Marketing Research Report: Technology's Impact on Business Performance

This report analyzes the significant impact of technology on marketing research within contemporary business environments, focusing on ResMarket Pty, a marketing research firm. It explores how various technologies, including data analytics, marketing automation, social media, virtual reality research tools, customer relationship management (CRM), and search engine marketing, are reshaping marketing research activities. The report details the benefits of adopting these technologies, such as reduced costs, time savings, and enhanced efficiency in data collection and analysis. Furthermore, it highlights how these technologies enable businesses to better understand market trends, customer behavior, and competitive landscapes, ultimately aiding in strategic decision-making and improving client satisfaction. The report concludes by emphasizing the importance of technological adaptation for business growth and sustainability in a dynamic market.

RUNNING HEAD: Marketing Research
Marketing Research
The Impact of technology on marketing research in today’s business

The Impact of technology on marketing research in today’s business 1
Executive summary
This report has discussed the role of technology on the performance of the business.
Technology is an important aspect which is creating an impact of the marketing research
activities of the business. Marketing research activities are carried out by organisations with a
motive to gain understanding and analysing the chances of success of the products in the
business environment. Different technologies are being used by the companies for conducting
marketing research activities on the behalf of their clients and coping with the increasing
competition in the business environment. This report has discussed different technologies
which ResMarket Pty is planning to use for carrying out the marketing research activities.

The Impact of technology on marketing research in today’s business 2
Table of Contents
Introduction................................................................................................................................3
Impact of technology on marketing research in the present business environment...................4
Benefits of adopting new technologies to ResMarket Pty.........................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................8

The Impact of technology on marketing research in today’s business 3
Introduction
Technology is being used by every company with a motive to enhance its performance and
deal with the increasing competition in the business environment. ResMarket Pty is a
marketing research firm based in Sydney and is focusing on providing quality marketing
research services to its customers. It has adopted various technologies for executing the
marketing research activities. For enhancing its performance and gaining a competitive
advantage over the competitors, it is planning to adopt new technologies. Adopting new
technologies will increase the cost of the company as well as may not result in the desired
outcomes. These technologies need to be analysed in an effective manner for drawing a
decision regarding the technologies ResMarket Pty should use.

The Impact of technology on marketing research in today’s business 4
Impact of technology on marketing research in the present business
environment
Marketing research activities are being used by the researchers for the analysis of the
opportunities available in the business environment for the company. There has been a
continuous development of the technology used by the companies for enhancing their
performance. Different technologies are used by different companies for conducting their
marketing research activities (Alghamdi & Bach, 2014). ResMarket Pty is planning to adopt
new technologies which will it in providing better quality services to its clients and
contributing towards its performance. These technologies include data analytics, marketing
automation, social media, virtual reality research tool, customer relationship management and
search engine marketing (Bulut, 2013).
Data analytics is used for the purpose of analysing the set of data for evaluating the results
which are stored in those set of data. Marketing automation is an innovative technology
which is used for the extraction of the values of customer engagement. This helps in the
analysis of the traffic towards the business. Social media platforms are widely used as a
marketing research technology which is cost effective and helps in covering a large market
(Shaqiri, 2015). Social media platforms have provided better insights of the market.
ResMarket Pty can use this technology for interacting with the targeted market of the clients
for gaining a better understanding of the opportunities and threats available in the market
(Bulut, 2013). Virtual reality research tool is a cost effective technology which has resulted in
conducting the marketing research activities in a better manner by developing deeper
knowledge regarding the targeted market of the company. It is a simulation which has been
generated with the help of computers. This technology can help ResMarket Pty interacting
with the real world with the help of three-dimensional environments (Hollebeek & Skard,

The Impact of technology on marketing research in today’s business 5
2017). Customer relationship management is an effective technology which is being used by
companies for managing and analysing the interactions of the company with its customers
and potential customers. This technology will help ResMarket Pty in providing better results
to the clients regarding their interactions with the customers (Masocha1, et. al., 2011). Search
engine marketing is a form of internet marketing which is used for the promotion of the
websites of the organisations for attracting the visitors towards the website and increasing the
traffic. All these technologies are widely used by the firms providing marketing research
services. ResMarket Pty can use these technologies for ensuring higher satisfaction level
among the clients (Krasnikov & Jayachandran, 2008).

