Data Analytics in Marketing Research: Benefits and Applications Report

This report highlights the transformative impact of data analytics on marketing research, particularly for companies like MRC (Pty) Ltd. It details how data analytics tools facilitate faster and more cost-effective data analysis, leveraging sources like social media to gather crucial market information. The report emphasizes the benefits of data analytics, including the ability to analyze big data, conduct comparative analysis, forecast future business trends, and personalize solutions for clients. It also discusses how these tools enable businesses to make informed decisions, sharpen social media strategies, and identify potential risks. The conclusion underscores the importance of adopting data analytics for market research companies to enhance their services and maintain a competitive edge in the modern business environment.

MARKETING
RESEARCH

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EXECUTIVE SUMMARY
Digital ways of business have replaced the older methods. This is applicable to the market
research also. In this report various aspects of the marketing research done with the analytics
tool has been highlighted. In the later section of the report it is illustrated that how the
analytics has helped the research firm in producing data as per the requirements of the client
that too at a very fast speed. Various benefits of utilising data analytics for the clients has
been showcased along with the type of resulted that can be drawn with this tool. It also
discuss about the decision making capabilities based on the resources that a company has. It
stands beneficial for predicting the future of the business of the company.
Content

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s
INTRODUCTION.................................................................................................................................3
Data Analytics...................................................................................................................................4
Impact of technology on marketing research.....................................................................................4
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................6
INTRODUCTION
In the era of technology it has become essential for the organisations to make sure that they
have advanced technologies in use. Modern day has become highly competitive hence market
research has become extremely essential (Chen, Chiang and Storey, 2012). Use of technology

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can be highly beneficial in doing market research. It has become extremely essential for the
marketing research companies like MRC (Pty) Ltd to incorporate Data analytics technology
so as to provide excellent services to the clients. This report highlights the usage of data
analytics technology in the marketing research.
Data Analytics
It is understood as the process of examining data sets for taking out results regarding the
information they have (Babin and Zikmund, 2015). This has become highly useful with the
aid of specialised software and systems. This helps in making of the decisions that are more
accurate and fact based. In the research industry this technology plays a very significant role.
Impact of technology on marketing research
In modern day business environment where the data has become new gold, the tools like data
analytics will help the research company to give the exact idea about the factors in the market
(Hair Jr, et al., 2015). This can be done analysing the data that is present with the company.
In businesses the use of social media sites has increased significant. Social media has become
one of the significant mediums from where the data can be collected. This is due to the reason
that companies run their marketing program on the social media and their pages can help in
taking feedbacks from the clients which is necessary for making changes. It is also used for
collecting data regarding the popularity of the firm’s product so that they can develop their
marketing plan accordingly. Social media has many other kinds of information associated
with the clients which helps in knowing the likings and disliking of the customers which is
crucial for the product development.
There are larger numbers of benefits associated with the adoption of data analytics (Russom,
2011). The first and foremost benefit that it adds to the business is that it helps in analysing of
the Big data which cannot be possible with manual operations. Data analytics provides
various tools that help in scrutiny of the important and irrelevant data. The more the data will
be significant the more is the chance that a business can succeed. It is crucial for the firms to
make sure that they have an effective tool that could single handily manage all the operations
on the data.
One of the biggest benefits that data analytics technology is providing to MRC is that it helps
in giving outcome as per their requirement. This will be helpful for MRC as they can evaluate
the different kind of data for their different kinds of clients. It is beneficial since it gives
comparative analysis between all the competitors in the industry. Data analytics tool help in

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comparing the performance of the company with other firms (Balla, 2014). This is highly
beneficial as it help the MRC to propose a detailed study of what is the actual position of the
firm in the market. It can be understood by the fact that generally one sided description
cannot provide higher benefits.
Data analytics provides in-depth evaluation of the data that is obtained from the sources like
social media (Zikopoulos and Eaton, 2011). It also gives idea about the changing trends in the
market by doing quantitative and qualitative data analysis. Data analytics helps MRC in
forecasting the future of the business of the company based on the customer demands in the
market. It also assists in streamlining the operations as per the future requirement of the
market. These predictions are based on the facts and figures of the past and future operations
of the firm. These data analytics are highly smart to understand the language of the
consumers and hence can be give highly accurate results.
Traditional methods of data collection has been replaced by the digital medias like social
media and hence use of data analytics tools can fasten up the process of giving results. Since
both the processes of collecting the data and processing on it works simultaneously hence it
becomes easier for MRC to give details about the specific market to any particular client.
Using data analytics MRC helps the customer in exploring the channels using which their
clients increase their product sale. It also empowers MRC to understand the market behaviour
using which their clients will respond proactively. This is basically predictive model that
relies on the combination of variables.
These fast and effective decisions can help the clients of MRC to sharpen their social media
strategies as the influencers in the business can be easily highlighted. This will also help their
clients in engaging consumers in real time. This is actually the intelligence that is needed by
the company for having the competitive edge in the market. Such tools help in focusing
towards the competencies of the firm which proves to be crucial for the long term
development of the firm (Kambatla, et al., 2014).
It also helps the MRC to find out the risks in their clients business. The security and fraud
that are present in the market can be easily accessed with the use of data analytics. The
deterrents present in the business can be identified with analytics that could quickly catch the
fraudulent activity and helps in anticipating future activity. MRC can use it for their clients so
as to give them personalised solution in the market. This is crucial in the market perspective

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where everyone feels themselves to be important for the company. This helps in increasing
the brand loyalty.
Data analytics empowers the users to have fast evaluation of the controls that are present in
the market at lower prices compared to the old methods of market analysis (Johnson, 2012).
It reduces the efforts of the researchers.
CONCLUSION
From the above report it can be said that technology like data analytics can help the market
research companies like MRC to do data analysis at much faster rate that too at the lower
cost. The data gathering tools like social media can be used by the company to gather data on
which the analytics can work so as to produce the results as per the filters used by the
researcher. It enables them to give quick response to the customers based on capabilities of
the company.
REFERENCES
Babin, B.J. and Zikmund, W.G., (2015) Exploring marketing research. Cengage Learning.

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Balla, J., (2014) Seven benefits from using marketing analytics. [Online]. Available at:
https://blogs.sas.com/content/customeranalytics/2014/09/17/seven-benefits-from-using-
marketing-analytics/. [Accessed on 24 April 2018].
Chen, H., Chiang, R.H. and Storey, V.C., (2012) Business intelligence and analytics: from
big data to big impact. MIS quarterly, pp.1165-1188.
Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samouel, P. and Page, M.J., (2015) Essentials
of business research methods. Routledge.
Johnson, J.E., (2012) Big data+ big analytics= big opportunity: big data is dominating the
strategy discussion for many financial executives. As these market dynamics continue to
evolve, expectations will continue to shift about what should be disclosed, when and to
whom. Financial Executive, 28(6), pp.50-54.
Kambatla, K., Kollias, G., Kumar, V. and Grama, A., (2014) Trends in big data
analytics. Journal of Parallel and Distributed Computing, 74(7), pp.2561-2573.
Russom, P., (2011) Big data analytics. TDWI best practices report, fourth quarter, 19(4),
pp.1-34.
Zikopoulos, P. and Eaton, C., (2011) Understanding big data: Analytics for enterprise class
hadoop and streaming data. McGraw-Hill Osborne Media.