Marketing Research: Technology's Influence on Business Growth

This report comprehensively analyzes the profound impact of technology on marketing research within today's business environment, focusing on how technology has reshaped data collection, analysis, and customer engagement. It highlights the transformative role of the internet, social media, and big data in providing new avenues for market research and advertising, while also addressing the challenges associated with adopting new technologies, such as initial output reductions and employee resistance. The report emphasizes the benefits of technological integration, including enhanced data analytics, improved customer relationship management, and the ability to target diverse markets cost-effectively. The report also provides a case study of ResMarket Pty, a market research firm, and recommends strategies for adopting new technologies to enhance operations and maintain a competitive edge. It underscores the importance of a clear vision, transparent communication, and regular process monitoring for successful technology implementation, and concludes that embracing modern technology can lead to significant advantages for businesses.

Marketing Research
The impact of technology on marketing research in today’s business environment
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Executive summary
Technology has a great impact on the subject of promoting research along with every other field
in the commerce. In marketing, the influences of technology are very wide spread. In the context
of current business, organisations are tasked with handling more promotion possibilities than
before and customers are having more assimilated marketing statistics that they had in the past.
The report was outlined to show the impact of technology on the marketing research of business.
It also portrayed how a market research firm such as ResMarket Pty could adopt new
technologies in order to enhance their marketing research operations for their customers and to
remain competitive in the market. The report identified that technology has completely altered
the business presentation in the current business context. From examining e-mails to checking a
business demonstration, everything has transformed. Developments are assisting organisations to
become more well-organized and responsive. The internet has changed the products and services
available to the customers in a very big way. Internet is allowing organisations to promote their
products and services to the customers in many ways. It is recommended to ResMarket Pty to be
apparent as possible when it is about investigating new skills as hiding will help to irritate the
employees and consumers further.
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Table of Contents
Executive summary.........................................................................................................................2
Introduction......................................................................................................................................4
Impact of technology on market research........................................................................................5
Challenges in adopting technology..................................................................................................6
Benefit of adopting technology.......................................................................................................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
Technology has a great impact on the subject of marketing research along with every other
speciality in the trade. In marketing, the impressions of technology are very wide spread. In the
context of current business, organisations are tasked with dealing more marketing possibilities
than before and customers are having more combined marketing figures that they had in the past.
From the organisational view, the ability of collecting and organising data has completely
changed. They have now more channels to reach customers and also gained various formats of
advertising assets.
This report will outline the impact of technology on the marketing research of business. It
will portray how a market research firm such as ResMarket Pty could adopt new technologies in
order to enhance their marketing research operations for their customers and to remain
competitive in the market. The study will also identify what benefit the stated company would
get if they adopt modern technologies.
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Impact of technology on market research
Technology has completely altered the business presentation in the current business context.
From the examination of e-mails to proof-reading a business exhibition, everything has changed.
Improvements are helping associations to become more effectual and responsive (Irwin, 2007).
The internet has changed the products and services available to the customers in a very big way.
Internet is allowing organisations to promote their products and services to the customers in
many ways (Gottinger, 2016). With the availability of big data collaborated with variety of
digital media channels, now offers a substantial opportunity to marketing professionals. Here are
the major ways that technology has impacted market research:
1. The intervention of social media: Social media stages such as Facebook, Twitter,
LinkedIn and Google+ have enhanced the stage in which marketing study is
accompanied. It is developing an environment that harvests unfiltered feedback
(Hamersveld and Bont, 2007). Implementing social media advertisement could help
ResMarket Pty market researchers to collect information about various services from
huge audiences. Utilising social media for market investigation will also improve the
information attained from the target marketplace.
2. Improvements in data collection: with the improvement in technology, there is now a
continuous stream of new software to gather statistics. Outside the traditional approaches
of collecting data such as focus sets, discussions, paper surveys, technology allows
market investigators to be much more targeted in what they calculate (Earls, 2012). As
for illustration, a mood-sensing retail method is personalising the shopping practice of the
customers and is a powerful tool for the retail commercial to enhance the market share.
