Discuss about the Marketing Research of ResMarket Pty.
Technology has influenced the marketing field in virtually all domains of business. Marketing research by means of using technology give organizations access to many more marketing options and collect and organize relevant marketing data. In short, it can be summarized that technology is making the world more accessible and facilitating marketing researchers to take more globally collect and process data (Venkatesh, Thong and Xu 2012). This report discusses about the case scenario of ResMarket Pty, a Sydney based marketing research company that has decided to adapt new technologies to enhance marketing research activities for their clients. The only concern for the company is the high cost of such technology. Hence, in context of this scenario, this report discusses about the impact of technology on marketing research in today’s business and how adapting such technology may help the marketing research firm.
Usefulness of marketing research for business organizations
Highly acclaimed business organizations worldwide prefers to conduct marketing research on a regular basis to keep up with latest marketing trends and sustain a competitive edge in business. This help companies to gain useful knowledge regarding features of target market such as level of sales, ROI (return on investment) or revenue required to succeed in business. The range of information that an organization get from marketing research are as follows:
- Access to market information such market segmentations, demand and supply, sales revenues and many other informations
- Knowledge about the demands and preference of existing customers such as factors influencing buying decisions, their perception about products and key decision factors
- Facilitates identification of potential customers
- Provides knowledge regarding consumer behavior patterns and needs to evolved current products and services
- Analysis of competitors to determine position in business market
- Identifying new business opportunities (Sekaran and Bougie 2016)
Hence, for organizations like ResMarket Pty, getting access to such information manually will require great time and effort. However, adapting appropriate technology for marketing research gives the advantage of saving time and getting access to broad and authentic informations too.
Impact of technology on marketing research
For the Sydney based research firm, adapting technology in marketing research despite high cost is necessary. This is because technological advancements and integration of such technology will greatly boost their marketing research related activities. The use of digital devices like social media sites or other important applications can provide holistic view of the business situation. Access to new data inputs and crucial marketing information will help the company to evolve and provides organizations meaningful insights for practical application in today’s business environment.
Currently, there is no dearth of technology for marketers. Wave of new technology is dominating the business world today. Earlier business relied on internet advertising, emails and text messaging. However, the whole business process and promotion methods has now transformed with newer technologies like GPS, social media and smart phone application. Two important technology currently used today includes customer relationship management systems and the social marketing. While the former uses technology to identify potential clients and gather information about daily business operations, the social media tools helps to identify elements needed to build brand personality (Norman and Verganti 2014). Hence, the Sydney based company can drives their marketing research activities by identifying relevant marketing research tools needed for their organizations.
The article by Trainor (2014) also gives the insight that technology has made market researchers job easier. For example, the social media sites like Facebook, LinkedIn and Twitter has given a wider horizon for marketing researchers to do their research. This gives them the advantage of yielding unfiltered feedback from consumers and using the data for brand awareness and business knowledge. Secondly, the advent of new softwares in business research enables researchers to focus on distinct measures and collect data in a short time. Another advantaged of technology is that it has made business analytics more sophisticated and effectively use the streams of data to determine the strategic steps needed for particular organizations to success (Sharma, Mithas and Kankanhalli 2014). Despite getting better facility to engage in research, the marketing researcher’s role has become challenging too. To successfully adopt new technology in business, they need to acquire new skills and engage in new roles to efficiently translate the data for business success. Although marketing research technology provides researchers access to large pool of data, however their skills can determine whether they use the data with accuracy or not (Christensen, 2013). They need to have the skills to discard the irrelevant data and identify the useful data for formulating marketing strategies.
Despite the numerous advantage of new technology for business research, there are certain factors that prevent organizations from readily accepting the technology for marketing research. For ResMarket Pty, the main concern for them in adapting the new technology was the cost associated with the new technology. Other barriers includes little awareness about the values of technology, no knowledge about effective application and misuse of technology. However, the cost problem in adapting the technology can be resolved by ResMarket Pty by considering the overall budget for marketing research. Striking out irrelevant things and focusing on identifying useful technology in their business context may help them significantly. Embracing appropriate technology in a turbulent and flexible business environment provides the right moves for researchers to formulate strategic plan and target specific business (Kozlenkova, Samaha, and Palmatier 2014).
The report focused on the evaluation of technology for carrying out marketing research activities. The move of ResMarket Pty to adapt technology in marketing research was justified by explanation of different advantages of technology in marketing research. The wide pool of data through different research tools and technology provides a wider reach to marketing analyst and the advantage of gathering data in a short time. Once organizations learn and identify the right technology for their marketing research, it can help them sustain their business amidst complex business environment. It is also necessary for research analyst to learn new skills to understand their new roles in marketing research with the use of technological tools and devices.
Christensen, C.M., 2013. The innovator's dilemma: when new technologies cause great firms to fail. Harvard Business Review Press.
Kozlenkova, I.V., Samaha, S.A. and Palmatier, R.W., 2014. Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), pp.1-21.
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.
Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
Sharma, R., Mithas, S. and Kankanhalli, A., 2014. Transforming decision-making processes: a research agenda for understanding the impact of business analytics on organisations. European Journal of Information Systems, 23(4), pp.433-441.
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.
Venkatesh, V., Thong, J.Y. and Xu, X., 2012. Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology.