Advancement in the technology has helped the business activities to become more agile and efficient towards any kind of work. Market research is the most vital component of the business activity that helps an organisation to understand the market situation and identify the threats and opportunities in the market. In addition to this, it is also a mean of keeping an eye on the competitors and to understand the recent need of the consumers (Sarstedt and Mooi 2014). In fulfilling every single aspect of the market, the availability of technology has improved the chances of carrying out the market research to a great extent. The purpose of this report is to highlight the different ways how technology has helped in carrying out the market research. ResMarket, a Sydney based market research company has been undertaken as the case study for this report. The benefits of using technology in market research and the cost and expenditure that an organisation has to incur in this process shall be highlighted in this report.
Information technology has provided a new opportunity in the area of research. The complete process of business activity has turned digital and people have to depend on the technology for the better business activities and researches. For a market research company like ResMarket Pty coming up with better market research approaches is indeed needed. For this, it is expected that the organisation will adopt certain technological services in order to carry out the research activities. As commented by Babin and Zikmund (2015), the computational speed is many times higher of the computers and other technological equipments as compared to manual speed. There is no doubt that market research involves the collection and the interpretation of huge data. Collecting the data is not the only point of consideration but at the same time, it is important to calculate and interpret the same in the fastest possible time. This can only be achieved when better technologies are used (Hair and Lukas, 2014). If the process of collection of data is taken into consideration, it has to be said that reaching out people has become easier than ever with the advent of the social networking sites like Facebook and Twitter.
In the view point of Poynter (2015), social media has changed the business scenario completely ranging from the market research process to even collection of data or for carrying out the marketing and promotional activities. These social networking sites have provided the opportunities of getting things customised and sorted. The idea is to reach out the right segment of people in order to target the right consumers (Patel and Haon 2014). This can be done particularly if such pages are designed targeting a particular segment of people. For example, a Facebook or Twitter page can be made that would target the right group of people and a detailed research can be conducted among them. In this respect, some software that are used for the market research can be mentioned here. GeneMarker, Marker View, the IBM’s SPSS software is some of the software that are used intensively to interpret the data collected from the market research (Nunan and Di Domenico 2013).
Collecting the data is not the ultimate thing in the process of market research, but analysing and interpreting the data is equally important. In this respect, McQuarrie (2015) has pointed out that in the complete process of market research, the budget and the timeframe that is to be spent for the process holds the deal importance. A company cannot spend huge amount of money for the sake of research and analysis, but at the same time it collected data should be enough relevant to draw a particular conclusion from the collected data (Hair and Lukas, 2014). Thus, with the help of these technologies, a market research company like ResMarket can easily conduct market survey and come out with results that could save the time and budget of the organisation (Habtay and Holm?n 2014). Technology has not only played a significant role in the collection of data but it has equally contributed to the data enhancement and data collection process. The analysis and interpretation process has been easier and more sophisticated. Technology has given the opportunity of multi tasking and makes it possible for the companies to get engaged in other activities as the same time. The multi-national organisations are using this technique in order to reach out maximum number of people and carry out market research activities.
Nunan and Di Domenico (2013) argued that the data collected from the market by these means could not always be trusted. There might be several such occasions where the responses from the respondents are not trustworthy. In fact, there are many ways by means of which vague data can also be manipulated and can be presented. In such cases, the validity and the reliability of the data does not hold true importance and the main objective of the market research might not be fulfilled (Hair and Lukas, 2014). On one hand, going global has become easier and on the other, it questioned the authenticity of the research compared to the traditional form of research.
The detailed analysis on the importance of technology and its impact on the market research have proved it that the complete market research process can be more easier and can be conducted with a small budget as swell. There has been invention of many software and other tools that has directly created impact on the viability of the organisation. Getting information and working on the same has become easier than ever. However, it has also been argued that these data cannot be complete relied up on. There is also the chance of getting wrong data that can automatically lead to poor market evaluation. Thus, it can be recommended that for the market research companies like ResMarket Pty, it is important to use the software and tool in a way that would fetch authentic and valuable data of the market.
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