The Impact of Technology on Marketing Research

This assignment discusses the impact of technology on marketing research, highlighting tools such as internet and social media that increase efficacy and effectiveness. The report concludes by emphasizing the importance of cost-benefit analysis before implementing these technologies.

“The impact of technology on
marketing research in today’s
business environment

Table of Contents
Executive Summary...............................................................................................................................3
Introduction...........................................................................................................................................5
Impact of technology on market research.............................................................................................5
Conclusion ............................................................................................................................................6
References ............................................................................................................................................7

Executive Summary
For a business organization need to understand customer and their competitors to sustain in
the edge to competition. The present report will discuss about the technological impact which
includes internet, online survey, social media approaches etc. on market research. It having
large influence on effectiveness of research and increase organization performance for a
longer run. Cost plays a prominent role which is too high for these technology required to
analysed. The report will inform about the how company can adopt these technologies.

Table of Contents
Executive Summary...............................................................................................................................2
Introduction...........................................................................................................................................4
Impact of technology on market research.............................................................................................4
Conclusion ............................................................................................................................................5
References ............................................................................................................................................6

Introduction
The present report will explain about the use to technology in the market research
which plays a significant role in today business environment. In the edge of innovation
business will transform in to customer centric which required an effective and appropriate
market research in order to meet its goals (Zhang, Gensler and Garcia, 2011). This report
based on ResMarket Pty which is a Sydney based market research firm and need to use new
technology in order to meet its short and long term target.
Impact of technology on market research
In present era, business environment is too competitive and complex which required to
conduct market research. Because customer needs are change over a period of time and
existing product and service will absolute due to innovation and technology. Therefore, each
and every Resmarket Pty tries to conduct market survey on regular basis which helps to
understand the behaviour and attitude of their client and offer product accordingly. Impact of
technology on MR is very essential and change the overall process which leads to increase its
effectiveness and save time and money. There are various tools and techniques in MR such
as:
Internet: Collection of data one of the integral part in the market research and consume
various resources and time (Kotabe and et. al., 2011). In traditional approach of market
research, researcher gather data by distributing questionnaire, conduct interview and observed
customer. These all activities consume lot of time which is not good. But internet solve all
these issue and provide a facility where Resmarket Pty can directly send a mail to its
customer and collect these data a very short of time. Apart from that they can also conduct
live video such as spark, Google live etc. which to interact with their customer. Feedback also
significant for a business organization is to analyse to evaluate collected response for further
improvement in product and services. cited business entity can use their website in a manner
where customer can directly respond immediately and such data will be updated at the same
time.
Social media: This is one of the mots transferable tool in the market research improved
gathered data and analysed in an appropriate manner. There are various social media platform
which includes Facebook, Instagram provide new ways to track current trends in a real time
(Zhou and Li, 2012). For example, Resmarket Pty can post their promotional content on
Facebook and receive response from customers in an effective manner. Social media provide

a unique facility to connect with customer and engage with them to know their product and
service performance. It will lead to increase customer loyalty which is a common goal for
every business unit.
Enhanced data analyses: Examination of data is equally important for the cited firm in order
to make appropriate decision making. Technology provide facility to make data evaluation
easier and more accurate rather than traditional approach. With better analyses, a marketing
Resmarket Pty can increase its client relationship management (Ernst and et. al.2011). On the
other hand, this is essential for a business organization to maintain its performance in the
market and for this they need to focus on regular update their customer and modify its
product line to gain competitive advantage in the market.
Finding targeting and segmentation: With the helps to technology enterprise segmented its
target audience along with behavioural, personal and demographic and target their customer
accordingly (Leung and Yang, 2012.).
On the other hand, the cost of acquisition of these technology is quite higher which create
operation cost and budget for a small firm. Therefore, it is the responsibility of higher
authorities is to conduct cost-benefit analyses before inducting such technology in their
research.
Conclusion
As per the above mentioned report it has been concluded the market research and
technological aspects and their impact relating to current business environment. The report
discussed regarding use to various technological tool such as internet, social media etc. which
increase the efficacy in market research and its effectiveness.

References
Books and Journal
Zhang, T., Gensler, S. and Garcia, R., 2011. A Study of the Diffusion of Alternative Fuel
Vehicles: An Agent‐Based Modeling Approach. Journal of Product Innovation
Management. 28(2). pp.152-168.
Kotabe, M., and et. al., 2011. Managerial ties, knowledge acquisition, realized absorptive
capacity and new product market performance of emerging multinational
companies: A case of China. Journal of World Business. 46(2). pp.166-176.
Zhou, K.Z. and Li, C.B., 2012. How knowledge affects radical innovation: Knowledge base,
market knowledge acquisition, and internal knowledge sharing. Strategic
Management Journal. 33(9). pp.1090-1102.
Ernst, H., and et. al., 2011. Customer relationship management and company performance—
the mediating role of new product performance. Journal of the academy of
marketing science. 39(2). pp.290-306.
Leung, D.Y. and Yang, Y., 2012. Wind energy development and its environmental impact: A
review. Renewable and Sustainable Energy Reviews. 16(1). pp.1031-1039.