Marketing research consultancy PDF

MRC MARKETING RESEARCH CONSULTANCY FIRM
MARKETING RESEARCH
INSTITUTIONAL AFFILIATION(S)
STUDENT NAME
[Pick the date]

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Executive summary
Large number of data are generated every day from modern information systems and
technologies like cloud computing and social media. Big data analytics is the current solution
for research and development in consultancy firms. Therefore, the main objective behind
preparing this report is to bring forward the impacts of data analytics and the manner in
which it can benefit MRC. This report has been prepared while addressing Executive
Management Team of MRC so that they can bring necessary changes in MRC related to
technological grounds.

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Table of Contents
Executive summary............................................................................................................................2
INTRODUCTION.................................................................................................................................4
FEATURES OF DATA ANALYTICS.........................................................................................................4
Programmatic................................................................................................................................4
Data driven....................................................................................................................................4
Large scale activity.........................................................................................................................4
Iterative in nature..........................................................................................................................5
Quick method................................................................................................................................5
IMPACTS OF DATA ANALYTICAL.........................................................................................................5
Improved target segmentation......................................................................................................5
Business development for lean management...............................................................................5
Cost reduction and increased revenue..........................................................................................5
Maintenance of employees through predictive analysis...............................................................6
Data indexing and governance......................................................................................................6
CONCLUSION.....................................................................................................................................7
REFERENCES......................................................................................................................................8

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INTRODUCTION
Data analytics is one of the technologies that enable drawing conclusions about data
stored with the help of special software’s and systems. This technology has been used by
commercial industries to implement information based business decisions and with the
assistance of researchers and scientists, the evaluation results are verified. There are many
advantages of data analytics which is the reason MRC has shown its concern to implement it
in its management system. Since this consultancy firm deals with FMCG companies,
enabling data analytics into its systems will prove very beneficial (Market Equations, 2018).
MRC is an Australian based market research consultancy firm and dealing in U.S based firms
that are IGA and 7Eleven Franchise, it has to deal with outsourcing business. Capability and
efficiency is highly considered in outsourcing business which is the reason behind suggesting
adoption of data analytical in its operation.
FEATURES OF DATA ANALYTICS
To get detailed insight of data analytical features is equally important as getting
knowledge about its impacts’. Therefore the following this report has investigated about few
features that are applicable to research marketing consultancy firms.
 Programmatic: This is one of the finest changes that have occurred in data analytics
systems recently as compared to earlier system in which users had to manually load
applications for exploration. Under this feature, user can start working with raw data
that are handled programmatically and is further explored according to the level of
data (McKinsey and Company, 2015).
 Data driven: Under this feature, scientists or researchers uses hypothesis-driven
approach to information analysis in which they collect data to see if the premise is
true or not. For example, machine knowledge algorithm can be used for finding
hypothesis from free data analysis (Towards Data Science).

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 Large scale activity: Earlier, users had to input fewer attributes of data source. But
nowadays, dealing in hundreds of gigabytes of facts consisting thousands of attributes
along with millions of observations in social media is enabled. This shows the degree
to which it has extended its operations (TechTarget).
 Iterative in nature: Computer power can imply iteration on models until users get
what they actually desire. To evolve with a model based on larger number of data
advanced computing techniques is required like neural works or natural language
processing that can be stored in software’s without making repeated effort.
 Quick method: Computing cycles through data analytics can prove quick method by
leveraging an internet based infrastructure as an overhaul. There are many IaaS
platforms like Amazon cloud service that can provide group of technology to evaluate
large number of data and analyse them promptly (Hurwitz, Nugent, Halper, &
Kaufman, 2018).
IMPACTS OF DATA ANALYTICAL
The following impacts of data analytical have been investigated from various resources
that can be applicable to MRC also, provided data analytical is adopted in its operation.
 Improved target segmentation: This means to customise users experience with
relevant offers while presenting them in front of targeted audiences in social media.
Data analytics can read customers insight by evaluating both leading and wadding
customer’s trends with the help of predictive models of marketing department.
Marketing research consultancy firms have deployed data analytics to gain valuable
insights on consumer behaviour, their buying behaviour, interest towards changing
products in FMCG, and response towards new offers.
 Business development for lean management: Reducing costs and improving quality
is what lean management is concerned about. In companies like pharmaceutical and
chemicals where work consistency is low and seasonal, big data analytics can help
improve in quality. By upholding continuous process for improvement, research
consultancy firms will also be able to get improved if faced by any lean period.
According to Sharma (2017), big data can be worth billions of dollars for lean

