A Detailed Report on the Impact of Technology on Marketing Research

This report examines the profound impact of technology on modern marketing research, using ResMarket, a Sydney-based market research company, as a case study. It explores how technological advancements have revolutionized data collection, analysis, and interpretation, making the entire process more efficient and cost-effective. The report highlights the benefits of using technology, such as increased computational speed and the ability to reach wider audiences through social media, while also acknowledging the potential drawbacks, including the trustworthiness of data collected online. Various software and tools used in market research, such as GeneMarker and SPSS, are discussed, emphasizing their role in streamlining the process and providing valuable insights. Ultimately, the report concludes that while technology offers significant advantages, it is crucial for market research companies to use these tools judiciously to ensure the authenticity and value of the data collected, leading to more accurate market evaluations and informed business decisions.

Running head: MARKETING RESEARCH
MARKETING RESEARCH
The impact of technology on marketing research in today’s business environment
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MARKETING RESEARCH 1
Executive summary:
The purpose of this report is to highlight the different ways how technology has helped in
carrying out the market research. ResMarket, a Sydney based market research company has
been undertaken as the case study for this report. The benefits of using technology in market
research and the cost and expenditure that an organisation has to incur in this process shall be
highlighted in this report. The detailed analysis on the importance of technology and its
impact on the market research have proved it that the complete market research process can
be more easier and can be conducted with a small budget as swell. There has been invention
of many software and other tools that has directly created impact on the viability of the
organisation. Getting information and working on the same has become easier than ever.
However, it has also been argued that these data cannot be complete relied up on.

MARKETING RESEARCH 2
Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................3
Conclusion:................................................................................................................................5
References:.................................................................................................................................6

MARKETING RESEARCH 3
Introduction:
Advancement in the technology has helped the business activities to become more
agile and efficient towards any kind of work. Market research is the most vital component of
the business activity that helps an organisation to understand the market situation and identify
the threats and opportunities in the market. In addition to this, it is also a mean of keeping an
eye on the competitors and to understand the recent need of the consumers (Sarstedt and
Mooi 2014). In fulfilling every single aspect of the market, the availability of technology has
improved the chances of carrying out the market research to a great extent. The purpose of
this report is to highlight the different ways how technology has helped in carrying out the
market research. ResMarket, a Sydney based market research company has been undertaken
as the case study for this report. The benefits of using technology in market research and the
cost and expenditure that an organisation has to incur in this process shall be highlighted in
this report.
Discussion:
Information technology has provided a new opportunity in the area of research. The
complete process of business activity has turned digital and people have to depend on the
technology for the better business activities and researches. For a market research company
like ResMarket Pty coming up with better market research approaches is indeed needed. For
this, it is expected that the organisation will adopt certain technological services in order to
carry out the research activities. As commented by Babin and Zikmund (2015), the
computational speed is many times higher of the computers and other technological
equipments as compared to manual speed. There is no doubt that market research involves
the collection and the interpretation of huge data. Collecting the data is not the only point of
consideration but at the same time, it is important to calculate and interpret the same in the

MARKETING RESEARCH 4
fastest possible time. This can only be achieved when better technologies are used (Hair and
Lukas, 2014). If the process of collection of data is taken into consideration, it has to be said
that reaching out people has become easier than ever with the advent of the social networking
sites like Facebook and Twitter.
In the view point of Poynter (2015), social media has changed the business scenario
completely ranging from the market research process to even collection of data or for
carrying out the marketing and promotional activities. These social networking sites have
provided the opportunities of getting things customised and sorted. The idea is to reach out
the right segment of people in order to target the right consumers (Patel and Haon 2014). This
can be done particularly if such pages are designed targeting a particular segment of people.
For example, a Facebook or Twitter page can be made that would target the right group of
people and a detailed research can be conducted among them. In this respect, some software
that are used for the market research can be mentioned here. GeneMarker, Marker View, the
IBM’s SPSS software is some of the software that are used intensively to interpret the data
collected from the market research (Nunan and Di Domenico 2013).
Collecting the data is not the ultimate thing in the process of market research, but
analysing and interpreting the data is equally important. In this respect, McQuarrie (2015) has
pointed out that in the complete process of market research, the budget and the timeframe that
is to be spent for the process holds the deal importance. A company cannot spend huge
amount of money for the sake of research and analysis, but at the same time it collected data
should be enough relevant to draw a particular conclusion from the collected data (Hair and
Lukas, 2014). Thus, with the help of these technologies, a market research company like
ResMarket can easily conduct market survey and come out with results that could save the
time and budget of the organisation (Habtay and Holmén 2014). Technology has not only
played a significant role in the collection of data but it has equally contributed to the data

MARKETING RESEARCH 5
enhancement and data collection process. The analysis and interpretation process has been
easier and more sophisticated. Technology has given the opportunity of multi tasking and
makes it possible for the companies to get engaged in other activities as the same time. The
multi-national organisations are using this technique in order to reach out maximum number
of people and carry out market research activities.
Nunan and Di Domenico (2013) argued that the data collected from the market by
these means could not always be trusted. There might be several such occasions where the
responses from the respondents are not trustworthy. In fact, there are many ways by means of
which vague data can also be manipulated and can be presented. In such cases, the validity
and the reliability of the data does not hold true importance and the main objective of the
market research might not be fulfilled (Hair and Lukas, 2014). On one hand, going global has
become easier and on the other, it questioned the authenticity of the research compared to the
traditional form of research.
Conclusion:
The detailed analysis on the importance of technology and its impact on the market
research have proved it that the complete market research process can be more easier and can
be conducted with a small budget as swell. There has been invention of many software and
other tools that has directly created impact on the viability of the organisation. Getting
information and working on the same has become easier than ever. However, it has also been
argued that these data cannot be complete relied up on. There is also the chance of getting
wrong data that can automatically lead to poor market evaluation. Thus, it can be
recommended that for the market research companies like ResMarket Pty, it is important to
use the software and tool in a way that would fetch authentic and valuable data of the market.

MARKETING RESEARCH 6
References:
Habtay, S.R. and Holmén, M., 2014. Incumbents’ responses to disruptive business model
innovation: The moderating role of technology vs. market-driven innovation. International
Journal of Entrepreneurship and Innovation Management 11, 18(4), pp.289-309.
McQuarrie, E.F., 2015. The market research toolbox: a concise guide for beginners. Sage
Publications.
Nunan, D. and Di Domenico, M., 2013. Market research & the ethics of big
data. International Journal of Market Research, 55(4), pp.505-520.
Patel, C. and Haon, C., 2014. Internally Versus Externally Developed Technology and
Market Acceptance of Innovations: The Complementary Role of Branding. European
Management Review, 11(2), pp.173-186.
Poynter, R., 2015. The utilisation of mobile technology and approaches in commercial market
research. Mobile Research Methods: Opportunities and Challenges of Mobile Research
Methodologies, pp.11-20.
Ross, D.F., 2016. Introduction to e-supply chain management: engaging technology to build
market-winning business partnerships. CRC Press.
Slater, S.F., Mohr, J.J. and Sengupta, S., 2014. Radical product innovation capability:
Literature review, synthesis, and illustrative research propositions. Journal of Product
Innovation Management, 31(3), pp.552-566.
Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology
usage and customer relationship performance: A capabilities-based examination of social
CRM. Journal of Business Research, 67(6), pp.1201-1208.