Modern Technology's Impact on Marketing Research: ResMarket Analysis

This report provides an executive summary and in-depth analysis of how modern technology has transformed the field of marketing research. It explores the impact on data collection, evaluation processes, and product improvement, highlighting the use of social networks, online reviews, and specialized software. The report discusses the benefits, such as increased efficiency and access to vast amounts of data, as well as drawbacks like data reliability issues and the need for new skilled employees. Through the perspective of ResMarket Pty, the report suggests how companies can leverage modern technology to gain a competitive advantage, reduce costs, and enhance customer engagement. It concludes by emphasizing the importance of strategic implementation to address the challenges associated with technological advancements in marketing research, with references to key academic sources.

Running head: MODERN TECHNOLOGY IMPACT 0
Marketing Research

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Executive Summary
Modern technology has affected all the aspect of marketing research process. The process of
collecting and analysing information for market research has changed significantly.
Organisations use modern methods to enhance their efficiency and reliability of research. The
modern method of data collection includes online reviews, programs, social media and focus
groups. These methods allow faster collection of a large amount of data through different
sources.
Various modern applications allow companies to enhance the quality of their data evaluation.
These technologies ensure speed and quality over human evaluation. They allow
organisations to analyse a large amount data in few minutes. To apply this method,
companies are requiring new skilled employees.
ResMarket can adopt these technologies to enhance their research functions. The company
can gain an advantage over a competitor by using modern technology for their research. The
cost of implementing this technology is high but its advantages benefits company in long run.

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Table of Contents
Executive Summary...................................................................................................................1
Introduction................................................................................................................................3
Impact on Procedure of Marketing Research.............................................................................4
Social Networks.....................................................................................................................4
Information Gathering............................................................................................................4
Evaluation Process.................................................................................................................4
Different Positions.................................................................................................................5
Sources...................................................................................................................................5
Product Improvement.............................................................................................................5
Benefits of Modern Technology in Research.............................................................................5
Conclusion..................................................................................................................................7
References..................................................................................................................................8

MODERN TECHNOLOGY IMPACT 3
Introduction
Marketing research defines as a procedure of gathering data from customers and
organisations. This data allows companies to establish future strategies and determine new
business opportunities. With the modernisation of technology, the method of marketing
research has changed significantly. There are new sources and devices that a company can
use to enhance the quality of their marketing research.
This report will analyse the impact of modern technology on the procedure of marketing
research. Further, this report will discuss the benefits and drawbacks of implementing modern
technology for marketing research, through the perspective of ResMarket Pty.

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Impact on Procedure of Marketing Research
Marketing research is conducted by organisations to analyse the requirements, risks, demand,
cost, opportunities, and competition, in the market. The effectiveness and quality of
marketing research are based on different aspects such as sources of data collection, the
reliability of data, quality of evaluation and product development. According to the research
of Hair and Lukas (2014), the latest technological advancements have changed different
factors of market research. ResMarket can benefit by implementing modern technology in
their operations.
Social Networks
Marilia (2012) provides that the social networks have impacted the marketing research
process tremendously. The users of social media share a large amount of data which enhance
the quality of research procedure. New websites like Facebook, Instagram, YouTube, and
Twitter contribute huge volume of customer’s data which aid companies in marketing
research. Organisation analyse the demand of their customers before launching new products,
directly from social sites.
ResMarket Pty can collect consumer data through social media sites, which is a quicker,
inexpensive and easier method. It provides company access to a large data base of client’s
information; the organisation can conduct surveys or get feedback of customers directly
through social media. The disadvantages of using data from social media for marketing
research include reliability, quality and negativity problems.
Information Gathering
The traditional method for information gathering includes personal interviews, questionaries’
and focus groups, which are expensive and slow procedures. The organisation can use the
internet to collect data from millions of customers and focus their research on a particular
category of customers. ResMarket can use internet services such as online reviews, posts and
mobile programs, to get instant feedback from customers and collect their data (Jansen 2013).
Evaluation Process
Technology has increased the speed and reliability of data evaluation procedure used by
organisations. With the introduction of new software’s, such as SAS, RapidMiner, and
ROOT, the procedure of data analyse has become sophisticated and simpler. ResMarket can

