Assignment on Effect of Technology in Marketing Research Process
Added on -2020-06-06
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The impact of technology onmarketing research in today’s businessenvironment
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4.........................................................................................................................................................4
EXECUTIVE SUMMARYIn this report, benefits of adopting new technology for marketing research in a business isdiscussed. Some disadvantages were also became part of this file but their proper justification isalso mentioned at the end. New ways of organisation market research are also include which arenecessary for getting competitive advantage. INTRODUCTIONIn present business environment, technology is considered as one of the most importantfactor that make a significant impact on the way of doing business. Before formation of a plan,companies like to do market research so they can collect all the vital data that is important forimplementation of various strategies. ResMarket pty is a company who conduct market research,they are a Sydney based enterprise. This assignment will discuss about effect of technology onthe process of marketing research in current business environment (Trainor and et.al., 2011). TASKIn old days, most of the organisation did not care much about technology because theywere not aware of its power. But with time, thinking of business persons has changed and nowthis factor is considered as the key ingredient for achieving success. For a market researchcompany like ResMarket, use of latest technology and innovation is compulsory. If they do notchange their research methods according to time than their competitors may get capture theirmarket in long run. Nowadays, researchers do not have to conduct a survey by ringing bell ofevery person who is living in a particular area, they choose social media as an option forcollection different type of data so they can provide necessary information to their clients. Some experts of this field argue that technology is expensive, Their is a big questionmark on its profitability. They believe that if they use this money in some other areas than theycan get better return. This thinking is not appropriate according to present business environment.It is a one time investment and cited company can easily cover its cost in couple of years. Afterthis, new technology will give them high return for at least next 5-6 years (Pookulangara &Koesler, 2011). This will also give competitive advantage to ResMarket pty as they canimpressive their potential clients by giving them information about the new technology whichthey will be using while working on their product. 1
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