Research Traditions In Marketing Essay

Question:

Discuss about the impact of Technology on Marketing research in today’s Business Environment.

Answer:

Introduction

The searching style in marketing has seen a drastic shift of it from traditional ways of researching such as calling the customer and moving to the nearby retail shops to more advanced and established way of searching such as using different social media platforms and technologies like CRM & ERP. Social media platforms have redefined the way of research, which has also broadened the scope for market consultants. They can easily go to any social media platform such as Twitter, Facebook & YouTube and find the existing trend. Apart from researching capability, the control on the marketing terms has also broadened with the implementation of ERP and CRM (Babin and Zikmund 2015). Customer Relationship Management (CRM) software has made things easier for companies in relation to tracking the sales orders or more specifically coordinating with the sales agents. Enterprise Resource Planning (ERP) is one of the most advanced levels of software technology, which different use today. However, it is expensive, which makes this unbearable to smaller organisations (De Vries, Gensler and Leeflang 2012). The main purpose of this assignment is to prove the importance of different technologies for enhancing the marketing research capabilities of the ResMarket Pty Company.

Market research in past

The traditional market research was challenging because it did not have ample of resources where companies could explore various new dimensions to their purpose. They rather had to restrict their capability in the few available resources such as searching contents on company on daily newspapers, finding information in yellow pages and finding some information on the internet. Additionally, companies have also struggled in managing the data and coordinating to the sales agents. They need to rely more on various manual information, which was time consuming as well (Laurent, Lilien and Pras 2012).

Technology & market research

Technology has redefined the ways in which the marketing researcher uses to conduct research. The growing use of various new technologies such as YouTube, Twitter, Facebook and LinkedIn have made things handful in relation to searching the market trend and posting marketing related activities (Khang, Ki and Ye 2012). These social media platforms have not just enabled the searching capability but it has also widened the area for marketing with different strategies and tools. Different social media platforms have brought marketing firms close to the needs of customers as these social media platforms offer an indirect interaction with customers. The likes and views for a post on Facebook and YouTube let marketing firms know the actual take of customers on the offered services (Sigala, Christou and Gretzel 2012). Apart from social media platforms, different technologies such as ERP and CRM have enhanced the controlling power of companies by making their coordination smoother with the sales agents and enabling the tracking of sales. Such technologies can automate various things, which was never possible before. However, ERP is very expensive, which is not feasible to small size companies. CRM such as Salesforce can prove to be productive, which is also affordable to smaller companies, as it is available in cheaper version suitable only for smaller organisations (Liu, Liu and Xu 2013).

Technologies used in present day market research

Some technologies are both in huge demand and productive as well. Different companies use such technologies for maintaining the database. Database management has often remained a challenging task for significant number of organisations. However, things have become simpler with the advent of CRM and ERP technologies. CRM is highly effective in maintaining a high standard relationship with customers. CRM software helps to track the sales records and makes the coordination with the sales agents smoother. It is very handful for making sales forecast, which was never possible without CRM. This is also very handful in establishing a healthy relationship with the customers as they would get more accurate products. ERP is one of the most advanced technologies, which is expensive as well. Many big organisations use this technology. The technology has solutions for many requirements such as customer relationship management, sales, accounting, human resource etc. Various other technologies offer customer relationship management such as Insightly, Zoho CRM and HubSpot (Bloom et al. 2014).

Recommended technology for the selected company

The recommended technology for the ResMarket Pty Company would be to implement the Salesforce in their researching practices. This is recommended not because it is the best in market but rather it was recommended for its feasibility with the smaller organisations as well. This is also available in cheaper version appropriate only for the smaller organisations. Salesforce offers robust services, which is very handful for organisations like ResMarket Pty. This is because of various reasons such as lead generation, sales forecasting, workflow automation and contact management. For ResMarket Pty Company to become competitive in the market, they need to have a contact management where they could have information on their interacted clients. Nevertheless, the recommended technology offers the same service. It is also necessary that the company have efficient resource using which they could make effective sales forecast. Nevertheless, Salesforce would enable ResMarket Pty to make effective predictions of sales based on the previous records of sales. This would help in redesigning the product according to the customer’s needs. Lead generation is another very effective and useful method, which supplies potential leads to the company. ResMarket Pty would be able to generate potential leads with the help of Salesforce, which would continue on giving potential clients to the company. Moreover, the use of Salesforce would make many things automated, which is very challenging in absence of Salesforce (Goodey 2015).

Conclusion

ResMarket Pty Company needs to make some investments and purchase the cheaper version of Salesforce. It is necessary to realise the potentiality of the recommended technology. They should focus on future business and implement the technology for being competitive in the market. It is necessary for any company to be updated in every regards but according to the feasibility. Nevertheless, Salesforce in cheaper version is very much feasible to smaller organisations and every smaller company should realise the importance of it and purchase it for being effective in the market.

References

Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.

Bloom, N., Garicano, L., Sadun, R. and Van Reenen, J., 2014. The distinct effects of information technology and communication technology on firm organization. Management Science, 60(12), pp.2859-2885.

De Vries, L., Gensler, S. and Leeflang, P.S., 2012. Popularity of brand posts on brand fan pages: An investigation of the effects of social media marketing. Journal of interactive marketing, 26(2), pp.83-91.

Goodey, P., 2015. Salesforce CRM–The Definitive Admin Handbook. Packt Publishing Ltd.

Khang, H., Ki, E.J. and Ye, L., 2012. Social media research in advertising, communication, marketing, and public relations, 1997–2010. Journalism & Mass Communication Quarterly, 89(2), pp.279-298.

Laurent, G., Lilien, G.L. and Pras, B. eds., 2012. Research traditions in marketing (Vol. 5). Springer Science & Business Media.

Liu, A.Z., Liu, H. and Xu, S.X., 2013. How do competitive environments moderate CRM value?. Decision Support Systems, 56, pp.462-473.

Sigala, M., Christou, E. and Gretzel, U. eds., 2012. Social media in travel, tourism and hospitality: Theory, practice and cases. Ashgate Publishing, Ltd.

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