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benefit from using these soft wares since they increase the efficiency and speed of data
analysis process (Fridman 2016).
Different Positions
The improvement of in technology required new positions to manage the process.
Organisations are required to hire new peoples with certain skills to manage the procedure of
research. New employees, such analytical CPO, are required to adopt the technical policies in
the research process. ResMarket will be required to hire new employees to adopt the
technical approach, since teaching older employees regarding newer technology is frustrating
and expensive task. The company will be requiring dismissing some of their old employees
which will not be essential to the operations of the company (Schmidt 2016).
Sources
In modern times, technology has allowed companies to collect data from the different source.
This creates a problem for the company since the reliability of such data is not confirmed.
The company is required to prepare new strategies to ascertain the reliability and quality of
data collected from different sources (Hendrickson 2016).
ResMarket should use a different mechanism to evaluate the most reliable source for their
data collection process. Modern technologies can assists firms in evaluating the best possible
source for data collection by evaluating different aspects, such as quality, quantity, and speed
of data collection.
Product Improvement
Babin (2015) provided that modern technologies assists corporations are collecting instant
feedback from their customers. This allows companies to evaluate the demand and
requirement of their audience. This information is useful in product development procedure.
Technology helps companies in developing their products according to market requirements.
People provide their opinion and quarries on the website of companies, which assist in the
process of product development. ResMarket can use modern technology to collect such data
and provide them to their clients.
Benefits of Modern Technology in Research
The impact of technology is huge over the marketing research process and companies can
benefit from this advancement. Modern technologies allow organisations to gain a

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competitive advantage over their competitors and improve the procedure of marketing
research. ResMarket Pty will get following benefits by using modern technology (Mcmurray
2016):
 The cost of updating to modern technology is high but in long-term companies can
reduce their operating costs using modern technologies. Modern technologies allow
companies to collect a large amount of data at a significantly lower price. The use of
social media sites is free for everyone and many other online services are free as well.
 The reach of marking research widen considerably by the use of technology.
ResMarket can collect data from numerous customers globally, and target their
research on a specific category of customers based on age, race or gender.
 ResMarket can enhance the speed of data collection and data analysis by adopting
modern technology. New software applications are easy and reliable to use.
 Technology enhances the quality of engagement with an audience for the research.
People can directly post their opinions and problem on company’s website, which
allow them to evaluate their requirements.

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Conclusion
From the above report, it is concluded that ResMarket should adopt the latest marketing
research technologies in their operations. The benefits of modern technology will enhance the
quality of their work and gained them a competitive advantage over other organisations.
There are certain drawbacks of modern technology, such as reliability and quality of data,
therefore, ResMarket required to formulate a proper strategy for technological
implementations. The cost of modern technology is worth it since it will benefit ResMarket in
long run.

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References
Babin, B.J. and Zikmund, W.G., 2015. Essentials of marketing research. Nelson Education.
Fridman, A., 2016. How Market Research Is Changing (for the Better) in 2016. Inc.
Retrieved from < https://www.inc.com/adam-fridman/how-market-research-is-changing-in-
2016.html >
Hair Jr, J.F. and Lukas, B., 2014. Marketing research (Vol. 2). McGraw-Hill Education
Australia.
Hendrickson, K., 2016. Six Market Research Trends For 2016. Green Book Blog. Retrieved
from < http://www.greenbookblog.org/2015/12/17/six-market-research-trends-for-2016/ >
Jansen, M., 2013. Five Ways Marketing Research Benefits Small Businesses. Groupon.
Retrieved from < https://www.groupon.com/merchant/blog/five-ways-marketing-research-
benefits-small-businesses >
Marilia, H., 2012. 10 benefits of market research. Happy Creative. Retrieved from <
http://happy-creative.co.uk/10-benefits-of-market-research/ >
Mcmurray, B., 2016. How New Technology Is Changing Market Research. Bandt. Retrieved
from < http://www.bandt.com.au/marketing/new-technology-changing-market-research >
Schmidt, S., 2016. How Technology Is Changing Market Research. Market Research.
Retrieved from < http://blog.marketresearch.com/how-technology-is-changing-market-
research >