Market Research Company Resmarket Pty-Free-Samples for Students

Question: Discuss about the Impact of Technology on Marketing Reseach in Today's Business Environment. Answer: Introduction The impact of technology on marketing research is an important topic to study and research but it is seen that this topic is not researched much. Technology has brought a positive change the way businesses operate. Technology has helped the businesses all over the world to be more efficient and lively (Washington, 2013). In case of marketing research, technology if used properly can help in eroding the inherent gaps in statistical studies (Moller and Parvinen, 2015). This makes the whole process of marketing research more effective and improved. One of the key point by which the marketing research can become more effective is to understand the critical gaps that are established during statistical studies and the assumptions that are used to bridge those gaps (Boyd, Krehbiel and Stearns, 1998). In this report, the situation of a Sydney based market research company ResMarket Pty is considered. The company is trying to implement new technologies which will enhance their market research activities and further benefit their clients. This way ResMarket Pty will also get a competitive edge in the market. The various factors including role of internet, improved data analysis methods, role of big data technologies along with the cost impact of these technologies is described. Market Research Market research is defined as the process to collect, analyse and interpret the information about a product or service that is being offered for sale in the market. It also constitutes the information about past performance of product or service by analysing the experience of present and past customers (Entrepreneur, 2017). This helps the companies to plan future strategies or develop new target customers. The research is conducted on the basis of geographical location, characteristics, spending habits, needs and preferences of existing, past and potential customers. The whole market including competitors are considered while analysing. Impact of Technology Technology has made a great impact on market research. It is quite evident also as various online surveys, social media, various analytical software and improved data mining techniques have come into existence. Here, some of the benefits that technology provides in doing marketing research according to current business environment are discussed. Effective Utilization of Internet The market research company will get new skill sets that werent available before. It would be made possible by different social media sites or survey sites. Internet helps in proper segmentation and improved brand awareness of a product or service. This further is beneficial for market research companies to do the analysis (Latta, 2011). Improved Data Collection and Faster Data Analysis The new and regularly updated data collecting software provide numerous benefits over traditional methods such as door-to-door or paper surveys. With improved technology, the marketing research can be much more targeted oriented. The analysis of a product or service can be done in very less time and new measures to receive quick feedback can be implemented. The advanced analytical tools clearly define KPIs which after analysis determine the next strategies an organization should imply (Washington, 2013). New Research Roles Can be Created With the advancement in technologies, customers have moved to a new world of multitasking. At a time, they do work, online shopping and update their status on social media. This has made room to develop new research roles that ensures the data collected from mobile devices and social media is translated effectively and analysed efficiently (Jones, 2013). Utilization of Big Data in Research The amount of data coming from online and offline sources is continuously increasing day by day. Companies are finding it difficult to analyse the collected data and get a precise result. Here, big data strategy has emerged as a big help. The research companies can be confident about analysing large pool of data and formulating strategies with accuracy. Cost Impact of Implementing Technologies One of the main reason why market research companies are not adopting new technologies is the cost factor. It might seem costly to adopt new technologies in the beginning but the benefits the research companies get helps in lowering and overcoming the impact of technologies. In comparison to traditional methods, the results can be obtained much faster. Surveys, data collection and analysis used to take a lot of time in traditional research methods. When a company adopts new technologies, this time significantly decreases. Much more work can be done with new technologies. If the amount of work is compared with technology and without technology, a significant difference can be observed. This proves that adapting new technologies will benefit the research companies financially also. Moreover, less employees will be required to complete the research and the employees will not suffer from any work-load pressure (Leonard-Barton and Kraus, n.d.). Conclusion The report is made to see the impacts ResMarket Pty, a Sydney based market research company will face after implementing new technologies. According to the current business conditions, the company will get many benefits, such as internet and social media will help it to collect data at a much faster pace. The company will get access to new tools that will effectively collect data and accurately analyse it. Moreover, the company will develop new roles according to the changing behaviour of people and technologies such as Big Data will help the company to bring more efficient results from large amount of data in very less time. There are some concerns regarding the price of implementing new technologies. They may seem costly during adaption but the benefits they provide are much more than compared to traditional research methods. This diminishes the cost factor. From the study, it can be inferenced that market research companies should adapt new technologies to get effective and effici ent results in very less time. References Boyd, T., Krehbiel, T. and Stearns, J. (1998). The Impact of Technology on Marketing Research.Journal of Marketing Management, 8(1), pp.24-33. Entrepreneur. (2017).Market Research. [online] Available at: https://www.entrepreneur.com/encyclopedia/market-research [Accessed 21 Aug. 2017]. Jones, C. (2013).Impact of Technology on Marketing Research. [online] Zenportfolios.ca. Available at: https://zenportfolios.ca/capu-bmkt-360-01-summer-2013/2013/06/01/chapter-3-impact-of-technology-on-marketing-research/ [Accessed 21 Aug. 2017]. Latta, M. (2011).Emerging Technology: Impacts on Marketing Research | Insights Association. [online] Insightsassociation.org. Available at: https://www.insightsassociation.org/article/emerging-technology-impacts-marketing-research [Accessed 21 Aug. 2017]. Leonard-Barton, D. and Kraus, W. (n.d.).Implementing New Technology. [online] Harvard Business Review. Available at: https://hbr.org/1985/11/implementing-new-technology [Accessed 21 Aug. 2017]. Moller, K. and Parvinen, P. (2015). An impact-oriented implementation approach in business marketing research.Industrial Marketing Management, 45, pp.3-11. Washington, R. (2013).5 Ways Technology Has Changed Market Research. [online] Marketresearch.com. Available at: https://blog.marketresearch.com/blog-home-page/bid/339928/5-ways-technology-has-changed-market-research [Accessed 20 Aug. 2017].