Discuss about the Technology in Marketing Research.
There is a significant impact that Technology has created in market research in modern days. Data collection which is one of the essential parts of marketing Research was earlier done through manually and also has to be recorded in Manual notebook. With the introduction of digital technology it is easily possible for all marketing research companies to easily collect store and process valuable relevant information in the domain. Technology has also enabled various effective tools that can be used in marketing research.
The aim of the current report is to discuss the positive impact of Technology marketing research in today's business environment. The outcome of this report will help ResMarket Pyt, which is the Sydney based market research firm to adopt the technology. The report will therefore help the stakeholders of the company to understand the importance of adopting digital technology and the way it can help their business to improve in spite of the high cost that are involved in its adaptation.
Method used in Marketing Research using technology
Marketing research is an important part of Data Collection process from the external market environment, which ultimately helps in the process of making business and marketing plan for a business organisation. It is important for all marketing Research Organisation to use the best methods in research that is enhanced with the help of latest technology. Winer and Neslin (2014), have suggested that it is important to define the problem of research in marketing which is the primary step. In the subsequent step it is important to propose a perfect Research Design. Due to the implication of Technology, it is important for the market researchers to develop separate design that can help to enhance the overall process of Data Collection and sampling.
Babin and Zikmund (2015), have mentioned that online survey is one of the popular ways of collecting market research data that is done with the help of latest digital platforms. One of the major advantages of these online surveys is due to the fact that it can help reduce the overall cost. This process is highly dependent upon web based Data Collection method and email survey that are believed to be few of the attractive ways adopted by market researchers. According to Trainor et al. (2014), with the help of online survey this possible for the market researchers to save huge amount of time that was earlier needed in the process of manual data collection. As most of the information is being collected in automatic method, it is not required for the surveyors to wait to collect data. Moreover, it is also possible for the market researchers to reach out to wide range of audience as it is done with the help of online digital platforms (Norman and Verganti 2014). For example it is possible to design the online survey for the help of social media platforms, where it is possible for several of the users to express their opinion about any marketing research topics.
Accuracy is also one of the major advantages that are gained with the help of online surveys. As all the data collection process is done with the help of programming software, there are much less chance of errors that was a major disadvantage of manual data collection process. It is also possible for the participants of the survey to easily express their opinion and for the market researchers it allows them to collect data from wide range of audience. This can also allow them to provide better result of the marketing research (Neuhofer et al. 2014).
Advantages in data analysis
Data analysis is also one of the major advantages of use of technology in marketing research. According to Lin and Atkin (2014), as data are collected through online process it is possible for the market researchers to apply latest software that is used in the process of data analysis. The statistical analysis of the collected data is an essential part of marketing research. Earlier days, this analysis has to be done manually, where there were huge risks of errors. Huang et al. (2016), have suggested about the SPSS and Stata, which are few of the popularly used data analysis commercial software that are used by the current market researchers. High level of accuracy can be obtained with the implication of these data analysis software. Both quantitative and qualitative method of data analysis can be implicated with the help of this software. In many cases it has been seen that, market researchers often face challenge while processing huge amount of data that are collected from online surveys. The data analysis software can easily manage the huge bulk of data and also help them to store for all future references. Transcription analysis which is one of the essential parts of qualitative research method can also be achieved along with text interpretation and coding. This part is essential in Analysis of data that has been collected from interview of various individuals (Henseler et al. 2016).
The data analysis software also have the feature of content searching tools, which can help the market researchers to easily search for any vital information from the bulk of collected data. Data collected can also be compared and linked with other relevant data of the past. With this it is possible for the market researchers, analyse the changing environment of business. This thing is necessary for the business forms to bring about significant modification in their marketing plan. Mapping and networking is also one of the major features of data analysis software, which can help the market researchers to identify any flaws or fake information that has been collected in the overall process of marketing research (Malhotra et al. 2013).
Initiation of new research roles
With the implication of Technology in marketing research it is important for all marketing research companies like ResMarket Pyt to hire new skills and workers. Multiple tasking skills are one of the important features that allow the company to deal with the most of the important tasks related to Marketing research (Mittelstaedt et al. 2015). Hence it is possible for all marketing research business firms to create new job opportunities and Technology is being implicated in their investigation activities.
Conclusion and Recommendations:
Hence it can be concluded that in spite of the high expense that is involved in the implication of Technology in marketing research activities, it is possible for the business firms to gather precise and accurate relevant data. This can ultimately help the marketing research to provide better result of the investigation work.
It is also important to mention in the context that in current days it is essential for all business organisations to have accurate and latest information related to the external environment of marketing. As the demands of the customers are changing rapidly, it is important to gather all the latest information, which will allow the companies to modify them business plan and stay ahead in the competition. The online marketing survey is one of the major advantages that allow the companies to save both cost and time that is needed in marketing research.
Hence it is important in this context, for ResMarket Pyt marketing research company to adopt the technology in their marketing research activities. It is also recommended for the company to hire skilled software experts, who can make best use of the data analysis and data collection process that is needed to provide accurate and better marketing research result. The use of the latest data analysis software is also recommended for the company. At the initial stage, it is recommended that the company should modify the infrastructure so, which will allow them to make the best use of the technology in all the marketing research activities.
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