Impact of Technology on Market Research

This report analyzes the impact of technology on market research, focusing on ResMarket Pty. It discusses the benefits of technology in improving communication and data analysis, as well as the challenges faced in implementation. The report concludes with recommendations for enhancing survey processes to meet client demands.

MARKETING RESEARCH
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Executive Summary
Technology is basically considered as the knowledge application to the world which enables
people to have an impact on their environment through changing it. Technology is a vast
conception that many people today think it is. Technological change is determined as the art of
improving processes that bring opportunities and benefits for businesses. The paper showed the
challenges faced by a firm in implementing technology in its business. It also highlighted the
impact of technology on market research in current business environments. It also showed the
outcomes of the overall analysis regarding the stated issues. It has been identified in the study
that technology of communication in the market research company like ResMarket Pty helps the
business to grow and improve and also forms quite convenient connection among the customers
and corporations. Various technologies like; mobile phones and internet have an impact on the
way industries communicate with consumers. It is recommended that ResMarket Pty requires
introducing surveys within an hour for their clients to target new scopes and the analysis has to
be available equivalently in a rapid way.
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Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
The impact of technology on marketing research............................................................................5
Challenges of Implementing Technology in Market Research.......................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................8
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Introduction
Technology is basically considered as the knowledge application to the world which enables
people to have an impact on their environment through changing it. Technology is a vast
conception that many people today think it is. Technological change is determined as the art of
improving processes that bring opportunities and benefits for businesses. Technology can form
new services and new products that eventually make new markets for a business. Additionally,
technology in any business or in market researcher industry can also improve technological
processes and products and also increase the productivity. The following study will show the
impact of technology on ResMarket Pty Market Research Company which is based in Sydney,
Australia. The paper will also show the challenges faced by the firm in implementing technology
in its business. The report will mainly highlight the impact of technology on market research in
now a day business environments. At last, it will also show the outcomes of the overall analysis
regarding the stated issues.
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The impact of technology on marketing research
Marketing research habits are improving day by day and various industries are updating as well.
The impact of technology on market research is important as technology influences each and
every business and in many scenarios, it makes almost everything easier. In the field of market
research, utilization of technology is getting attention all over the world. ResMarket Pty Market
Research Company has one main purpose is to find out customer’s choices, preferences, their
consumption pattern and their purchase (Gifford, 2013). The company normally uses open-ended
data from their primary researches and surveys. They give the result to automated processing for
identifying the significant keyword from different region. If they use technology to identify the
keywords then they can get help in sorting out the data as well as can be able to use it in a better
manner. Technology helps the company to have a proper understanding and also to see a large
scenario of what market requires. If the company uses micro view along with the macro view
schemes, then market research team can conduct an appropriate outcome base of kind of surveys
that they have conducted (Green and Basher, 2012). When micro level data is utilized in
association with macro social media data, a large scenario is portrayed in the result.
Apart from this, the technology of communication in the market research company like
ResMarket Pty helps the business to grow and improve and also forms quite convenient
connection among the customers and corporations. Various technologies like, mobile phones and
internet have an impact on the way industries communicate with consumers (Khachidze, 2012).
The technology of Social media is now becoming the main source of data for the market
researchers as people on social media sites upgrade their perspectives in their profiles daily and it
has now become a part of their lives. Currently, with the growth of modern technologies, market
researchers depend on the use of expertise online market research for collecting analysis data and
information. The motive of ResMarket Pty is to develop the standard of product allocation and
strategy of decision making. It also has the motive to resolve the problems in product marketing
as well as gives chance to identify, analyze, collect and distribute data systematically. With the
help of technology, the company can have the potentiality to reach customers in various
locations without time limitation (Marcovitz, 2007). It also allows the researchers to get direct
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responses and feedbacks from the customer as it provides huge superiority to the customers to
give responses of services and products.
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Challenges of Implementing Technology in Market Research
With the growing importance of mobile research and social media research, many clients
demands for larger innovation and also want to add more skills to the market researcher’s
toolbox on a continuous basis (Möller and Parvinen, 2015). Many traditional pressures like
growing pace of business and reduction in cost are the new challenges for market research
industries. In the following, few challenges to implement technology in the firm have been
analyzed:
Agility needed- Now a day, new products and services emerges and also perception changes.
Waiting months or years for the survey’s result that influence business decisions are not a good
option. ResMarket Pty requires introducing surveys within an hour for their clients to target new
scopes. And the analysis has to be available equivalently in a rapid way (Neylon and Chan,
2016). So, technology tools that are easier and faster to use are quite crucial for delivering this
rapid turnaround and moving from one idea to final outcome quickly which current businesses
need.
Cost- The expense of purchasing multiple technological tools and developing them creates
additional continuous support, training costs and maintenance (Pousttchi and Wiedemann, 2010).
Incorporating the data held in them is expensive and time-consuming for ResMarket Pty, as well
as the manual works is also included forms multiple chances of error and reduces the quality of
data.
Security issue- Market research industries confront many issues in securing data because of
stricter governmental rules on account of privacy. Apart from this, enhanced awareness among
customer has also led to many customers are becoming more secretive and even suspicious about
many market research industries (Rosenzweig, Grinstein and Ofek, 2016). So, the customers start
to avoid and refuse to take part in interviews and surveys when questioning about their
perceptions, choices and feedbacks about the service and product.
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Conclusion
From the above study, it has been analyzed that technology of communication in the market
research company like ResMarket Pty helps the business to grow and improve and also forms
quite convenient connection among the customers and corporations. It also has been identified
that with the help of technology, the company can have the potentiality to reach customers in
various locations without time limitation. Many traditional pressures like growing pace of
business and reduction in cost are the new challenges for market research industries. ResMarket
Pty requires introducing surveys within an hour for their clients to target new scopes. And the
analysis has to be available equivalently in a rapid way.
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References
Gifford, C. (2013). Technology. New York: Scholastic.
Green, D. and Basher, S. (2012). Technology. London: Kingfisher.
Khachidze, V. (2012). Contemporary research on E-business technology and strategy. Berlin:
Springer.
Marcovitz, H. (2007). Technology. Broomall, PA: Mason Crest Pub.
Möller, K. and Parvinen, P. (2015). An impact-oriented implementation approach in business
marketing research. Industrial Marketing Management, 45, pp.3-11.
Neylon, C. and Chan, L. (2016). Exploring the opportunities and challenges of implementing
open research strategies within development institutions. Research Ideas and Outcomes, 2,
p.e8880.
Pousttchi, K. and Wiedemann, D. (2010). Handbook of research on mobile marketing
management. Hershey, PA: Business Science Reference.
Rosenzweig, S., Grinstein, A. and Ofek, E. (2016). Social network utilization and the impact of
academic research in marketing. International Journal of Research in Marketing, 33(4), pp.818-
839.
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