The Impact of Technology on Market Research: A Resmarket Pty Analysis

This report examines the impact of technological advancements on market research, using Resmarket Pty, a Sydney-based firm, as a case study. It explores how technology has transformed data collection, analysis, and distribution, focusing on the integration of multiple data sources, the shift towards online research, and the benefits of accessing secondary data and conducting sentiment analysis. The report also addresses the downsides of technology adoption, such as potential inaccuracies in data collection and the impact of reduced search costs on firms' profits. The analysis concludes that Resmarket Pty should embrace technology to enhance its market research activities, emphasizing the reduction in search costs and the potential for real insights. The report references several academic sources to support its findings, providing a comprehensive overview of the topic and its implications for the market research industry.

Running head: MARKET RESEARCH
Market research
Name of the University
Name of the student
Authors note

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Introduction:
Resmarket Pty is a market research firm that is based in Sydney, Australia. For
enhancing market research activities with their clients, firm has undertaken adoption of new
technologies. However, due to the cost of technologies, there are some scepticism related
with the technology adoption. Organization is a social research and boutique agency. Firm
support business of clients in their decision making with their custom market research. The
objective of market research firm is to approach their customer base by combing data
enrichment that is available through cloud devices and behavioural analysis or by conducting
surveys. Task of market research firm is to collect data, analyse and integrate it and then
distributing the information that has been generated (McGivern 2013). Their main objective
is to find the purchase patters, consumption patter and preference pattern. In the marketing
research, some of the most exciting technological advancements includes the integration of
sources of multiple data that would enable permitting holistic view of situation.
Technological advancements has evolved market research as it has shifted researcher towards
combing of new data inputs in a creative way and developing models that would lead to
practical applications and meaningful insights. Market researcher are able to provide more
fluidity between qualitative, quantitative and business intelligence (Murphy 2015). This helps
in development of business insight that is more comprehensive and fast.
Discussion:
The process of market research is driven by change in technological advancements.
Transformation are generated in the market research that has transformed the process from
methodology of data collection to the one that provides insight to decision maker son
multiple level. Market research are significantly impacted by the technological advancements
and technology have drawn changes to research industry. Constant evolvement in technology

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is rapidly changing the way organizations and research firms are approaching. Research firm
to understand their client in better way, enable development of relevant and better products
and target marketing development leverages learnings generated by advancement of
technology. The way market research are solving business issues are being changed by the
way passive and primary data are collected using technological platform (Papadopoulos and
Heslop 2014). There has been tremendous increase in depth and breadth of data that are
collected using different methods using technology. The way research is conducted are being
driven by phenomenal growth in technology.
For gathering of information and analysing the data, collected market research is
relying on professional online research with the development if application and internet
advanced technology. Market research firms intends to provide their clients with decision
making strategies and solving existing issues that would also provide them opportunity to
analyse, collect, distribute and disseminate information objectively and systematically
(Norman and Verganti 2014).
Benefits of adopting technologies to operations of Resmarket Pty:
The positive impact of technology on market research includes enabling researcher to
widely access secondary data depicted by secondary research. Furthermore, they help in
analysing the customer perception through monitoring of social media and conducting
qualitative research activities such as sentiment analysis. Researcher can easily conduct in
depth interviews and focus on groups by enabling them to interact within people across
boundaries. Items that are low on value chain are continuously eliminated by the adoption of
technology in market research. Market research are made easier by the implementation of
technology by shifting data collection capabilities online. A single insight standardization via
technology helps market researcher to focus on analysis of data for making rightful decisions

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and providing appropriate recommendations to their stakeholders. Online marketing research
is considered as cost effective way of collecting relevant data and information (McQuarrie
2015).
Downsides associated with implementing technologies by research firms:
Survey and online panels was the change that was inspired by technology. However,
there are also downside associated with technology in market research. Some false
impression can be given by technology as researcher rely on online research that data
collected is as statistically reliable the way results are ascertained using traditional research.
Online tools has the possibility of hampering accuracy of data collection by market
researchers. Search engines of web page have considerable impact on market research by
decreasing cost of information and information’s type and quantity. Market research
companies are evolving to offer their customers with sophisticated services that is based
emerging firms of measurement high-end analytics (Sarstedt and Mooi 2014). The impact of
reduced search costs on profits of firms is not complete and lower search costs and its impact
on firms profit is ambiguous. It can be ascertained by some previous research that
information service provision are costly. On other hand, search costs are dramatically reduced
due to advancing technologies. There has been continuous decline in cost of GPS devices as
it helps in determining the precise location for collecting the data (Wu and Chiu 2015). From
the above discussion, it can be seen that there is no need on part of Res Market Pty to be
sceptic about cost of technologies.
Conclusion:
The market researcher approach concerning collecting and data analysis is
significantly impacted by technology advancements. It can be said that market research has
been mostly positively influenced by technology. Improvement in data collection techniques,

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creating new roles for researcher, enhanced analysis of data and big data inform research are
some of the positive impact on market research. Concerning costs of technologies, it has been
ascertained that search costs for gathering data by research firm has also reduced. Advanced
technologies has now made it possible to integrate unconsciousness motivational emotional
data with data that are passively collected. Implementation of right technology would help in
evolving frictionless approach to market research that would assist research firms in gaining
real insights and engaging respondents. Moreover, a self-service platform is created for
research firms that enables tem in creating their own short surveys. Therefore, it can be
concluded that implementation of technology for enhancing market activities by ResMarket
Pty would provide them with ample benefits along with reducing search costs.

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Reference:
Malhotra, N.K., Birks, D.F. and Wills, P., 2013. Essentials of marketing research. Pearson.
McGivern, Y., 2013. The practice of market research: an introduction. Pearson Higher Ed.
McQuarrie, E.F., 2015. The market research toolbox: a concise guide for beginners. Sage
Publications.
Murphy, L., 2015. The top 10 challenges in the market research industry. GreenBook—
Charting the Future of Market Research. Retrieved at March, 1, p.2016.
Norman, D.A. and Verganti, R., 2014. Incremental and radical innovation: Design research
vs. technology and meaning change. Design issues, 30(1), pp.78-96.
Papadopoulos, N. and Heslop, L.A., 2014. Product-country images: Impact and role in
international marketing. Routledge.
Sarstedt, M. and Mooi, E., 2014. A concise guide to market research. The Process, Data, and.
Wu, L. and Chiu, M.L., 2015. Organizational applications of IT innovation and firm's
competitive performance: A resource-based view and the innovation diffusion
approach. Journal of Engineering and Technology Management, 35, pp.25-44.

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