Importance of Data Analytics Technologies in Marketing Research

Marketing Research 1
Marketing Research
By (Students Name)
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Marketing Research 2
Executive Summary
Marketing research is important in the current business world. Different companies have taken
the role of offering marketing research consultancy to other companies so as to better inform
their decisions. The MRC (Pty) limited is one of the market research consultancy companies
offering these services. The importance of technology in carrying out market research cannot be
gain said. For a long period, MRC has not incorporated current data analytical technologies in
their marketing research portfolio but they are prepared to undertake this investment. The current
report provides an explanation to different types of data analytics technologies available and the
impacts of technology to marketing research. Accuracy in conclusions, increased computation
speed, access to large chunk of data through social media are some of the benefits that MRC
corporation will achieve once it incorporates technology in their operations.

Marketing Research 3
Introduction
Marketing research is the process of systematically and objectively collecting information
that is relevant to identifying and solving any market problems (McDaniel & Gates 2013). With
reference to a company or organization, market research is defined as the process of collecting,
analyzing and interpreting data of a market, service or good sold in that market, and previous,
existing and potential customers of that company so as to gain meaningful insights on the
challenges facing the marketing segment of an organization’s operations and propose strategies
that can be used to address those challenges (Babin & Zikmundm2015). The MRC (Pty) Limited,
is a marketing research organization based in Brisbane that offers marketing research services to
its clients who are majorly the Fast-Moving Consumer Goods companies such as; 7eleven
franchisor. As a core part of its operations MRC prides in having best analysis techniques
regarding marketing issues. However, with the ever-changing scenario in the technological
world, there has been an introduction of data analytics technologies that makes it efficient for
research firms to analyze huge chunks of data especially from online platforms. The MRC
company has discovered a new market niche of being able to carry out market research for
companies using data from social media platforms. However, MRC needs to adopt data analytics
technologies for it to be able to tap into this new market niche. The purpose of this report is to
clearly highlight the meaning of data analytics technologies, the contribution of technologies to
market research in current business environment and the potential benefits that MRC stands to
gain if they adopt data analytics technologies in their operations.
Data Analytics Technologies in Market Research
Data analytics is the process of analyzing data so as to get conclusions from the
information contained in the data with the help of softwares and/or specialized systems (Ott &
Longnecker 2015). Data analytics technologies on the other hand, are the softwares and
specialized systems that make it possible for research organizations to draw conclusions from
data. In the case of MRC, these technologies will be important since it will give them the ability
to analyze and generate information from data offered by their clients especially through social