Technology's Role in Modern Market Research: Analysis & Insights

This report examines the transformative impact of technology on market research, particularly in the context of digital business. It highlights the necessity for companies like JWS to leverage technologies such as artificial intelligence, data mining, and predictive analytics to enhance the quality and efficiency of their market research processes. The report emphasizes how these technologies enable direct communication with clients, facilitate the prediction of future market demands, and aid in filtering relevant data from large datasets. It also addresses the importance of utilizing social media platforms and cloud services for data collection and management, while considering ethical implications. The report concludes that embracing digital mediums and data analytics tools is crucial for companies to gain a competitive edge in the modern, fast-paced business environment, ensuring better understanding of market dynamics and customer needs.

Market Research

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EXECUTIVE SUMMARY
Technology has transformed the ways of doing business in many parts of the world. In the era
of digital business, it has become crucial that company uses technologies for doing operations
like market research. This is because technology not only improves the quality of research
but also reduces the efforts of the company. This report provides with the information about
the ways in which technology impacts on the market research. It is essential that companies
like JWS which is big market research company has large numbers of clients. This report
suggests about the new technologies that is required by their clients according to their need in
the process of doing market research. The way in which these technologies can help the firms
in easing the process of market research has been elaborated.

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Contents
INTRODUCTION.................................................................................................................................2
Impact of technology on market research..............................................................................................2
New Technologies in market research...................................................................................................3
JWS’s client’s requirements..................................................................................................................4
Conclusion.............................................................................................................................................4
REFERENCES......................................................................................................................................5

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INTRODUCTION
In the era of business where competition has gone to another level, market research has
become a very essential part of their activity. With the advancements in digital technologies it
has become easier for companies to do market research. In the fast changing global business
environment, doing thorough research has become highly essential. There are several
platforms through which data can be collected (Trainor, Andzulis, Rapp & Agnihotri, 2014).
With the use of artificial intelligence and data mining software doing market research has
become easier. JWS is a market research firm in Australia that helps other firms in their
market research. This report highlights the use of technology in market research in the
present business environment.
Impact of technology on market research
Technology has empowered organisations to communicate directly with the clients. This has
helped them in understanding the actual demands of the market. With the development of
platforms such as social media sites, it has become convenient for the organisations to know
about their clients especially in terms of their choices (Norman & Verganti, 2014). In today’s
business predicting demands of future have become very important which can be easily done
with the tools like data mining and data analytics. Since data related to market is generated in
bulk hence doing marketing research manually is a very difficult task. Understanding the
market dynamics is important as the marketing environment is changing at much faster rate.
It is essential that companies understand the factors that are changing in it. For understanding
each and every factor there are different types of technologies available. Today the
companies that are using best of technologies are capable enough to gather sufficient data
which would give them competitive advantage over their rivals. Better the market research
better is the chance that they could present their products and services in front of clients
understanding each and every factor that could influence them. In the future most of the
population in the world is going to get connected through digital mediums (Latta, 2011).
Along with this companies are also going to transform itself into online firms for example
Retail, IT, Communication has already started the process. This will increase the necessity of
marketing research with the help of technologies.

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New Technologies in market research
There are large numbers of technologies getting developed in the world. Every organisational
unit takes use of technologies as per their requirements and resources they have. This can also
be understood by the fact that there are emerging new technologies which can be adopted by
companies so as to do market research in a better manner (Hair Jr, Wolfinbarger, Money,
Samouel & Page, 2015). The first and the basic technology on which companies need to
focus on is Artificial Intelligence. This is capable enough to take decisions on their own
based on the data that is gathered through previous activities in business. When artificial
intelligence is used in the organisation, it enables machines to think without human
interventions. Artificial intelligence is capable enough to fasten and improve the decision
making process. Along with this the tools of data management or data mining acts an
excellent source that enables companies not only to accumulate data but to synchronise them
in a manner that effective decisions can be made out of it. There are many thrash data also
generated while doing a market research, adoption of new technologies helps the organisation
to filter the most appropriate data and find out the desired outcome for them.
Predictive analytics takes use of tracking data in the real time to forecast customer’s choice.
Online tracking of customers also help in gaining information about the marketing and other
social and business activities of the individual (Zikmund, Babin, Carr & Griffin, 2013).
Company can take use of this data for the purpose of gaining knowledge about the interest of
the people and hence they can market their products accordingly. But this must be limited
only to the buying behaviour as exceeding the reach over private could create ethical issues
for the company. It is crucial that in such situations JWS can apply certain kind of
guidelines.
Data analytics that is applied on the data that is generated at the social media sites can be
extremely helpful for gaining the knowledge about success and failure of any product and
services. The feedbacks that customers shares at these platforms can be helpful for making
changes in their organisations and their business process (Tamim, Bernard, Borokhovski,
Abrami & Schmid, 2011). This is crucial for customer satisfaction which ultimately helps in
retention of their clients.

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JWS’s client’s requirements
Government will need data regarding the demographics and the requirements of the people.
Government can also gather data regarding demand of the people which they need to fulfil or
otherwise they may face agitation of the people. They can gather such data with the help of
platforms like social media and others. Their other clients like the hospitals can gather data
regarding the need of the society in terms of health and wellbeing. Applications of
technology those are associated with telepresence, implicit association analysis, neuroscience
and eye tracking also helps in making a better market research related to health. If they
themselves and their clients adopt these technologies they will be able to understand the
market and will be able to provides services accordingly (Rinaldo, Tapp & Laverie, 2011).
Along with this it is also crucial that their clients start taking use of cloud services so as to
store all the data and with the help of data analytics software like Hadoop they can easily gain
knowledge about the market as per their requirement.
Conclusion
In the concluding remark it can be said that modern day business are taking digital mediums
to do business. In such an environment most of the data gets generated through IT
technologies hence it is essential that company does its market research through these
technologies (Klaus, 2013). Platforms such as social media which is expanding at much faster
rate needs to be used by the companies for gathering data. This can be done with the help of
data analytics tools. In the modern day competitive environment it is crucial that company
use predictive analytics for gaining estimating their demands in the future. JWS needs to
ensure that their clients take use of cloud services for managing of data.

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REFERENCES
Hair Jr, J. F., Wolfinbarger, M., Money, A. H., Samouel, P., & Page, M. J. (2015) Essentials
of business research methods. Routledge.
Klaus, P. P. (2013) New insights from practice: Exploring online channel management
strategies and the use of social media as a market research tool. International Journal
of Market Research, 55(6), 829-850.
Latta, M. (2011) Emerging Technology: Impacts on Marketing Research. Retrieved from:
https://www.insightsassociation.org/article/emerging-technology-impacts-marketing-
research
Norman, D. A., & Verganti, R. (2014) Incremental and radical innovation: Design research
vs. technology and meaning change. Design issues, 30(1), 78-96.
Rinaldo, S. B., Tapp, S., & Laverie, D. A. (2011) Learning by tweeting: Using Twitter as a
pedagogical tool. Journal of Marketing Education, 33(2), 193-203.
Tamim, R. M., Bernard, R. M., Borokhovski, E., Abrami, P. C., & Schmid, R. F. (2011)
What forty years of research says about the impact of technology on learning: A
second-order meta-analysis and validation study. Review of Educational
research, 81(1), 4-28.
Trainor, K. J., Andzulis, J. M., Rapp, A., & Agnihotri, R. (2014) Social media technology
usage and customer relationship performance: A capabilities-based examination of
social CRM. Journal of Business Research, 67(6), 1201-1208.
Zikmund, W. G., Babin, B. J., Carr, J. C., & Griffin, M. (2013) Business research methods.
Cengage Learning.