Discuss about the Market Research Techniques Of Resmarket Pty.
The adoption of advance technologies will help ResMarket Pty in understanding the market in an efficient manner so that the products and services of the company can be marketed in a better way. The primary challenges for the company in the modern world is to understand the supply chain in a better way so that the company can steer themselves in earning better profits. The use of technology in marketing helps the company in being proliferated in the marketing environments that are competitive in nature. Most of the industries and sectors have shown that due to the effect of globalization, the competitive environment has increased and with the help of advance technologies, the research of the market can be done in a better way (Armstrong et al. 2015).
The advances in the technology in the internal and the external environments of the business has helped ResMarket Pty in segmenting the market in an efficient manner so that the target market can be identified, which will help in selling of the products and the services. The managers of the company can analyze the challenges and the risks, which may lead to the failure of the products and acknowledges the dangers that may be present with the competition from the rival industries (Babin and Zikmund 2015). The innovation is done on a constant manner so that it helps in improving the strategies that are present in marketing, which in turn will help in delivering better benefits and satisfaction to the customers. The use of the advanced technologies will help in making better decisions so that the products can be successful in the market. The use of better technologies will help the company in storing the data in an efficient way so that they can have an interactive session with the consumers regarding the products and services. By using technology, the firms increase their level of flexibility, which helps in attracting the customers and respond to their demands in an efficient way (Johnston and Marshall 2016).
Technological strategies for firms
The use of electronic in the process of marketing helps in executing the benefits and satisfaction of the customers so that it helps the firms in understanding the demands in the market. The use of technologies help the firms in gaining a competitive advantage over the other firms with respect to the macro environments that are present in the market place. The use of these technologies helps the organizations in being recognized on an international basis, which will help them in attracting global consumers as well. The advances in the technologies have proved to be efficient and effective for the organization in the process of marketing due to many reasons (Ross 2016).
Market segmentation based on technology
The use of e-commerce by the organizations has helped ResMarket Pty in segmenting the market so that they can have a competitive position in the market. With the application of technologies by the organizations, they can create a better target market so that the marketing mix can be participative and active, as the feedbacks from the customers will help in designing the products in a better way. The use of software models that are geo-demographic in nature will help the company in analyzing and mapping the customers within a particular market place so that the products can be sold in a better way (Sekaran and Bougie 2016). This will help the company, as they will get a chance of improving the experience with respect to the customer service. The use of the advances in technology will help the organizations in identifying the specific target markets that will be benefit from the products and services.
E-promotional activities in mix marketing
The promotional expenses help the marketers in understanding their performances, which will help in analyzing the expectations that will help in the development of the organizations. The use of technology helps in influencing most of the strategies of marketing, which are divided mainly between the goals and strategies of the company along with the programs and the action plans that will be taken up the company (Laudon and Laudon 2016). The use of the internet helps in enhancing and integrating the promotional mix based on which the company will ensure its survival in the market. The impact of technology will help in manipulating and designing the elements in the marketing mix so that it will be beneficial for the product at various stages of its life cycle. An example of this would be promotions and personal selling methods of a product at the declining stage of the life cycle so that the sales of the product can be pushed in a better way in the market. The use of technology will help in increasing the interactiveness of these particular products so that the suppliers and the customers can easily understand the commercial messages (Xiang, Magnini and Fesenmaier 2015).
Market research driven by technology
The use of the sophisticated technologies in the modern world that is internet helps in improving the collection of information so that the company can benefit through the research in an efficient manner. One of the most efficient research tools for ResMarket Pty is to examine the web page of the competitors so that the company can gain a competitive advantage with respect to the products and services that are being offered by the rival company. The online shopping portals allow the customers in viewing various products and services under different categories so that they can have a wide variety of options to choose from the offerings of the company (Strauss 2016).
Thus, it can be concluded that the use of technological advances creates a positive impact on the marketing research techniques by the company so that they can market the products and services in a better way towards the customers. By efficient use of the technologies, the company are also in a better position to gain competitive advantages, as they have the chance to review the products and the services that are being offered by the rival company.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Johnston, M.W. and Marshall, G.W., 2016. Sales force management: Leadership, innovation, technology. Routledge.
Laudon, K.C. and Laudon, J.P., 2016. Management information system. Pearson Education India.
Ross, D.F., 2016. Introduction to e-supply chain management: engaging technology to build market-winning business partnerships. CRC Press.
Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
Strauss, J., 2016. E-marketing. Routledge.
Xiang, Z., Magnini, V.P. and Fesenmaier, D.R., 2015. Information technology and consumer behavior in travel and tourism: Insights from travel planning using the internet. Journal of Retailing and Consumer Services, 22, pp.244-249.