Technology On Marketing Research On Business Essay

Question:

What Is Impact Of Technology On Marketing Research On Today’s Business?

Answer:

Introduction

The advancement of technologies has created the significant impact on the field of the business marketing. The technological advancements has created impact upon the ability to organize and collect market data, develop different advertising assets, channelize the network to reach the target customers, and establishing the online sites to communicate (Kane et al. 2015). With the special reference to ResMarket Pty, the study would provide the adequate knowledge regarding the impact of technologies on business market.

Background

ResMarket Pty is the market research firm located in Sydney. The company is looking forward to strengthen the competitive position by developing the strategic functionalities. It is notable that adopting the advanced technologies would be effective enough in participating in this competitive scenario. Therefore, the company implemented the technological tools to perform the organisational functionalities. The management believes that this approach will be helpful in enhancing the marketing research activities. Moreover, it will keep the company competitive in current business scenario. However, it is noticed that the cost of implementing these technologies is quite higher in this competitive scenario (Trainor et al. 2014). Hence, the management is little skeptical about this process of using advanced technologies. The report thus will focus on describing the positive and negative consequences that the company may face during the implementation of the advanced technologies. Accordingly, the preferable recommendations would be provided.

Positive Impact of Technologies on Business Market Research

The current business market is much influenced by the technological advancements. The business organisations adopt the innovative tactics to enhance their capabilities of market research. Currently, one of the most fruitful and effective market research tools is social media. The social media connects people worldwide and it helps the business to gather the attention of a number of people (Hajli 2014). Internet is another most useful technology for the current business market. The use of the internet has the significant influence on changing the services and products by comparing the demands of the customers. Moreover, the companies need to invest lesser amount of money in undertaking the marketing research through internet sources. The companies can easily obtain data of target customer by accessing through online sites. One of the most positive aspects of using internet is to get the access to the geographical location of the customers (Norman and Verganti 2014). Apart from the use of internet, it has also been observed that the use of the advanced digital technologies has transformed the advertising process of promoting any good or services. The database technology today has aligned with the digital printing process, which is much helpful in promoting business extensively. The emergence of the advanced technologies has created the significant impact on the following aspects:

  • Integration management
  • Individualization through tailoring information
  • Development of the business intelligence
  • Restructure of the industry by redrawing the marketing map (Balassa 2014).
  • The transformation and improvements in the communication process

Negative Impact of the Technologies

It is widely accepted that the technological advancements has transformed the business research process. Especially, the evaluation of the improved technologies has transformed the business communication process (Wu, Inderbitzin and Bening 2015). In spite of such positive consequences, the technologies have the considerable negative impacts on the business as well. It has been observed that the technological development has changed the employee morale. Many of the employees are unable to utilize the advanced form of technologies that have been newly installed (Kotabe, Jiang and Murray 2017). Therefore, they become less confident about their efficiencies. They might become more skeptical about their job security if they do not receive the proper training. On the other hand, the high cost of the technological tools is sometimes troublesome for the business. Especially, for the startup business, it becomes quite difficult to afford the cost of new software technologies (Orel and Kara 2014). These companies lack that capital amount that is affecting their position in the competitive market.

Recommendation

The above discussion presents the awareness about the positive and negative consequences faced by the companies in adopting the advanced technologies. It has been observed that ResMarket Pty is concerned about the cost effectiveness in adopting the advanced form of technologies. Observing the positive impacts of the technologies in today’s world, the following recommendations can be provided to the company.

  • ResMarket Pty mainly deals with the marketing research aspects. The company requires the bigger amount of data by developing the technologies. It is already discussed that the internet is the most helpful source of gathering the extensive market data about the target customers. Moreover, the internet is quite cost saving source for the business. Hence, ResMarket Pty can open a business page or official websites on the social media sites to gather the response of the customers. It is even fruitful in reaching to the target customers by communicating in an effective way. The feedback shared by the customers is quite beneficial in understanding the customer demands. The internet use would ensure lesser amount of capital.
  • The company needs to develop the training process for making the existing employees more efficient in using the technologies. The efficient employees would be able to gather the adequate knowledge in dealing with these technologies that would help in reducing the cost of the other resources. The organisational functionalities would take lesser time to complete for which the company can focus on developing these technologies. Hence, it would be easier to the company to improve the organisational functionalities to remain competitive.

Conclusion

The study develops the ideas about the impact of the advanced technologies on today’s businesses with special reference to the ResMarket Pty; the Sydney based marketing research company. It is notable that the company has been skeptical about the adoption of these technologies since the implementation costs would be much higher. The obtained idea from the study is recommending the company to use the internet sources to develop the market research. The company can reach out to the maximum number of customers by investing much lesser amount of capital. Moreover, the technological knowledge provided to the associated employees would also be beneficial in reducing the charges from the other resources and investing on the technological development.

References

Balassa, B., 2014. Development Strategies'. International Economics and Development: Essays in Honor of Ra?l Prebisch, p.159.

Hajli, M.N., 2014. A study of the impact of social media on consumers. International Journal of Market Research, 56(3), pp.387-404.

Kane, G.C., Palmer, D., Phillips, A.N. and Kiron, D., 2015. Is your business ready for a digital future?. MIT Sloan Management Review, 56(4), p.37.

Kotabe, M., Jiang, C.X. and Murray, J.Y., 2017. Examining the complementary effect of political networking capability with absorptive capacity on the innovative performance of emerging-market firms. Journal of Management, 43(4), pp.1131-1156.

Norman, D.A. and Verganti, R., 2014. Incremental and radical innovation: Design research vs. technology and meaning change. Design issues, 30(1), pp.78-96.

Orel, F.D. and Kara, A., 2014. Supermarket self-checkout service quality, customer satisfaction, and loyalty: Empirical evidence from an emerging market. Journal of Retailing and Consumer Services, 21(2), pp.118-129.

Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research, 67(6), pp.1201-1208.

Wu, G., Inderbitzin, A. and Bening, C., 2015. Total cost of ownership of electric vehicles compared to conventional vehicles: A probabilistic analysis and projection across market segments. Energy Policy, 80, pp.196-214.

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