The Impact of technology on marketing research in today’s business 6
Benefits of adopting new technologies to ResMarket Pty
Technology is creating a huge impact on the manner in which companies are carrying out
their marketing research activities. These technologies help in analysing the opportunities and
problems present in the business environment. Technology has acted as driving force which
is creating an impact on the manner in which organisations are conducting their operations.
The focus of ResMarket Pty is on using innovative and effective technologies for meeting the
expectations of the customers. Different innovative technologies have been analysed by
ResMarket Pty for deciding which technologies it can apply for conducting marketing
research activities for the clients in a better way. Adopting innovative technology will
enhance the reputation of the company in the market. These technologies can be used for
executing marketing research activities in an effective and efficient manner (Salai &
Žnideršić, 2011). There are various benefits of using these technologies. These technologies
will help in reducing the cost, time and efforts involved in the marketing research activities.
ResMarket Pty will be able to focus on the issues faced by the client in a better manner and
providing better solutions to them. The motive behind executing market research activities is
to collect data related to the trends of the market, opportunities available and threats present
in the business environment for clients. These technologies will help in meeting the needs
and expectations of the client in a better manner and will provide growth opportunities. It is
vital to establish a healthy relationship with clients and this can be done with the help of
innovative technologies (Attih & Adams, 2014).

The Impact of technology on marketing research in today’s business 7
Conclusion
Thus, from the above discussion, it is vital for every company to analyse the trend of the
market for analysing the chances of survival and growth in the dynamic business
environment. ResMarket Pty is in dilemma regarding the technologies it should use for
conducting marketing research activities for the clients and providing effective results to the
clients. This report has discussed different technologies which are being used for conducting
marketing research activities. These technologies include virtual Reality research tool,
marketing automation, social media, data analytics, search engine marketing and customer
relationship management. All these technologies reduce the cost and efforts of the company
as well as provide a competitive advantage to the company.

The Impact of technology on marketing research in today’s business 8
References
Alghamdi, S. & Bach, C., 2014, “Technological Factors to Improve Performance of
Marketing Strategy”, University of Bridgeport, Bridgpeort, CT, USA.
Attih, O. B. & Adams, D. A., 2014, “The Role Of Information Technology In Marketing
Research In Nigeria”, Scientific Research Journal (SCIRJ), Volume 2, Issue 7.
Bulut, Z. A., 2013, “The Impact Of Marketing Research Activities On Marketing
Performance In Textile Companies: A Study In Denizli”, Int. Journal of Management
Economics and Business, Vol. 9, No. 19.
Hollebeek, L. D. & Skard, S., 2017, “Virtual Reality Marketing: Conceptualization,
Theoretical Framework & Research Propositions”, NHH.
Krasnikov, A. & Jayachandran, S., 2008, “The Relative Impact of Marketing, Research-and-
Development, and Operations Capabilities on Firm Performance”, Journal of Marketing, Vol.
72, No. 4, pp. 1-11.
Masocha1, R., Chiliya, N. & Zindiye, S., 2011, “The impact of technology on competitive
marketing by banks: A case study approach”, African Journal of Marketing Management,
Vol. 3(3), pp. 68-77.
Salai, S. & Žnideršić, R. K., 2011, “Marketing Research in the Contemporary Consumer
Environment”, Management Information Systems, Vol. 6.
Shaqiri, A. B., 2015, “Impact of Information Technology and Internet in Businesses”,
Academic Journal of Business, Administration, Law and Social Sciences, Vol. 1, No 1.