Assessing Technology's Impact on Marketing Research Practices

This report examines the profound impact of technology on modern marketing research practices. It explores the benefits of adopting new technologies, such as virtual reality and social media, to gather and analyze data more effectively. The report highlights how technology enhances market research by providing competitive advantages, reducing manual efforts, and improving communication. It also addresses potential drawbacks, such as the initial investment costs, but emphasizes the long-term returns and the necessity for companies like ResMarket pty to adapt to the evolving business environment. The report concludes that integrating new technologies is crucial for improving performance and delivering better results in marketing research.

The impact of technology on
marketing research in today’s business
environment

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4
.........................................................................................................................................................4

EXECUTIVE SUMMARY
In this report, benefits of adopting new technology for marketing research in a business is
discussed. Some disadvantages were also became part of this file but their proper justification is
also mentioned at the end. New ways of organisation market research are also include which are
necessary for getting competitive advantage.
INTRODUCTION
In present business environment, technology is considered as one of the most important
factor that make a significant impact on the way of doing business. Before formation of a plan,
companies like to do market research so they can collect all the vital data that is important for
implementation of various strategies. ResMarket pty is a company who conduct market research,
they are a Sydney based enterprise. This assignment will discuss about effect of technology on
the process of marketing research in current business environment (Trainor and et.al., 2011).
TASK
In old days, most of the organisation did not care much about technology because they
were not aware of its power. But with time, thinking of business persons has changed and now
this factor is considered as the key ingredient for achieving success. For a market research
company like ResMarket, use of latest technology and innovation is compulsory. If they do not
change their research methods according to time than their competitors may get capture their
market in long run. Nowadays, researchers do not have to conduct a survey by ringing bell of
every person who is living in a particular area, they choose social media as an option for
collection different type of data so they can provide necessary information to their clients.
Some experts of this field argue that technology is expensive, Their is a big question
mark on its profitability. They believe that if they use this money in some other areas than they
can get better return. This thinking is not appropriate according to present business environment.
It is a one time investment and cited company can easily cover its cost in couple of years. After
this, new technology will give them high return for at least next 5-6 years (Pookulangara &
Koesler, 2011). This will also give competitive advantage to ResMarket pty as they can
impressive their potential clients by giving them information about the new technology which
they will be using while working on their product.
1

Virtual reality is considered as the most effective futuristic tool, it allows a user to feel a
subject in reality (Naranjo-Valencia, Jiménez-Jiménez & Sanz-Valle, 2011). If cited organisation
try to use this technology in their market research than they can impress their clients buy provide
them better explanation of the analysed data. This will also assist researchers is gather more
information because when someone feel something in reality than they get a better idea about
they experience and thinking of a person or group on whom they are conducting research They
will get much refined data.
Internet has reduced the manual efforts, most on the market research in today's business
environment is done by using social media. If cited company will make an ios and android
application than they can increase their reach to more than billions people. Every individual use
mobile phone, they will not hesitate in giving two minutes to answer questions asked in an online
survey. ResMarket pty can adopt a new strategy where they give money to the people who take
part in their interview session or in filling their questionnaire (Boons & Lüdeke-Freund, 2013).
This research must be done on either website or application. Cited company can advertise
different brand on their social media platform and earn money for it. By this way they can get
some money and transfer fixed part to the particular who were involved in their research. By
using technology they can earn extra money which will help them in cover the expenditure
which they have done of technology in short period of time.
Market research basically focus on collection and analysation of information. This help in
determining the need of customers which can also done by analysing the consumption pattern.
Communication is a significant part of market research. It has various barriers which can be
removed by adopting latest technology. Social media websites and various chatting application
has decreased the communication gap which was considered as the main reason for generation of
different types of confusions (Babin & Zikmund, 2015). If cited organisation will introduce new
technology in their company than their decision making process will also get speed up and their
will get strong internally.
Traditional methods consume lot of time and they are also getting expensive in this era.
Every organisation has to change according to the business environment so ResMarket also have
to change their perception and think about adopting new technology so they can conduct better
market research.
2

CONCLUSION
From the above, assignment it can be concluded than if an organisation use new
technology in their business activity like market research than they can improve their current
performance and deliver better results to their clients. Some people may think a particular
technology do not last for long time so investment in this areas is a big risk but there is a big list
of technological advantages which play significant role in conducting a market research.
3

REFERENCES
Books and Journals
Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.
Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production, 45, 9-19.
Naranjo-Valencia, J. C., Jiménez-Jiménez, D., & Sanz-Valle, R. (2011). Innovation or imitation?
The role of organizational culture. Management Decision, 49(1), 55-72.
Pookulangara, S., & Koesler, K. (2011). Cultural influence on consumers' usage of social
networks and its' impact on online purchase intentions. Journal of Retailing and
Consumer Services, 18(4), 348-354.
Tayur, S., Ganeshan, R., & Magazine, M. (Eds.). (2012). Quantitative models for supply chain
management (Vol. 17). Springer Science & Business Media.
Trainor, K. J. and et.al. (2011). Integrating information technology and marketing: An
examination of the drivers and outcomes of e-Marketing capability. Industrial marketing
management, 40(1), 162-174.
4