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HC2022 Market Research Exploring Marketing

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Question:

The client base of JWS currently includes ACT Government, Cancer Institute NSW, Government of South Australia, and Gold Coast Airport. JWS intends to join the early- adopters of data analytics technology users with the major source of data being social media.

JWS has no detailed knowledge of how this technology works and have asked you to prepare a report entitled:

“The impact of technology on marketing research in today’s business environment.” This report should be addressed to the Executive Management Team of MRC.

The aim is to identify what the company stands to benefit if they adopt these new technologies and try to persuade the Executive Team to make a decision to do so.

 

Answer:

Introduction

(Source: Hair & Lukas, 2014)

Marketing research is the process of ascertaining and assessing the viability of a new service or a good through extensive research conducted by getting in direct touch with the customers. The practice allows the company to discover more insights about the consumers, their opinion and their views, which helps in delivering the desired product to the customers (Malhotra & Peterson, 2014).  JWS research is a marketing research consultancy which is considering the adoption and evolution of new technologies to provide efficient and accurate services to its clientele.  The purpose of the report here is to illustrate the impact of growth in technology on marketing research, and how adoption of it could be beneficial for JWS.

Mobility

The world with a population of 7 Billion people is undergoing a huge transformation, the drivers of which are clearly globalization and technological revolution. One such aspect of which is the Mobility. It is due to the mobility that research industry has spread its wings and have got easier and faster access to the consumers.  The implication here is that a vast majority of population almost 54% globally, carry a smartphone. The smartphone is connected via web which gives marketing researchers enough time and metrics to dive into the mobile platform and gain necessary insights about them.  Some of the examples how mobility can be used to generate better results for the brands are by the use of SMS based surveys, surveys activated by QR code and many more(Babin & Zikmund, 2015).

Disruption Caused by Social Media

Facebook was launched in the year 2004; it gave other platforms like Orkut, Messenger and many others a run for the money. The largest social media platform was easier to use, selectively private and has a lot of functionalities which ensures a high rate of engagement with the users. The users on social media without any filter share information organically on the platform, which can thus be utilized by marketing Research Company. Social media platforms such as Facebook, Linked-In, Twitter, Pinterest and more so have become large storehouse of consumer data. The marketing research company can also engage with the customers and ask them feedback on the new product or service, the platform also serve a good medium for gathering feedback on the Beta testing of the product(Awad & Soliman, 2017).

Additionally, social media has also provided the ability to the marketing research organization to sit at one location and understand the market and industry of some other location. The platform thus provides a wide audience and a large database to analyse from; also the high engagement is able to gain better insight from the sub-conscious minds of the consumers.

Big Data Analytics

Gathering data is just the first part of first step of marketing research; this has to be ably supported by other steps as well. Data collection is the primary step, post which the data has to be broken down for further analysis in order to get the desired results. The qualitative data which is gathered from directly communicating with the customers or social media platforms or any other source has to be broken down into chunk of useful data for the analysis of the management. Big data analytics is the process of breaking down abundant of data into useful packets of information for the brand.

Big data analytics is one of the buzzword in the marketing research industry and the organization are using it to put the data to good use. Data mining which is the extraction of data can only be useful if it is supported by the technology which would analyse the data, in depth. Thus, big data analytics is a useful tech innovation in the stream of marketing research (Pagani & Pardo, 2017).

 

Data Collection Methods

The earlier data collection method ranging from interviewing, surveying the customers on one to one has transformed into advanced collection methods such as use of social media, SMS ,QR code surveys, video calls ,Online focus groups, high targeted emails and many more. This has brought an ease in the lives of data collectors who had to spend a lot of time on the field for collecting data. Technology has given wings to data collection methods, the software and other tech are being used to collect data from the customers at ease, and in a record time. Helping brand save time is a very big value proposition for marketing research organization. Thus, JWS has the perfect opportunity here to save the time of its stakeholders and give them some useful insight quickly; this will bring sustainability in the organization (Truong et. al., 2017).

Job Enlargement and New Research Job roles

Job enlargement is when an employee is given greater responsibility in the work for the employee. Job enlargement is done when the employee is productive and also when there has been a development in the market and there is an opportunity for growth. At the very same time, due to the evolution and advancement in technology new research roles are being created. Roles such as data mining, big data research associate and executives are being created and being rampant due to the increasing scope if the field of marketing research (Yang, 2017).

Social listening, social media analytics, web analytics and more other job roles are being created to leverage the growth in the technology for the advantage of the business organization. Business organization these days are tapping into specific target market and into the minds of the target audience, technology helps the research organization to understand the customer journey and give useful insight and information to the business owners. This way both the customers and the business organization win owing to the clear growth and evolution in the tech ecosystem.

Conclusion

The need of the hour for JWS is to update its process and technology to better accommodate the changing industry of marketing research. Marketing research is gaining importance and business owners wants to have better understanding of the taste and preference of the customers. The company has to increase its spending on social media research, web research, invest in software and technology to deliver envisioned results for the stakeholders.

 

References

Awad, N. and Soliman, S.S., 2017. Studying the Impact of Egyptian Hotels' Websites Marketing on Customers' E-Satisfaction. International Journal of Tourism and Hospitality Management in the Digital Age (IJTHMDA), 1(2), pp.53-63.

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

Hair Jr, J.F. and Lukas, B., 2014. Marketing research (Vol. 2). McGraw-Hill Education Australia.

Malhotra, N.K. and Peterson, M., 2014. Basic marketing research. Pearson.

Pagani, M. and Pardo, C., 2017. The impact of digital technology on relationships in a business network. Industrial Marketing Management, 67, pp.185-192.

Truong, Y., Klink, R.R., Simmons, G., Grinstein, A. and Palmer, M., 2017. Branding strategies for high-technology products: The effects of consumer and product innovativeness. Journal of Business Research, 70, pp.85-91.

Yang, F.X., 2017. Effects of restaurant satisfaction and knowledge sharing motivation on eWOM intentions: the moderating role of technology acceptance factors. Journal of Hospitality & Tourism Research, 41(1), pp.93-127.

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