Technology's Role in Marketing Research within the Business Sector

This report analyzes the significant impact of modern technology on marketing research within the contemporary business environment. It emphasizes the critical need for businesses, such as ResMarket Pty, to adopt technological advancements to remain competitive. The report details the benefits of technology, including improved communication, easy access to information, the rise of social networking for marketing, increased efficiency and productivity, and the potential for cost reduction. It also acknowledges the drawbacks, such as the need for continuous upgrades and initial investment costs. The report concludes that while there are challenges, embracing technology is essential for business success and avoiding falling behind competitors. The bibliography includes relevant sources that support the claims made throughout the report.

8/24/2017
Student Name
The Impact of Technology on Marketing Research in Today’s Business Environment

Executive Summary
Modern Technology has had major impacts on business development and growth making it
important for businesses to adopt modern technology. It is important for ResMarket Pty to invest
in technology but the benefits of technology must remain in focus to avoid terming the
technologies as liabilities. Technologies have become a basic requirement which every business
must adopt thus it's critical for ResMarket Pty to focus on the technologies benefits and
investing on new technologies that help the business develop and grow.

Contents
Introduction......................................................................................................................................1
Technology for Business - Friend of Foe........................................................................................1
Improved Communication...........................................................................................................1
Easy Access to Information.........................................................................................................2
Social Networking........................................................................................................................2
Efficiency and Productivity.........................................................................................................2
Technology Cuts on Labour Costs...............................................................................................2
Encourages Innovation and Creativity.........................................................................................2
Drawbacks Linked To Adopting Modern Technologies.................................................................3
Conclusions......................................................................................................................................3

Introduction
The number of businesses being established has increased considerably during the past 3 decades
and this has resulted in intense competition among the businesses and brands. Today businesses
need to adopt modern technologies to ensure they remain competitive on the domestic and
international markets (Matejun & Walecka, 2013). Despite being costly, ResMarket Pty must
adopt technologies making it important to understand ways in which the business can benefit
from adopting modern technologies to their operations.
Technology for Business - Friend of Foe
Technology has advanced rapidly in the 21st century and businesses have had to invest in modern
technologies and machinery to cut production and marketing costs incurred ResMarket Pty.
(Passerini, Tarabishy, & Patten, 2012). With no alternative for ResMarket Pty but to adopt
modern technologies, it’s important to understand how modern technologies benefit business
operations, growth, and development.
Improved Communication
The well-attributed contribution of technology to every individual, business and industry has
been technology’s which enhance communication. Communication within ResMarket Pty is a
critical requirement that promotes growth and development making it a very important
ResMarket Pty adopt the latest modes of communication (Jonge, Scherer, & Rodger, 2007). The
internet has brought along multiple communications medium which is being used by the global
population today. This has made it important for a business to also adopt those communication
platforms to bridge the communication gap between client and the business.
Easy Access to Information
The internet and Digital communication technologies have also made it easy for people to gain
easy access to information. This is very important as the business can constantly monitor
customer preferences and trends so as to maintain their design and innovation at the market
place. Easy access to information also allows ResMarket Pty to gain important insight on
previous research and findings which can be used to resolve problems and improve the
businesses operations and performance (Ram, 2010). With access to vast information from
across the globe, businesses are able to identify solutions to a problem they may be facing which

can help the business resolve an underlying problem which may have been experienced by
another company without needing to undertake the entire research process.
Social Networking
The past decade has seen the establishment of several major Social media websites which are
used by the public and businesses to build important networks. Social networks have today
grown to become among the most accessed and preferred modes of communication and
marketing among businesses. This is due to most like Facebook delivering important statistics
and information related to the user’s profile which can be used by the businesses to narrow w
down their search (Shah, 2010). By categorizing the social network users based on their gender,
age, interest. Religion and location, ResMarket Pty can easily improve the results they secure for
the social networking marketing campaigns.
Efficiency and Productivity
Technology is also being incorporated in the modern machinery which is helping improve
efficiency and productivity. The inclusion and use of computers, sensors and other modern
technologies on machinery help speed up processing and minimize wastage which continues
towards cutting costs. Technology has also been linked to improving labour efficiency (Coelli,
Rao, O'Donnell, & Battese, 2005). This is especially important within government departments
and large corporate organizations where automated digital communication systems register
communication and report on delays being experienced. The information is also better organized
which allows for the information to be easily accessed and reviewed and the responsible
individual help responsible for the delay.
Technology Cuts on Labour Costs
Labour contributes to being the highest expense a business has and technology has helped
eliminate the requirement for labour for all operations thus helping cut costs. Today most
manufacturing processes have been automated using advanced technologies on machines. This
has helped improve efficiency, productivity which has, in turn, helps cut production costs
making brands more competitive on the global market (Madar, 2010). This is very important for
business globally due to mass production manufacturing countries like China and India
manufacturing and shipping product across the globe in the very competitive process. This has

been as a result of low-cost labour but technology can help businesses in other developing and
under developed nations also develops competitive production systems
Encourages Innovation and Creativity
Technology is also an important contributor towards innovations and creativity among
businesses and skilled professionals. Digital Technologies are specially accredited for this
innovations and creativity due to the advanced technologies allowing skilled professionals to use
specially developed tools and software to develop modern and new designs (Anabela, 2011).
These tools and software are directly accredited to innovations and creativity making it an
important aspect which must be included in business plans so as to ensure growth.
Drawbacks Linked To Adopting Modern Technologies
Technologies are evolving at a very high pace making it necessary for ResMarket Pty to invest in
upgradable technologies to ensure continued usage. Initial investment towards the technologies
can cost ResMarket Pty a substantial among of capital making it important the technology also
be upgradable (Drucker & Bruckenstein, 2012). With more machinery utilizing digital
technology for their operations, the software and digital technologies should also be upgradable
to ensure future upgrading without needing to reinvest in new equipment.
Conclusions
For ResMarket Pty to register success adopting modern technologies has become mediators.
While there are high costs accurate to investing on new equipment and training, it is vital for the
business to make this initial investment so as to remain competitive in the market. Failure to
adopt modern technology will only result in the business registering intense pressure from
competitors which would ultimately affect the brand's reputation and result in business failure.

Bibliography
Anabela, M. (2011). Technology for Creativity and Innovation: Tools, Techniques and Applications: Tools,
Techniques and Applications. Hershey: IGI Global.
Coelli, T., Rao, D., O'Donnell, C., & Battese, G. (2005). An Introduction to Efficiency and Productivity
Analysis. Springer Science & Business Media.
Drucker, D., & Bruckenstein, J. (2012). Technology Tools for Today's High-Margin Practice: How Client-
Centered Financial Advisors Can Cut Paperwork, Overhead, and Wasted Hours. John Wiley &
Sons.
Jonge, D., Scherer, M., & Rodger, S. (2007). Assistive Technology in the Workplace. Missouri: Elsevier
Health Sciences.
Madar, D. (2010). Big Steel: Technology, Trade, and Survival in a Global Market. UBC Press.
Matejun, M., & Walecka, A. (2013). Modern Entrepreneurship in Business Practice: Selected Issues. Lodz
University of Technology Press.
Passerini, K., Tarabishy, A., & Patten, K. (2012). Information Technology for Small Business: Managing
the Digital Enterprise. New York: Springer Science & Business Media.
Ram, S. (2010). Information Technology in Developing Human Resources. New Delhi: Deep and Deep
Publications.
Shah, R. (2010). Social Networking for Business (Bonus Content Edition): Choosing the Right Tools and
Resources to Fit Your Needs. Pearson Prentice Hall.