The Impact of Technology on Marketing Research: A Business Analysis

This report investigates the profound impact of technology on marketing research within today's business environment, using ResMarket Pty as a case study. It examines how advancements in technology, including the internet, social media, and sophisticated data analysis tools, have revolutionized data collection and analysis processes. The report highlights the benefits of improved data collection, faster analysis, and the emergence of new research roles. It also explores the utilization of big data and its cost implications, concluding that despite initial costs, the long-term benefits of technology adoption, such as increased efficiency and accuracy, outweigh the expenses. The report emphasizes the importance of adapting to new technologies for effective and efficient marketing research outcomes.

The Impact of Technology on Marketing
Research in Today’s Business
Environment
[Name of the Student]
[Student ID]

Table of Contents
Executive Summary...................................................................................................................2
Introduction................................................................................................................................3
Market Research.........................................................................................................................4
Impact of Technology................................................................................................................4
Effective Utilization of Internet.............................................................................................4
Improved Data Collection and Faster Data Analysis.............................................................4
New Research Roles Can be Created.....................................................................................4
Utilization of Big Data in Research.......................................................................................5
Cost Impact of Implementing Technologies..............................................................................5
Conclusion..................................................................................................................................5
References..................................................................................................................................6
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Executive Summary
There have been a lot of discussions about how new databases impact the research but there
is very less information available about the technologies to be used for market research or
how these technologies will have an impact on marketing research and decision-making
processes. In this report, an approach is made to bring out the impact of technology on
marketing research according to today’s business environment. This impact is explained with
the help of a Sydney based market research firm, ResMarket Pty. The entry of social media,
improvements in data collection, enhanced data analysis and their impact along with other
such factors are described in this report.
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Introduction
The impact of technology on marketing research is an important topic to study and research
but it is seen that this topic is not researched much. Technology has brought a positive change
the way businesses operate. Technology has helped the businesses all over the world to be
more efficient and lively (Washington, 2013). In case of marketing research, technology if
used properly can help in eroding the inherent gaps in statistical studies (Moller and
Parvinen, 2015). This makes the whole process of marketing research more effective and
improved. One of the key point by which the marketing research can become more effective
is to understand the critical gaps that are established during statistical studies and the
assumptions that are used to bridge those gaps (Boyd, Krehbiel and Stearns, 1998).
In this report, the situation of a Sydney based market research company ResMarket Pty is
considered. The company is trying to implement new technologies which will enhance their
market research activities and further benefit their clients. This way ResMarket Pty will also
get a competitive edge in the market. The various factors including role of internet, improved
data analysis methods, role of big data technologies along with the cost impact of these
technologies is described.
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Market Research
Market research is defined as the process to collect, analyse and interpret the information
about a product or service that is being offered for sale in the market. It also constitutes the
information about past performance of product or service by analysing the experience of
present and past customers (Entrepreneur, 2017). This helps the companies to plan future
strategies or develop new target customers. The research is conducted on the basis of
geographical location, characteristics, spending habits, needs and preferences of existing, past
and potential customers. The whole market including competitors are considered while
analysing.
Impact of Technology
Technology has made a great impact on market research. It is quite evident also as various
online surveys, social media, various analytical software and improved data mining
techniques have come into existence. Here, some of the benefits that technology provides in
doing marketing research according to current business environment are discussed.
Effective Utilization of Internet
The market research company will get new skill sets that weren’t available before. It would
be made possible by different social media sites or survey sites. Internet helps in proper
segmentation and improved brand awareness of a product or service. This further is beneficial
for market research companies to do the analysis (Latta, 2011).
Improved Data Collection and Faster Data Analysis
The new and regularly updated data collecting software provide numerous benefits over
traditional methods such as door-to-door or paper surveys. With improved technology, the
marketing research can be much more targeted oriented. The analysis of a product or service
can be done in very less time and new measures to receive quick feedback can be
implemented. The advanced analytical tools clearly define KPIs which after analysis
determine the next strategies an organization should imply (Washington, 2013).
New Research Roles Can be Created
With the advancement in technologies, customers have moved to a new world of
multitasking. At a time, they do work, online shopping and update their status on social
media. This has made room to develop new research roles that ensures the data collected
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from mobile devices and social media is translated effectively and analysed efficiently
(Jones, 2013).
Utilization of Big Data in Research
The amount of data coming from online and offline sources is continuously increasing day by
day. Companies are finding it difficult to analyse the collected data and get a precise result.
Here, big data strategy has emerged as a big help. The research companies can be confident
about analysing large pool of data and formulating strategies with accuracy.
Cost Impact of Implementing Technologies
One of the main reason why market research companies are not adopting new technologies is
the cost factor. It might seem costly to adopt new technologies in the beginning but the
benefits the research companies get helps in lowering and overcoming the impact of
technologies. In comparison to traditional methods, the results can be obtained much faster.
Surveys, data collection and analysis used to take a lot of time in traditional research
methods. When a company adopts new technologies, this time significantly decreases. Much
more work can be done with new technologies. If the amount of work is compared with
technology and without technology, a significant difference can be observed. This proves that
adapting new technologies will benefit the research companies financially also. Moreover,
less employees will be required to complete the research and the employees will not suffer
from any work-load pressure (Leonard-Barton and Kraus, n.d.).
Conclusion
The report is made to see the impacts ResMarket Pty, a Sydney based market research
company will face after implementing new technologies. According to the current business
conditions, the company will get many benefits, such as internet and social media will help it
to collect data at a much faster pace. The company will get access to new tools that will
effectively collect data and accurately analyse it. Moreover, the company will develop new
roles according to the changing behaviour of people and technologies such as Big Data will
help the company to bring more efficient results from large amount of data in very less time.
There are some concerns regarding the price of implementing new technologies. They may
seem costly during adaption but the benefits they provide are much more than compared to
traditional research methods. This diminishes the cost factor. From the study, it can be
inferenced that market research companies should adapt new technologies to get effective and
efficient results in very less time.
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References
Boyd, T., Krehbiel, T. and Stearns, J. (1998). The Impact of Technology on Marketing
Research. Journal of Marketing Management, 8(1), pp.24-33.
Entrepreneur. (2017). Market Research. [online] Available at:
https://www.entrepreneur.com/encyclopedia/market-research [Accessed 21 Aug. 2017].
Jones, C. (2013). Impact of Technology on Marketing Research. [online] Zenportfolios.ca.
Available at: https://zenportfolios.ca/capu-bmkt-360-01-summer-2013/2013/06/01/chapter-3-
impact-of-technology-on-marketing-research/ [Accessed 21 Aug. 2017].
Latta, M. (2011). Emerging Technology: Impacts on Marketing Research | Insights
Association. [online] Insightsassociation.org. Available at:
http://www.insightsassociation.org/article/emerging-technology-impacts-marketing-research
[Accessed 21 Aug. 2017].
Leonard-Barton, D. and Kraus, W. (n.d.). Implementing New Technology. [online] Harvard
Business Review. Available at: https://hbr.org/1985/11/implementing-new-technology
[Accessed 21 Aug. 2017].
Moller, K. and Parvinen, P. (2015). An impact-oriented implementation approach in business
marketing research. Industrial Marketing Management, 45, pp.3-11.
Washington, R. (2013). 5 Ways Technology Has Changed Market Research. [online]
Marketresearch.com. Available at:
http://blog.marketresearch.com/blog-home-page/bid/339928/5-ways-technology-has-
changed-market-research [Accessed 20 Aug. 2017].
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