3. Enhanced data analysis and big data research information: With a variety of options
to gather information, the ability to examine that data is also important (Hamersveld and
Bont, 2007). Technology is making the data analytics easier. With better analytics,
ResMarket Pty can solidify the customer relationship management. The gathering of a
large quantity of data from online and offline delivers market investigators with a huge
work to analyse and frame the approaches with accurateness (Macer, 2012). But, the
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researchers of ResMarket Pty can feel more confident in analysing data with the
implementation of big data information approach.
Technology has had a noteworthy influence on how to progress the market research with the
progressive abilities and an advanced method to data. Technology is making the job easier for
the market researchers.
Challenges in adopting technology
It is evident that implementing new technology in business operations also brings some
disadvantages. But the management of business enterprises has to make sure that the benefits
overshadow the drawbacks. Some of the difficulties could comprise the initial reduction in the
output or push back from the workers (Macer, 2012). Introducing technological change into
ResMarket Pty delivers a different set of challenges to its management. However, management
of the stated firm must be equipped with better education and experience in order to guide the
technology development and its implementation. Adoption of any new technology comes out
with a comparison of costs and benefits. The major challenges in adopting technology are lack of
vision, lack of leadership, lack of money and infrastructure.
It is important for ResMarket Pty to develop an appropriate vision for its technology
adoption. Identifying the right areas for development is very crucial. The stated firm must start
with small, focused implementation instead of trying one tool to solve all the issues (Mills,
2014). The firm must be as translucent as possible when it is about investigating new
technologies as hiding will assist to aggravate the employees and users further (Cruz-Cunha,
2009). It is also important to remember the vision the firm has crafted for the technology
implementation. Regular process monitoring is one of the biggest keys for successful meeting
expectations. It will be beneficial for the ResMarket Pty if they communicate success and areas
of improvement with their executives.
Benefit of adopting technology
Implementing modern technology can create high benefits for ResMarket Pty. However, the
strategy requires the enterprise to abandon the technologies that never fully operationalized. The
advantage of modern technology depends on the organisation’s specific mission. Using
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information technology, ResMarket Pty can reach a huge audience with just clicks of a button.
Networked technologies give millions of internet users instance access to each other and this
opportunity could be exploited by ResMarket Pty to get their services in front of the audiences
(Abdullah and Aimin, 2015). Technology will also allow ResMarket Pty to respond quickly to
the changes in the market. Different markets could be targeted with different style of promotions
using digital technology without any prohibited costs linked. Though adopting modern
technologies can be a source of expense to a business, but it a powerful method of eradicating
bigger costs in business operations (Abdullah and Aimin, 2015). Social media platforms deliver
an inexpensive stage that completely replaces the both international calling and video
conferencing. There are many advantages waiting at the door of an enterprise if the
implementation of technologies is done in an effective manner.
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Conclusion
It has been found in the study that implementing modern technology can create high benefits for
ResMarket Pty. However, the strategy requires the enterprise to abandon the technologies that
never fully operationalized. The advantage of modern technology depends on the organisation’s
specific mission. The study identified that modern technology has developed the narrative of
gathering respondents globally. It has enabled the option of looking into real-time events of an
organisation anytime anywhere.
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References
Abdullah, A. and Aimin, W. (2015). Building a framework for market orientation impact on
radical and incremental marketing innovation research. The International Journal of Management
Science and Business Administration, 1(2), pp.71-83.
Cruz-Cunha, M. (2009). Handbook of research on social dimensions of semantic technologies
and web services. Hershey PA: Information Science Reference.
Earls, M. (2012). Social: the new space for market research innovation. International Journal of
Market Research, 54(2), p.285.
Gottinger, H. (2016). Innovation, Dynamics of Competition and Market Dynamics`. Archives of
Business Research, 4(1).
Hamersveld, M. and Bont, C. (2007). Market research handbook. Chichester, West Sussex,
England: John Wiley & Sons.
Irwin, K. (2007). Theatre, Performance and Technology: The Development of Technology in the
Twentieth Century (review). Modern Drama, 50(3), pp.453-455.
Macer, T. (2012). Developments and the impact of smart technology. International Journal of
Market Research, 54(4), p.567.
Mills, R. (2014). The value of networks in bringing materials research and innovation to
market. Translational Materials Research, 1(2), p.020202.
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