Marketing Research Report: Technology's Impact on ResMarket Pty

This report delves into the significance of marketing research for business planning and efficiency, emphasizing the role of technology in enhancing the research process. It supports ResMarket Pty's decision to integrate technology, highlighting its benefits in obtaining real-time consumer insights, identifying market trends, and pinpointing business loopholes. The report discusses how social media, mobile devices, applications, and advanced software automate the research process, enabling analysts to tailor business strategies based on current market dynamics. It explores how technology provides cost-effective data collection, faster analysis, and personalized research methods. The analysis supports ResMarket Pty's strategic move to leverage technology for numerous advantages in their research activities and to process information at an accelerated pace, ultimately improving their competitive edge.

Running head: MARKETING RESEARCH
Marketing research
Name of the student:
Name of the University:
Author’s note

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Introduction:
Marketing research is the process of collecting data to determine the feasibility of a
service or product in generating profits and attracting customers. Advanced marketing research
methods provide invaluable information to managers and business organization about the current
trends in markets, key competitors and other vital parameters. With the advent of advanced
technology, the process sod acquiring data about customers and market has become more
sophisticated. Large pool of information is a now available by marketing analyst and they can
put it to good use for their own business purpose (Babin & Zikmund, 2015). This report analyzes
the decisions of ResMarket Pty, a Sydney based market research to adapt new technology in their
marketing research activities and determine how the company stands to benefit from advanced
technology despite the cost associated with such technologies.
Discussion on benefit of technology for marketing research:
Technology has invaded every aspects of people’s life today and it has acted as a boon
for marketing research activities too. With the presence of different digital technology and tools
like internet, smart phones, mobile applications and social media sites, getting up to date
information about consumers, products rating and other marketing trends has become easier
(Polat & Akgün, 2017). Such technology also lead to rise in new challenges in business because
now consumer’s purchasing process is dependent on information available in website and mobile
applications. In this situation, it has become paramount that marketing researchers engage in
wider search to understand the demands of prospective customers (Sekaran & Bougie, 2016).
Hence, with support with technology, marketing researchers get wide pool of information in

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much lesser time. Effective analysis of the data determines their strategic goals and factors
needed to get success in business and enhance productivity.
The business environment is becoming very competitive today and the uncertainties in
business have increased due to the changing demand of consumers. Hence, to survive amidst
competition, having apt knowledge about consumer’s interest is crucial for business. Marketing
research provides the best opportunity to identify the factors needed to satisfy customers and
modify the company’s business process or performance on that basis. Other diverse role of
marketing research today includes the following:
 Understand the interest of target consumers
 Identifying new business opportunities by researching on particular marketing segment
 Engage in competitor analysis to track own progress and evaluate competitor’s move
 Helps to minimize losses and failure in business by identify loopholes in business process
 Take well-informed decisions to achieve sales and business growth targets (Hair &
Lukas, 2014).
All the above mentioned marketing research activities is now triggered by technology and
technology automates strategic marketing research process. With the use of specific digital tools,
companies can now gather data all the time. Based on the information, customer insights cane be
evaluated very quickly (Rodriguez, Peterson, & Ajjan, 2015). Another important technology that
has found great attention by marketing analyst includes the social media sites. Facebook, Twitter,
Google+ and Linkedin enable promoting the brand and provide attractive content that attract
consumer’s attention. Social media has significantly improved marketing research methods by
giving real time insights about current trends, identifying the appeal factor in business,

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generating data on consumer centric values (Aral, Dellarocas, & Godes, 2013). In contrast with
the traditional marketing research methods like surveys or study groups, which took months to
collect data, social media provides organization the opportunity to get data in few hours. This has
helped to improved marketing plans (Ngai, Tao, & Moon, 2015).. Hence, the adoption of new
technology will surely gives a boost to the marketing research activities of ResMarket Pty too.
The only consideration for them before implementing the technology would be to identify type
of tools that would benefits their business operations. Once this is identified, their research
activity will improve greatly.
The scope of marketing research has widened with the advent of new technology. Apart from
the opportunity to discover new trends in a much shorter time, technology has also supported
researchers to use appropriate data for cost efficiency too. For example, if business organization
utilize the social media tools effectively for research, they get the advantage of no extra cost
(Vermesan & Friess, 2014). Therefore, cost efficiency is huge if business organization conduct
marketing research by means of social media. The cost related concern for ResMarket Pty can
also be addressed of they use social media tools. However, even if they plan to use specific
software, then also many cost-effective technology or software is also easily available.
Smart phones and touch screen technology has revolutionized the marketing research process
today. Marketing researchers have used the mobile devices now to easily reach to consumers and
evaluate their experience about service or products. With the advantage of faster response time,
market data is analyzed at a faster rate and data related to point of decision is also generated.
With such data, business organizations can tailor their product and boost productivity too. There
are many takers for mobile research due to the speed at which research can be conducted by it.
Secondly, it also provides personalized means of collecting data and much flexibility to

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marketing researchers (Attahiru Gana, Thomas, & Hussain, 2016). Hence, it cannot be denied
that benefit implications of technology on marketing research is huge and based on the range of
benefits, it can be said that ResMarket Pty decision to include the technology in the business
research activities is the right move for them. New technology will strengthen their research
method and data processing will take place at fast pace.
Conclusion:
The report gave an insight into the importance of marketing research for business
planning and efficiency and supported the use of technology to strengthen the marketing research
process. The report supports the ResMarket Pty’s decisions to integrate and adopt technology in
their business operation as it will help them to get real time data about consumer’s interest, key
market trends and loopholes in business. Social media sites, mobile devices and applications and
advanced software automates the research process and enables research analysts to tailor their
business strategies based on current market trends. Hence, ResMarket Pty can also exploit to the
technology to gain numerous advantage in their research process and process information at a
face pace.

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Reference
Aral, S., Dellarocas, C., & Godes, D. (2013). Introduction to the special issue—social media and
business transformation: a framework for research. Information Systems Research, 24(1),
3-13.
Attahiru Gana, M., Thomas, T. K., & Hussain, K. (2016). Consumers’ Value Assessment on
Location-Based Service Application as a Mobile Marketing Tool.
Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.
Hair Jr, J. F., & Lukas, B. (2014). Marketing research (Vol. 2). McGraw-Hill Education
Australia.
Ngai, E. W., Tao, S. S., & Moon, K. K. (2015). Social media research: Theories, constructs, and
conceptual frameworks. International Journal of Information Management, 35(1), 33-44.
Polat, V., & Akgün, A. E. (2017). Revisiting the Marketing Capabilities from an Adaptive
Perspective: An Abstract. In Creating Marketing Magic and Innovative Future Marketing
Trends (pp. 1139-1140). Springer, Cham.
Rodriguez, M., Peterson, R. M., & Ajjan, H. (2015). CRM/social media technology: impact on
customer orientation process and organizational sales performance. In Ideas in
Marketing: Finding the New and Polishing the Old(pp. 636-638). Springer, Cham.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach.
John Wiley & Sons.

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Vermesan, O., & Friess, P. (Eds.). (2014). Internet of things-from research and innovation to
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