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manufactures in FMCG and many others which is the reason they are deploying data
analytics in their standard operations.
 Cost reduction and increased revenue: Cloud base data analytics can bring adequate
cost advantages while storing large amount of data along with identifying more ways
of conducting business. Organisations those have implemented big data into their
operations has been reported an average increase of 8% in revenues along with 10%
cost reductions annually (Sharma, 2017). By embracing business analytics and data
presentation techniques, market research consultancy firms gets better decisions
making power and setting of goals. By boosting revenue and enhanced services, they
can approach more clients along with taking present clients to a new level. If the
clients receive accurate and efficient service through technologically advanced firm,
they will automatically recommend others to join MRC for their marketing research.
 Maintenance of employees through predictive analysis: Making bias decisions and
predictable decisions by employers have become obsolete which has been replaced by
evidence based decisions. The data analytics have even affected recruitment process
in firms by including talent development, vacancy marketing and filtration of
prospective job applicants. With the help of latest data analytics software’s, MRC can
estimate the cost of training their call centre staff along with other measures that
needs to be taken in HR practices of the firm (Ahmed, 2016).
 Data indexing and governance: Organisations has to deal with large number of data
and information’s with regard to storage, reclamation, data creation and analysis. Data
analytics can prove very advantageous here as firms like research market consultancy
can get useful insight through self dealing analytics that can result in effective
decision making.

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CONCLUSION
The convergence of analytical data, social media and regulatory changes has caused
making changes in business operations. With increasing needs of clients and customers, the
market are experiencing rapid changes in which firms need to accept technological assistance
for generating insight of data with minimal delay. This report have laid many features and
impacts of data analytics related to market research consultancy firms that can assist
managements of MRC to meet business goals in smarter way. Data analytics initiatives can
help increase revenues while improving its efficiency and accuracy in service. Therefore, this
report suggests the Executive team of MRC to consider data analytics in its operation so that
future enhancement of operations is probable in rapid way.

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REFERENCES
Ahmed, A. a. (2016). A Survey on Big Data Analytics: Challenges, Open Research Issues and Tools.
Retrieved from https://thesai.org/Downloads/Volume7No2/Paper_67-
A_Survey_on_Big_Data_Analytics_Challenges.pdf
Hurwitz, J., Nugent, A., Halper, F., & Kaufman, M. (2018). CHARACTERISTICS OF BIG DATA
ANALYSIS. Retrieved from
http://www.dummies.com/programming/big-data/data-science/characteristics-of-big-data-
analysis/
Market Equations. (2018). DATA ANALYTICS SERVICES BY INDUSTRY. Retrieved from
http://www.marketequations.com/services/retail-analytics-modeling-services.html
McKinsey and Company. (2015). Marketing & Sales Big Data, Analytics, and the Future of
Marketing & Sales. Retrieved from https://www.mckinsey.com/~/media/McKinsey/Business
%20Functions/Marketing%20and%20Sales/Our%20Insights/EBook%20Big%20data
%20analytics%20and%20the%20future%20of%20marketing%20sales/Big-Data-eBook.ashx
Sharma, R. (2017). 5 Business Impacts of Advanced Analytics and Visualization. Retrieved from
https://dzone.com/articles/5-business-impacts-of-advanced-analytics-and-visua
TechTarget. (n.d.). Data Analytics(DA). Retrieved from
https://searchdatamanagement.techtarget.com/definition/data-analytics
Towards Data Science. (n.d.). 10 Key Technologies that enable Big Data Analytics for businesses.
Retrieved from https://towardsdatascience.com/10-key-technologies-that-enable-big-data-
analytics-for-businesses-d82703891e2f