Impact of Modern Technology On Marketing-Free-Samples for Students

Question: Prepare a report to submit to the Management focusing on The impact of technology on Marketing Research in todays Business Environment. Answer: Introduction Marketing research defines as a procedure of gathering data from customers and organisations. This data allows companies to establish future strategies and determine new business opportunities. With the modernisation of technology, the method of marketing research has changed significantly. There are new sources and devices that a company can use to enhance the quality of their marketing research. This report will analyse the impact of modern technology on the procedure of marketing research. Further, this report will discuss the benefits and drawbacks of implementing modern technology for marketing research, through the perspective of ResMarket Pty. Impact on Procedure of Marketing Research Marketing research is conducted by organisations to analyse the requirements, risks, demand, cost, opportunities, and competition, in the market. The effectiveness and quality of marketing research are based on different aspects such as sources of data collection, the reliability of data, quality of evaluation and product development. According to the research of Hair and Lukas (2014), the latest technological advancements have changed different factors of market research. ResMarket can benefit by implementing modern technology in their operations. Social Networks Marilia (2012) provides that the social networks have impacted the marketing research process tremendously. The users of social media share a large amount of data which enhance the quality of research procedure. New websites like Facebook, Instagram, YouTube, and Twitter contribute huge volume of customers data which aid companies in marketing research. Organisation analyse the demand of their customers before launching new products, directly from social sites. ResMarket Pty can collect consumer data through social media sites, which is a quicker, inexpensive and easier method. It provides company access to a large data base of clients information; the organisation can conduct surveys or get feedback of customers directly through social media. The disadvantages of using data from social media for marketing research include reliability, quality and negativity problems. Information Gathering The traditional method for information gathering includes personal interviews, questionaries and focus groups, which are expensive and slow procedures. The organisation can use the internet to collect data from millions of customers and focus their research on a particular category of customers. ResMarket can use internet services such as online reviews, posts and mobile programs, to get instant feedback from customers and collect their data (Jansen 2013). Evaluation Process Technology has increased the speed and reliability of data evaluation procedure used by organisations. With the introduction of new softwares, such as SAS, RapidMiner, and ROOT, the procedure of data analyse has become sophisticated and simpler. ResMarket can benefit from using these soft wares since they increase the efficiency and speed of data analysis process (Fridman 2016). Different Positions The improvement of in technology required new positions to manage the process. Organisations are required to hire new peoples with certain skills to manage the procedure of research. New employees, such analytical CPO, are required to adopt the technical policies in the research process. ResMarket will be required to hire new employees to adopt the technical approach, since teaching older employees regarding newer technology is frustrating and expensive task. The company will be requiring dismissing some of their old employees which will not be essential to the operations of the company (Schmidt 2016). Sources In modern times, technology has allowed companies to collect data from the different source. This creates a problem for the company since the reliability of such data is not confirmed. The company is required to prepare new strategies to ascertain the reliability and quality of data collected from different sources (Hendrickson 2016). ResMarket should use a different mechanism to evaluate the most reliable source for their data collection process. Modern technologies can assists firms in evaluating the best possible source for data collection by evaluating different aspects, such as quality, quantity, and speed of data collection. Product Improvement Babin (2015) provided that modern technologies assists corporations are collecting instant feedback from their customers. This allows companies to evaluate the demand and requirement of their audience. This information is useful in product development procedure. Technology helps companies in developing their products according to market requirements. People provide their opinion and quarries on the website of companies, which assist in the process of product development. ResMarket can use modern technology to collect such data and provide them to their clients. Benefits of Modern Technology in Research The impact of technology is huge over the marketing research process and companies can benefit from this advancement. Modern technologies allow organisations to gain a competitive advantage over their competitors and improve the procedure of marketing research. ResMarket Pty will get following benefits by using modern technology (Mcmurray 2016): The cost of updating to modern technology is high but in long-term companies can reduce their operating costs using modern technologies. Modern technologies allow companies to collect a large amount of data at a significantly lower price. The use of social media sites is free for everyone and many other online services are free as well. The reach of marking research widen considerably by the use of technology. ResMarket can collect data from numerous customers globally, and target their research on a specific category of customers based on age, race or gender. ResMarket can enhance the speed of data collection and data analysis by adopting modern technology. New software applications are easy and reliable to use. Technology enhances the quality of engagement with an audience for the research. People can directly post their opinions and problem on companys website, which allow them to evaluate their requirements Conclusion From the above report, it is concluded that ResMarket should adopt the latest marketing research technologies in their operations. The benefits of modern technology will enhance the quality of their work and gained them a competitive advantage over other organisations. There are certain drawbacks of modern technology, such as reliability and quality of data, therefore, ResMarket required to formulate a proper strategy for technological implementations. The cost of modern technology is worth it since it will benefit ResMarket in long run. References Babin, B.J. and Zikmund, W.G., 2015.Essentials of marketing research. Nelson Education. Fridman, A., 2016. How Market Research Is Changing (for the Better) in 2016. Inc. Retrieved from https://www.inc.com/adam-fridman/how-market-research-is-changing-in-2016.html Hair Jr, J.F. and Lukas, B., 2014.Marketing research(Vol. 2). McGraw-Hill Education Australia. Hendrickson, K., 2016. Six Market Research Trends For 2016. Green Book Blog. Retrieved from https://www.greenbookblog.org/2015/12/17/six-market-research-trends-for-2016/ Jansen, M., 2013. Five Ways Marketing Research Benefits Small Businesses. Groupon. Retrieved from https://www.groupon.com/merchant/blog/five-ways-marketing-research-benefits-small-businesses Marilia, H., 2012. 10 benefits of market research. Happy Creative. Retrieved from https://happy-creative.co.uk/10-benefits-of-market-research/ Mcmurray, B., 2016. How New Technology Is Changing Market Research. Bandt. Retrieved from https://www.bandt.com.au/marketing/new-technology-changing-market-research Schmidt, S., 2016. How Technology Is Changing Market Research. Market Research. Retrieved from https://blog.marketresearch.com/how-technology-is-changing-market-research