Technology Marketing Research In Business-Myassignmenthewlp.Com

Question: Discuss About The Technology Marketing Research In Business? Answer: Introduction Technology plays a vital role in the manner marketing research is conducted. Different technologies are being used by the market research firms for enhancing the performance of the marketing research activities carried out for the clients. ResMarket Pty is using different technologies for market research and is planning to use innovative technologies which will contribute towards providing a competitive advantage to the others in the business environment. Use of technology for marketing research increases the cost of the company as well as the effectiveness of the marketing research activities of the business Impact of technology on the marketing research activities of the business in the dynamic world Marketing research is focused on the customer segmentation so as to analyse the target market of the business. Market research plays a vital role in the growth and success of the business. Market research helps the business in reaching to the customers and creating an image of the business in the mind of the customers. Technology is the driving force which has changed the manner in which operations in the business environment are carried out. Use of technologies for market research provided a better approach to the data and enhancing the capabilities of the marketing research activities. With the Different technologies are being used by the marketing research firms for providing enhanced services to their clients (Krasilya, 2015). These technologies include customer relationship management, social media, search engine marketing, data analytics, marketing automation and virtual Reality research tool. Use of these technologies has changed the manner in which marketing research is condu cted by the researchers. With the increase in the use of technology, there has been a shift in the market research industry. Changing technology has resulted in a shift in the data collection process through offline mode towards the data collection process through online mode. Innovations in the technology used have resulted in a shift of offline or paper surveys towards the online surveys. Technological innovations have enhanced the performance of the marketing research process as well as have contributed towards the better customer satisfaction (Moller Parvinen, 2015). Use of the technologies has reduced the cost of the business engaged in the market research. Change in the technologies used by the business provides various benefits to the business including cost reduction, enhances accuracy and reliability, marketing of the products or services offered by the clients and enhancing the effectiveness of the operations by reducing the time involved (Shaqiri, 2015). Innovations in the technologies have provided opportunities to the business for improving the quality of the services offered by them to the customers. ResMarket Pty is using different technologies for conducting market research on the behalf of their clients (Omladic, 2012). For providing better services it is planning to use new technologies which will help in providing better marketing research activities. Adoption of these new technologies will ensure that ResMarket Pty is performing the marketing research activities for the clients in a better manner. It is vital for a business to ove rcome the issues or challenges faced for gaining a competitive advantage over the others in the industry (PR Newswire, 2014). Use of customer relationship management by ResMarket Pty will help in identification and targeting of the clients in a better manner and match with the expectations and needs of the clients. Use of social media platforms can be used by ResMarket Pty for marketing or gain traffic with the help of social media sites. Search engine marketing can be used by ResMarket Pty for promoting the websites of the clients by enhancing the visibility of the website in the results of the search engine (Hollebeek Skard, 2017). Impacts of the use of advanced technologies by ResMarket Pty on its performance are mentioned below: Providing better opportunities to ResMarket Pty for promoting the products and maintaining healthy relationships with the clients (Fariborzi Zahedifard, 2012). Effective marketing research technologies will help in communicating with the targeted market in a better manner and focusing on the needs of the clients. This will help in minimising the cost involved in the marketing research. Different technologies can be used which reduces the cost involved. These technologies will help ResMarket Pty in analysing the issues or the problems which the client business is facing. This analysis of the problems will help in making the client aware of the issues affecting its performance in the market (Bach Alghamdi, 2014). Market research is done with a motive to analyse the trend in the market, taste and preference of the targeted market in the business environment. ResMarket Pty can adopt these technologies for making predictions regarding the trend so as to provide support to the clients (Fariborzi Zahedifard, 2012). Use of advanced technology will be a cost effective and time effective method which can be used by ResMarket Pty for ensuring higher level satisfaction among its customers. Use of virtual reality research tool which helps in analysing and studying the targeted market in greater depth which helps in fulfilling the expectations of the clients. Use of advanced technologies will enhance the brand image of ResMarket Pty among its clients. It will provide better returns to ResMarket Pty (Bach Alghamdi, 2014). Conclusion Thus, it can be concluded from the above discussion that technology is an important aspect of market research. Various technologies are being used by the marketing research companies for enhancing their performance and competing in this competitive world. This report has discussed different benefits which ResMarket Pty is gaining by using advanced technologies. References Bach, C. Alghamdi, S., 2014, Technological Factors to Improve Performance of Marketing Strategy, ASEE 2014 Zone I Conference, April 3-5, 2014, University of Bridgeport, Bridgpeort, CT, USA. Fariborzi, E. Zahedifard, M., 2012, E-mail Marketing: Advantages, Disadvantages and Improving Techniques, International Journal of e-Education, e-Business, e-Management and e-Learning, Vol. 2, No. 3. Hollebeek, L. D. Skard, S., 2017, Virtual Reality Marketing: Conceptualization, Theoretical Framework Research Propositions, NHH. Krasilya, D., 2015, Marketing research model of competitive environment,Traektori Nauki, 1(4), pp.2(13)-2(23). Moller, K. Parvinen, P., 2015, An impact-oriented implementation approach in business marketing research,Industrial Marketing Management, 45, p.3. Omladic, R., 2012, Market Research Process in High-Tech Markets, JAMK. PR Newswire, 2014, New Technologies Transforming Consumer Marketing Research Playbook, PR Newswire, p. PR Newswire, Jul 11, 2014. Shaqiri, A. B., 2015, Impact of Information Technology and Internet in Businesses, Academic Journal of Business, Administration, Law and Social Sciences, Vol. 1, No 1.