Impact of Technology in Marketing Research

IMPACT OF TECHNOLOGY IN MARKETING RESEARCH 1
IMPACT OF TECHNOLOGY IN MARKETING RESEARCH
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IMPACT OF TECHNOLOGY IN MARKETING RESEARCH 2
Executive Summary
The report aims to give an analysis of the impact of modern technology on marketing
research in the current business environment. It will also aim to identify what MRC (Pty) Ltd, a
marketing research consultancy based in Brisbane will stand to benefit from adopting new
technology. Based on the discussion, the report shows that the use of technology in marketing
research has transformed how researchers conduct their businesses. As a result, MRC should
adopt new technologies to improve their marketing research ability and also to present a more
resourceful and accurate service to their potential customers. Besides, technology provides a
range of opportunities to the company in the current competitive business environment.
Impact of Technology in Marketing Research
In the current business environment, marketing research is essential for the growth and
development of all organizations and businesses since it puts an individual in the mind of the
potential customers. Thanks to the technology, the theory of research have greatly transformed.
As a result, the businesses are now renouncing paperwork and moving to mobile applications,
USSD technology, and SMS information collections. The widespread implementation of the
internet has transformed all businesses with only a few exclusions. Undoubtedly, technological
developments have drastically changed the way market analysts carry out business.
MRC Company will largely benefit from technology in transforming market research.
Technology development will help the company to become more active and efficient. Based on
the market research, technology will create new opportunities and pitfalls for achieving
constructive business intelligence (Lee, 2017). Besides, the company will benefit from the
enhancements of data collection (Market Research, 2018). Due to technology, there is a
continuous stream of new software for data collection. Beyond the customary data collection
methods such as focus groups, interviews and paper surveys, technology makes it possible for
the market researchers to become much more aimed in what way they assess and how fast
response can be obtained. For example, MRC can benefit from the mood-sensing trade appliance
that is used to personalize the buying experience. According to Market Research (2018), the
mood-sensing gadget is an effective tool for any research company looking to enhance market
share and gather a lot of information about potential customers.