your creativity Your ability to draw conclusions What To Do: Practice, practice, practice Listen to the question Take notes, if necessary Ask a few questions Organize your thoughts State any assumptions you make Be prepared to answer with an analytical framework such as Porter s Five Forces Model, the 4P s (price, product, place, promotion), or the 3C s (customer, competition, company) What Not To Do: Forget important facts Ignore assistance the interviewer is offering Defend impractical solutions Push to conclusion Forget to practice Sample Case Interview Questions 1) We are trying to decide whether or not to acquire a business. How would you assess the project? What three financial ratios do you feel are the most important in your assessment of the viability of the company?

8 2) A UK banking client asks: Should we acquire a stock brokerage firm on the Continent? 3) How many new golf balls would be used in the United States in a given year? 4) You are assisting a Regional Bell Operating Company (RBOC) that has been attempting to diversify its business lines outside of the traditional telephone business. Unfortunately, it has been unsuccessful in a number of previous new ventures including real estate, financial services and software. This time, the client is considering an opportunity to get into electronic home security. The attractive features of this industry include: Relates well to phone company core business (phone lines, operator services, installation services) There are no big players in the industry (largest 5 firms have combined total of less than 4% market share) Large potential demand (only 10% of residences have security systems) Long-term customer value is high (equipment is low margin business, supervision services high margin) The Question: Is this a good opportunity? What do we need to know in order to assess the opportunity? 5) You are approached by a group with the rights to a new NBA franchise. They are examining two cities as prospects for their new franchise - Baltimore and Toronto. Your task is to recommend which city is better. Describe the issues to consider and how you would decide. 6) The CEO of an oil company wants advice about what to do with land the company owns in Costa Rica. The company has been approached by Tropicana to form a joint venture to produce orange juice. The company would donate the land, Tropicana would do everything else, and all profits and investment would be split. How should the CEO view this opportunity? Candidate Questions Questions you may want to ask during your interview. All questions asked should be: Job oriented until an offer is received Used to gain information that will be helpful in answering the interviewer's questions 1. What is the timetable for filling the position? 2. What are the first projects to be addressed? 3. What are the major problems to be tackled? 4. What are the most important day-to-day responsibilities? 5. What personality traits do you consider critical to succeed? 6. How would I complement the existing group? 7. What are my responsibilities as a team leader/member? 8. How much travel is involved? 9. What does the average work week look like? 10. How often is performance reviewed? 11. How often is salary reviewed? 12. Are raised based on merit, performance, etc.?

9 13. How are outstanding employees recognized? 14. To what extent are departmental responsibilities valuable to senior executives? 15. How is the company organized? 16. What are the company s short and long-range goals? 17. How could I influence those goals? 18. What benchmarks would be used to measure my effectiveness? 19. If I perform well, what new responsibility could I hope to achieve? 20. What is the corporate internal promotion policy? 21. What training and professional development do the company provide? 22. What is the company s mission? 23. What is the company s approach to the marketplace? 24. What does the reporting structure look like? 25. What do the communication channels look like? How do they operate? 26. Will I be encouraged to learn about the company beyond my own department? 27. What new markets will the company be entering? 28. What expansion, downsizing or restructuring is planned? 29. Are any mergers, divestitures or acquisitions in sight? 30. Have there been recent cutbacks, layoffs or restructuring? 31. How does this department affect the company s profit? 32. Why is this position open? 33. How often has it been filled in the past 5 to 10 years? 34. What have been the primary reasons for people leaving? 35. What would you like done differently by the next person who fills this job? 36. Why did the person who most recently held the position leave? 37. What are some of the objectives you would like accomplished in this job? 38. What is most pressing? What would you like to have done within the next 2 or 3 months? 39. What are some of your longer-term objectives? 40. What freedom would I have in determining my work objectives, deadlines, and methods of measurement? 41. What kind of support does this position receive in terms of people and finances? 42. What are some of the more difficult problems facing someone in this position? How do you think these could best be handled? 43. In what ways has this organization been most successful in terms of products and services over the years? 44. What significant changes do you foresee in the near future? 45. What are the most critical factors for success in your business? (Note whether or not he or she mentions that people matter) 46. How do you gain support from top management? 47. How would you describe your own management style? 48. What are the most important traits you look for in a subordinate? 49. How do you like your people to communicate with you? (Orally, in writing, informally, in meetings, only when necessary?) 50. Why have you gone to the outside to fill this position? 51. With whom does this position interface in this and other departments? 52. Who would report to this position? 53. How will you know, in six months, that you have made the right choice? 54. What do you value about this organization? 55. How are decisions made?

10 56. How is the majority of information communicated? 57. Can you describe the work pace? 58. How is creativity encouraged? 59. How is risk-taking encouraged? 60. How are problems solved? ADDITIONAL INTERVIEW RESOURCES Available at the IBIC: 60 Seconds and You're Hired HF I6 R94 Adams Job Interview Almanac HF I6 A3 Information Interviewing HF S76 Knock Em Dead 2006 HF I6 Y37 The Manager's Book of Questions HF 5549.I6K33 NBEW: Interviewing HF I5 Savvy Interviewing HF I6 K723 The Unofficial Guide to Acing the Interview HF I6 T85 The Unofficial Rehearsal Book HF I6 G628 The Five Minute Interview HF I6 B Best Questions to Ask on Your Interview HF I6 K33 Interview Styles and Strategies HF I6 W45 Interview for Success HF I6 K72 This interview guide was prepared by the Thunderbird Career Management Center. For more information and additional resources, visit the CMC or contact us at: