Impact of Technology on Marketing Research in Business

This report examines the significant impact of advanced technologies on business marketing, focusing on a Sydney-based marketing research firm, ResMarket Pty. It explores how technological advancements influence market data collection, advertising, customer reach, and online communication. The report highlights both the positive impacts, such as the use of social media and the internet for cost-effective market research and customer engagement, and the negative impacts, including high implementation costs and potential employee challenges. The report recommends that ResMarket Pty leverage the internet for extensive market research and develop employee training programs to enhance efficiency and reduce costs. The study concludes by emphasizing the importance of adapting to technological advancements to remain competitive in the current business environment. The report provides valuable insights into the strategic use of technology in marketing research.

Running head: MARKETING RESEARCH
Impact of Technology on Marketing Research on Today’s Business
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Executive Summary
The study focuses on the impact of the advanced forms of technologies in today’s business. With
the special reference to ResMarket Pty, the Sydney based marketing research firm, the study
would specify the issues with the high cost implementation of the technologies. The report
further describes both the positive and negative impact of the technological advancements in this
era of business. Obtaining knowledge from this discussion, the company is recommended to
develop the internet sources for increasing the extensive market research. Moreover, the
employee efficiency can also reduce the cost of the developed technologies used in the company.

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Table of Contents
Introduction......................................................................................................................................2
Background......................................................................................................................................2
Positive Impact of Technologies on Business Market Research.....................................................3
Negative Impact of the Technologies..............................................................................................4
Recommendation.............................................................................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

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Introduction
The advancement of technologies has created the significant impact on the field of the
business marketing. The technological advancements has created impact upon the ability to
organize and collect market data, develop different advertising assets, channelize the network to
reach the target customers, and establishing the online sites to communicate (Kane et al. 2015).
With the special reference to ResMarket Pty, the study would provide the adequate knowledge
regarding the impact of technologies on business market.
Background
ResMarket Pty is the market research firm located in Sydney. The company is looking
forward to strengthen the competitive position by developing the strategic functionalities. It is
notable that adopting the advanced technologies would be effective enough in participating in
this competitive scenario. Therefore, the company implemented the technological tools to
perform the organisational functionalities. The management believes that this approach will be
helpful in enhancing the marketing research activities. Moreover, it will keep the company
competitive in current business scenario. However, it is noticed that the cost of implementing
these technologies is quite higher in this competitive scenario (Trainor et al. 2014). Hence, the
management is little skeptical about this process of using advanced technologies. The report thus
will focus on describing the positive and negative consequences that the company may face
during the implementation of the advanced technologies. Accordingly, the preferable
recommendations would be provided.

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Positive Impact of Technologies on Business Market Research
The current business market is much influenced by the technological advancements. The
business organisations adopt the innovative tactics to enhance their capabilities of market
research. Currently, one of the most fruitful and effective market research tools is social media.
The social media connects people worldwide and it helps the business to gather the attention of a
number of people (Hajli 2014). Internet is another most useful technology for the current
business market. The use of the internet has the significant influence on changing the services
and products by comparing the demands of the customers. Moreover, the companies need to
invest lesser amount of money in undertaking the marketing research through internet sources.
The companies can easily obtain data of target customer by accessing through online sites. One
of the most positive aspects of using internet is to get the access to the geographical location of
the customers (Norman and Verganti 2014). Apart from the use of internet, it has also been
observed that the use of the advanced digital technologies has transformed the advertising
process of promoting any good or services. The database technology today has aligned with the
digital printing process, which is much helpful in promoting business extensively. The
emergence of the advanced technologies has created the significant impact on the following
aspects:
 Integration management
 Individualization through tailoring information
 Development of the business intelligence
 Restructure of the industry by redrawing the marketing map (Balassa 2014).
 The transformation and improvements in the communication process

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Negative Impact of the Technologies
It is widely accepted that the technological advancements has transformed the business
research process. Especially, the evaluation of the improved technologies has transformed the
business communication process (Wu, Inderbitzin and Bening 2015). In spite of such positive
consequences, the technologies have the considerable negative impacts on the business as well. It
has been observed that the technological development has changed the employee morale. Many
of the employees are unable to utilize the advanced form of technologies that have been newly
installed (Kotabe, Jiang and Murray 2017). Therefore, they become less confident about their
efficiencies. They might become more skeptical about their job security if they do not receive the
proper training. On the other hand, the high cost of the technological tools is sometimes
troublesome for the business. Especially, for the startup business, it becomes quite difficult to
afford the cost of new software technologies (Orel and Kara 2014). These companies lack that
capital amount that is affecting their position in the competitive market.
Recommendation
The above discussion presents the awareness about the positive and negative
consequences faced by the companies in adopting the advanced technologies. It has been
observed that ResMarket Pty is concerned about the cost effectiveness in adopting the advanced
form of technologies. Observing the positive impacts of the technologies in today’s world, the
following recommendations can be provided to the company.
 ResMarket Pty mainly deals with the marketing research aspects. The company requires
the bigger amount of data by developing the technologies. It is already discussed that the
internet is the most helpful source of gathering the extensive market data about the target

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customers. Moreover, the internet is quite cost saving source for the business. Hence,
ResMarket Pty can open a business page or official websites on the social media sites to
gather the response of the customers. It is even fruitful in reaching to the target customers
by communicating in an effective way. The feedback shared by the customers is quite
beneficial in understanding the customer demands. The internet use would ensure lesser
amount of capital.
 The company needs to develop the training process for making the existing employees
more efficient in using the technologies. The efficient employees would be able to gather
the adequate knowledge in dealing with these technologies that would help in reducing
the cost of the other resources. The organisational functionalities would take lesser time
to complete for which the company can focus on developing these technologies. Hence, it
would be easier to the company to improve the organisational functionalities to remain
competitive.
Conclusion
The study develops the ideas about the impact of the advanced technologies on today’s
businesses with special reference to the ResMarket Pty; the Sydney based marketing research
company. It is notable that the company has been skeptical about the adoption of these
technologies since the implementation costs would be much higher. The obtained idea from the
study is recommending the company to use the internet sources to develop the market research.
The company can reach out to the maximum number of customers by investing much lesser
amount of capital. Moreover, the technological knowledge provided to the associated employees
would also be beneficial in reducing the charges from the other resources and investing on the
technological development.

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References
Balassa, B., 2014. Development Strategies'. International Economics and Development: Essays
in Honor of Raúl Prebisch, p.159.
Hajli, M.N., 2014. A study of the impact of social media on consumers. International Journal of
Market Research, 56(3), pp.387-404.
Kane, G.C., Palmer, D., Phillips, A.N. and Kiron, D., 2015. Is your business ready for a digital
future?. MIT Sloan Management Review, 56(4), p.37.
Kotabe, M., Jiang, C.X. and Murray, J.Y., 2017. Examining the complementary effect of
political networking capability with absorptive capacity on the innovative performance of
emerging-market firms. Journal of Management, 43(4), pp.1131-1156.
Norman, D.A. and Verganti, R., 2014. Incremental and radical innovation: Design research vs.
technology and meaning change. Design issues, 30(1), pp.78-96.
Orel, F.D. and Kara, A., 2014. Supermarket self-checkout service quality, customer satisfaction,
and loyalty: Empirical evidence from an emerging market. Journal of Retailing and Consumer
Services, 21(2), pp.118-129.
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.
Wu, G., Inderbitzin, A. and Bening, C., 2015. Total cost of ownership of electric vehicles
compared to conventional vehicles: A probabilistic analysis and projection across market
segments. Energy Policy, 80, pp.196-214.