MRC Limited: Adopting Data Analytics Technologies in Market Research

This report delves into the significance of data analytics technologies in contemporary market research, particularly for companies like MRC (Pty) Limited. It highlights the importance of adopting these technologies to enhance efficiency, accuracy, and the ability to leverage data from diverse sources, including social media platforms. The report outlines various data analytics techniques such as exploratory data analysis, confirmatory data analysis, data mining, predictive analytics, and machine learning, emphasizing their applicability in market research. It also discusses the benefits of integrating these technologies, including improved data analysis, more precise results, forecasting capabilities, enhanced data collection methods, and reduced survey costs. Ultimately, the report advocates for the incorporation of data analytics technologies to predict future trends, patterns, and to maintain a competitive edge in the business environment. Desklib provides a platform for students to access similar solved assignments and past papers.

Marketing Research 1
Marketing Research
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Marketing Research 2
Executive Summary
Marketing research is important in the current business world. Different companies have taken
the role of offering marketing research consultancy to other companies so as to better inform
their decisions. The MRC (Pty) limited is one of the market research consultancy companies
offering these services. The importance of technology in carrying out market research cannot be
gain said. For a long period, MRC has not incorporated current data analytical technologies in
their marketing research portfolio but they are prepared to undertake this investment. The current
report provides an explanation to different types of data analytics technologies available and the
impacts of technology to marketing research. Accuracy in conclusions, increased computation
speed, access to large chunk of data through social media are some of the benefits that MRC
corporation will achieve once it incorporates technology in their operations.

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Introduction
Marketing research is the process of systematically and objectively collecting information
that is relevant to identifying and solving any market problems (McDaniel & Gates 2013). With
reference to a company or organization, market research is defined as the process of collecting,
analyzing and interpreting data of a market, service or good sold in that market, and previous,
existing and potential customers of that company so as to gain meaningful insights on the
challenges facing the marketing segment of an organization’s operations and propose strategies
that can be used to address those challenges (Babin & Zikmundm2015). The MRC (Pty) Limited,
is a marketing research organization based in Brisbane that offers marketing research services to
its clients who are majorly the Fast-Moving Consumer Goods companies such as; 7eleven
franchisor. As a core part of its operations MRC prides in having best analysis techniques
regarding marketing issues. However, with the ever-changing scenario in the technological
world, there has been an introduction of data analytics technologies that makes it efficient for
research firms to analyze huge chunks of data especially from online platforms. The MRC
company has discovered a new market niche of being able to carry out market research for
companies using data from social media platforms. However, MRC needs to adopt data analytics
technologies for it to be able to tap into this new market niche. The purpose of this report is to
clearly highlight the meaning of data analytics technologies, the contribution of technologies to
market research in current business environment and the potential benefits that MRC stands to
gain if they adopt data analytics technologies in their operations.
Data Analytics Technologies in Market Research
Data analytics is the process of analyzing data so as to get conclusions from the
information contained in the data with the help of softwares and/or specialized systems (Ott &
Longnecker 2015). Data analytics technologies on the other hand, are the softwares and
specialized systems that make it possible for research organizations to draw conclusions from
data. In the case of MRC, these technologies will be important since it will give them the ability
to analyze and generate information from data offered by their clients especially through social

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media platforms. Through these technologies, MRC will be able to carry out conclusive market
research that will help its clients to base their decisions on empirical evidence.
Exploratory data analysis, confirmatory data analysis, data mining, predictive analytics,
and machine learning are the main types of data analytic applications used in market research
(Waller & Fawcett 2013). Exploratory data analysis – is used to find relationships, links and
patterns in data being analyzed. Confirmatory data analysis – is used to confirm hypothetical
tests in data sets using statistical techniques. Data mining – is used in browsing and sorting
through huge chunks of data so as to identify patterns, trends, and relationships (McDaniel &
Gates 2013). Predictive analysis – is important when an organization seeks to predict the
customers’ behavior based on introduction of a new product and future events. Lastly, machine
analysis – is the process whereby artificial intelligence systems are used to check through large
data sets and generate a particular set of information. All these techniques can be applicable for
MRC limited, but it is important to select an analytic technology that is holistic in that it will
enable them to carry market research for different customers.
Contribution of Technologies to Market Research
Technological advancements are greatly increasing agility and efficiency in market
research (Shugan 2004). Through technology, firms have been able to set up a business
intelligence system that has proven successful in identifying opportunities and challenges facing
the business. Further, organizations have been able to achieve a higher computation speed in
terms of their market research activities. New technological advancements that support research
have the ability of browsing through huge data sets within the shortest time possible, this has
enabled marketing research to take shorter durations as than before (Wu, Yeniyurt, Kim, &
Cavusgil 2006). Furthermore, incorporation of technologies in marketing research has made it
possible to utilize the new digital data sources that are available for corporations to use. Data
sources such as social media platforms usually have large data sets that can help inform market
research. However, limitations due to weak technologies had made it impossible for market
research firms to utilize this data set. The recent advancement in technologies have enabled
market research organizations to be able to draw conclusions form data in social media
platforms.

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Benefits of Data Analytic Technologies to MRC (PTY) Limited
Some of the benefits that MRC (Pty) limited stands to gain by incorporating data analytic
technologies in their market research portfolio include;
 Enhanced efficiency in analysis of data (Chaudhuri, Dayal & Narasayya 2011).
 More precise results on different research issues.
 Ability to forecast and simulate results obtained from data analysis.
 Improved method of data collection and ability to used data from social media platforms.
 Reduced costs in terms of surveys, due to the capability of carrying out online surveys.
Conclusion
Generally, marketing research is an important component in any business environment. It
is, however, important to embrace technology so as to be able to predict future trends and
patterns in the business environment. It is quite important for market research companies such as
MRC to incorporate data analytic technologies in the operation model so as to increase efficiency
in their operations.

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References
Babin, B.J. & Zikmund, W.G., (2015). Exploring marketing research. Cengage Learning.
Chaudhuri, S., Dayal, U. & Narasayya, V., (2011). An overview of business intelligence
technology. Communications of the ACM, 54(8), pp.88-98.
McDaniel, C. & Gates, R., (2013). Marketing research. Singapore.
McDaniel, C. & Gates, R., (2013). Marketing research. Singapore.
Ott, R.L. & Longnecker, M.T., (2015). An introduction to statistical methods and data analysis.
Nelson Education.
Shugan, S.M., (2004). The impact of advancing technology on marketing and academic research.
Waller, M.A. & Fawcett, S.E., (2013). Data science, predictive analytics, and big data: a
revolution that will transform supply chain design and management. Journal of Business
Logistics, 34(2), pp.77-84.
Wu, F., Yeniyurt, S., Kim, D. & Cavusgil, S.T., (2006). The impact of information technology
on supply chain capabilities and firm performance: A resource-based view. Industrial
Marketing Management, 35(4), pp.493-504.