Technological Impact on Business

This assignment analyzes the impact of technology on businesses, focusing particularly on market research. It examines how technologies like big data analytics and social media are changing traditional research methods, enabling more accurate insights, and providing new opportunities for businesses to connect with clients. The analysis also discusses the importance of embracing these technologies for competitive advantage and highlights the need for training and development to effectively utilize them.

Running head: MARKETING RESEARCH
The impact of technology on marketing research in today’s business environment
Name of the Student:
Name of the University:
Author Note:

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Executive Summary
The study would explore the case scenario of ResMarket Pty, the market research firm in
Sydney. The company has decided to develop the technological activities to enhance the market
knowledge much significantly. The one time investment on technologies can ascertain the future
development of the competitive edge. The innovative skills of social media are helping the
business marketers to yield the unfiltered feedbacks. Therefore, the company can connect to the
larger number of business clients for business dealings. The changed data analysis process
reduces the risks of the data breaching since the company can derive the feedback directly from
the clients. It is also stated that the use the advanced analytics for retaining the people and
improving the loyalty for a longer time.

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Table of Contents
Introduction......................................................................................................................................3
Changes brought to the marketing research by technological improvement...................................3
Emergence of Social Media.............................................................................................................4
Improvements of the data collection process...................................................................................4
Enhancements of the data analysis..................................................................................................4
Improvement of the Communication...............................................................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

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Introduction
The technological development has transformed the business environment much
drastically. In today’s world, the business marketers are much fond of developing the business
tactics to gather more customer support and strengthen the competitive edge (Trainor et al.
2014). The adoption of the advanced technologies is one of those suitable strategies that help the
companies to gain the competitive advantage. The use of the different wearable and mobile
technologies has changed the methods of collecting data. The Big data implementation has
contributed to the market research field by gathering the unique types of data. The bigger
influence on the traditional market has ensured the considerable growth in the market research
field. The technological development has created numerous impacts on today’s business world
(Norman and Verganti 2014). The study would explore the case scenario of ResMarket Pty, the
market research firm in Sydney. The company has decided to develop the technological activities
to enhance the market knowledge much significantly. It would be much helpful in drawing the
attention of the potential clients for securing the competitive edge in this business market. Due to
the high costs of the technologies, the company is much skeptical about the future development.
Therefore, the study would present the extensive research on the impact of technologies on the
marketing research process.
Background
ResMarket Pty is the market research company based in Sydney. The company gathers
the relevant business data and the information of the clients to deliver the high quality products
or services. The management identifies that development of new technologies would be much
beneficial in gathering extensive research data whereas the market positioning would also be
strengthened. However, the high costs of these technologies are the major determinants for
creating the skeptical scenario for the company. However, it is even necessary to utilize the
advantages of the technological development in the business world (Norman and Verganti 2014).
The further study would present the impacts of technologies to eliminate the skeptical behaviour
of the company.

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Changes brought to the marketing research by technological improvement
In current time, the business functionalities have undergone a drastic change. Starting
from checking e-mails to editing the relevant business presentation, the technological impacts
have become much remarkable. According to Salojärvi et al. (2015), the technological changes
have been transforming the business world into more efficient and agile. Especially, in terms of
market research process, the contribution of the technological assessment is much commendable.
The emergence of the Big Data has transformed the way of gathering information. The suitable
technologies have been much helpful in carving out new opportunities. On the contrary, it is also
much helpful in identifying the underlying pitfalls for obtaining the business intelligence
(Norman and Verganti 2014). The following aspects are much influenced by the technological
development process.
Emergence of Social Media
The emergence of the social media platforms like LinkedIn, Twitter, Google+, and
Facebook has been expanding the competitive landscape of the market research. The innovative
skills of social media are helping the business marketers to yield the unfiltered feedbacks (Chen,
Chen and Zhou 2014). In fact, these platforms are much useful to promote brand awareness and
establish the reputed position. Moreover, it has improved the establishment of the networks
between the people worldwide. Therefore, the business marketers can easily get access to the
feedback shared by the target customers.
Improvements of the data collection process
The continuous development of the new software to collect data is much appreciated. The
development of the technologies improved the more relevant method of collecting data rather
than using the traditional methods, such as survey, focus group, and interview process (Lucas Jr
et al. 2013). The business marketers are able to focus on more targeted group due to the
availability of the access to the customers’ feedback.
Enhancements of the data analysis
The increasing level of the data streams is enhancing the capability of the data analysis
process. The technological development has made the method of analyzing the data in a most

