Improving Market Research: Technologies for ResMarket's Success

This report examines the integration of technology within the market research field, focusing on how companies, specifically ResMarket, can leverage new tools to enhance their processes. It explores various technologies such as social media, online surveys, web-focused CRM, and biometrics, detailing their applications and benefits. The report highlights the advantages of these technologies, including efficient data collection, improved data analytics, and increased work speed. It concludes that technology is essential for modern marketing research, enabling companies to gain valuable insights and make data-driven decisions. The references include various academic sources that support the findings and provide a comprehensive overview of the topic. This report is a valuable resource for students studying marketing and related fields, providing a comprehensive overview of the digital transformation in market research and how companies can adapt to the changes.

Running head: RESEARCH
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MARKET RESEARCH
RESEARCH
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Executive summary:
Technological advancement is the basis of most of the processes these days. The aim of this
report is to identify various technologies that can be used by ResMarket to improve their
marketing research process. It is the Sydney based company that operates under the industry of
market research. It is required by the company to take several initiates in implementing new
technologies in their system so as to get the benefits of latest technology that are also cost
effective for them.

Table of Contents
Introduction:...............................................................................................................................................1
Market research..........................................................................................................................................1
Technologies in market research:................................................................................................................1
Benefits of new technologies:.....................................................................................................................2
Conclusion:..................................................................................................................................................3
References:..................................................................................................................................................3

Introduction:
Technology has become the very integral part of life and businesses these days. It has become
very important for the people to be updated with the latest technology in order to conduct their
daily activities (Orlikowski, 2008). When any of the new technology comes into this world, the
people try to access the same because it is evident that the new technology is invented to make
the life of the people easier. Technology has impacted almost all the of the fields these days such
as education, food industry, electronics, mechanical etc. it has its impact on different
departments of the companies as well such HRM, accounting, and Marketing research.
Marketing research is the department of the company that allow the firm to research about the
market situation so that strategies and the products can be made according to that.
Market research
In the field of market research, the transformational shift has been observed these days and the
major cause of that shift is identified to be technological advancement. From the last few years,
the immense growth has been observed in the field of technology and its impact on the different
business processes (Choi, Lee and Yoo, 2010). Several technologies have been introduced in
order to make changes in the market research process by the organizations.
Technologies in market research:
Social media:
Social media is the tool that helps the organizations or the marketing department of the company
to gain knowledge about the website traffic. It is the tool that allows the organizations to
generate a forum on any of the social media channel and ask the people to provide their reviews
so that those reviews can be assessed in order to make the improvements in the products and
services of the company (Daft, 2007). It creates buzz around the products or the services. The
customers can generate their own content and easily recommend the companies about the
products and the services according to their experiences.
Online survey:

With the advancement in the technology, it has been analysed that the surveys that were
conducted offline on the papers can now be conducted online with the use of several applications
or software such as Qualtrick’s mobile survey technology. It is the technology that helps in
conducting the surveys online by the market researches. This tool can help the company to have
more respondents as compared to offline survey (Barge-Gil and Modrego, 2011). This is because
it is very easy for the customers to fill the survey online.
Web focussed CRM: Customer relationship management is the system that is very important
for conducting the research of the market. This is because it is the system that provides the
details of the customer preferences. Web focussed CRM tools helps the market researcher to
track the web activities of the customers (Petruzzellis, 2010). These activities helps the
companies to develop the relationship with the client as the researcher can track the webpages
the customers are surfing and according to that the researcher can judge the preferences of the
customers. After analysing the preferences, it becomes easy to conduct customised marketing.
Biometrics: it is the tool that automatically identifies the physical, behavioural and emotional
traits of the person. This helps the researcher to observe and understand the response of the
customers (Stone, Good and Baker-Eveleth, 2007).
Benefits of new technologies:
There are many benefits that can be achieved by the companies by implementing new
technologies:
Efficient data collection: It was very difficult to collect the data of the customer’s offline but now
the data can be collected from the online portal. This also helps in assessing the reviews and the
recommendations of the customers through social media tools and forums.
Better data analytics: With the improvement in the technological tools, the new data analytical
tools can also be used to analyse the data collected. It helps in making the customization easier
for the marketing people (Krasnikov and Jayachandran, 2008). This is because all the data can be
sorted and customers can be categorized according to their preferences which was very hectic
process to do manually.

Increase the work speed: The pace of work can also be increased with the help of these tools.
This is because it makes the work quicker (Tuten and Solomon, 2014). The processes that earlier
needs to be done manually on the field, now can be done on computers using some of the
software and applications online. Even the customers do not find it difficult to respond to the
questionnaires of marketing researcher.
Conclusion:
It has been concluded from the report that technology is the very essential part of different
processes of the business. The advancement in technology is affecting almost all the industries
and field. Marketing is the field that is greatly affected by the technological advancement and
most of the changes that came in the field are positive. Different tools can be used by the
company in order to make their marketing research process efficient such as social media tools,
online surveys technology, web focussed CRM, biometrics etc. These told helps the company to
attain many benefits such as efficiency in the data collection and data analysis, the speed of
working by the researcher can also increase by conversion of offline process to online processes.

References:
Barge-Gil, A. and Modrego, A., 2011. The impact of research and technology organizations on
firm competitiveness. Measurement and determinants. The Journal of Technology
Transfer, 36(1), pp.61-83.
Choi, S.Y., Lee, H. and Yoo, Y., 2010. The impact of information technology and transactive
memory systems on knowledge sharing, application, and team performance: a field study. MIS
quarterly, pp.855-870.
Daft, R.L., 2007. Understanding the theory and design of organizations. Mason: Thomson
South-Western.
Krasnikov, A. and Jayachandran, S., 2008. The relative impact of marketing, research-and-
development, and operations capabilities on firm performance. Journal of marketing, 72(4),
pp.1-11.
Orlikowski, W.J., 2008. Using technology and constituting structures: A practice lens for
studying technology in organizations. In Resources, co-evolution and artifacts (pp. 255-305).
Springer London.
Petruzzellis, L., 2010. Mobile phone choice: technology versus marketing. The brand effect in
the Italian market. European Journal of marketing, 44(5), pp.610-634.
Stone, R.W., Good, D.J. and Baker-Eveleth, L., 2007. The impact of information technology on
individual and firm marketing performance. Behaviour & Information Technology, 26(6),
pp.465-482.
Tuten, T.L. and Solomon, M.R., 2014. Social media marketing. Sage.