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appropriate and accurate way. Currie and Seddon (2017) implied that the technological
advancements are leading towards more sophistication. For example, many of the organisations
use the advanced analytics for retaining the people and improving the loyalty for a longer time.
The clear measurement of KPIs is also identified due to the technological advancements.
Improvement of the Communication
It is notable that the technological improvements have transformed the communicational
process in business scenario. The market researchers need to communicate with the business
clients more specifically for understanding their demands and requirements. The improvement in
the technological tools has increased the communicational transparency due to which they can
easily connect with people worldwide (Lichtenthaler and Lichtenthaler 2016). The responses
derived from the clients help in understanding the business requirement for the long run. The
establishment of the communication transparency is much necessary to gather trust and sustain
the business for the longer time. Therefore, the selection of the suitable technological tools is
much essential for the business (Norman and Verganti 2014). The measurement and monitoring
of these technologies would determine the continuous quality development. Moreover, the
technological development has been reducing the time and effort and making the on time
management of the business functionalities.
Impact of Big Data on Market Research
The technological advancements and the emergence of Big Data have been ensuring the
new possibilities across the traditional method of the qualitative-quantitative spectrum. The
current market research depends on the unique sample sizes and Big Data has facilitated this
concern. Collection of the sample through Big Data is unique and gathered from different
sources. It is necessary to mention that the technological advancements have enabled new
methodologies through wearable and mobile data collection process (Slater, Mohr and Sengupta
2014). It is quite effective enough in avoiding the over-reliance on self-support and created the
positive impact on the industry. The analytics of big data has ensured the high growth areas in
the evidence and research market.

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Conclusion
The above analysis provides the insightful ideas about the technological impact on the
business scenario. It can be implied that ResMarket Pty can develop the technological by
eliminating the skeptical sense. The one time investment on technologies can ascertain the future
development of the competitive edge. The innovative skills of social media are helping the
business marketers to yield the unfiltered feedbacks. Therefore, the company can connect to the
larger number of business clients for business dealings. The changed data analysis process
reduces the risks of the data breaching since the company can derive the feedback directly from
the clients. The current market research depends on the unique sample sizes and Big Data has
facilitated this concern. Collection of the sample through Big Data is unique and gathered from
different sources. The impact of Big Data is thus quite appreciable in the market research field.
The proper maintenance and ability to handle these technologies determines the durability.
Hence, the proper training and development would be require prior to use these technologies in
the real life business scenario.

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References
Chen, X., Chen, A.X. and Zhou, K.Z., 2014. Strategic orientation, foreign parent control, and
differentiation capability building of international joint ventures in an emerging market. Journal
of International Marketing, 22(3), pp.30-49.
Currie, W.L. and Seddon, J.J., 2017. The regulatory, technology and market ‘dark arts trilogy’of
high frequency trading: a research agenda. Journal of Information Technology, 32(2), pp.111-
126.
Lichtenthaler, U. and Lichtenthaler, U., 2016. Determinants of absorptive capacity: the value of
technology and market orientation for external knowledge acquisition. Journal of Business &
Industrial Marketing, 31(5), pp.600-610.
Lucas Jr, H.C., Agarwal, R., Clemons, E.K., El Sawy, O.A. and Weber, B., 2013. Impactful
Research on Transformational Information Technology: An Opportunity to Inform New
Audiences. Mis Quarterly, 37(2).
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.
Salojärvi, H., Ritala, P., Sainio, L.M. and Saarenketo, S., 2015. Synergistic effect of technology
and customer relationship orientations: consequences for market performance. Journal of
Business & Industrial Marketing, 30(5), pp.511-520.
Slater, S.F., Mohr, J.J. and Sengupta, S., 2014. Radical product innovation capability: Literature
review, synthesis, and illustrative research propositions. Journal of Product Innovation
Management, 31(3), pp.552-566.
Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage
and customer relationship performance: A capabilities-based examination of social
CRM. Journal of Business Research, 67(6), pp.1201-1208.