Impact of Technology in Marketing Research-Free-Samples for Students

Question: Discuss about the Impact of Technology in Marketing Research. Answer: Impact of Technology in Marketing Research In the current business environment, marketing research is essential for the growth and development of all organizations and businesses since it puts an individual in the mind of the potential customers. Thanks to the technology, the theory of research have greatly transformed. As a result, the businesses are now renouncing paperwork and moving to mobile applications, USSD technology, and SMS information collections. The widespread implementation of the internet has transformed all businesses with only a few exclusions. Undoubtedly, technological developments have drastically changed the way market analysts carry out business. MRC Company will largely benefit from technology in transforming market research. Technology development will help the company to become more active and efficient. Based on the market research, technology will create new opportunities and pitfalls for achieving constructive business intelligence (Lee, 2017). Besides, the company will benefit from the enhancements of data collection (Market Research, 2018). Due to technology, there is a continuous stream of new software for data collection. Beyond the customary data collection methods such as focus groups, interviews and paper surveys, technology makes it possible for the market researchers to become much more aimed in what way they assess and how fast response can be obtained. For example, MRC can benefit from the mood-sensing trade appliance that is used to personalize the buying experience. According to Market Research (2018), the mood-sensing gadget is an effective tool for any research company looking to enhance market share and gather a lot of information about potential customers. Market Research (2018) added that with the bigger streams of statistics to gather, the ability to make data analysis is similarly crucial. The modern technology is making data analysis easier and more complicated. With better data analytics, MRC can be able to assemble that into reinforcing customer relationship management (CRM). Some companies use innovative analytics to strengthen customer retention and enhance lasting reliability. Also, the company can benefit from Google+, Twitter, and LinkedIn as they have developed the background in which research campaign is conducted. Social media can, therefore, change marketing research is electrifying ways, and it is also creating a business environment that generates an unfiltered response (Lee, 2017). Remarkable for reputation control and product recognition, marketing researchers can benefit from the enhanced abilities intrinsic in social media. Based on the research conducted by The Citizen (2017) Mobile technology has transformed market research where data is collected instantaneously. Real-time data is remarkable as it helps market researchers and organizations identify the information as it comes in. Mobile applications will allow MRC for data collection and geolocation in real time. It is, therefore, crucial to understanding where the information is originated from and geolocation can help MRC realize this. As per The Citizen (2017), Geo locations will remain to be a fervent trend in the current business environment and the world of market research as the company search for specific data. As a result of technology, companies can upload questionnaires digitally (Hajli, 2015). With surveys being uploaded on the internet to USSD technology and mobile applications, the market researcher can be able to retrieve them at the time convenient to them. Besides, Infoholic Research (2018) argue that cloud computing has made it possible for market research organizations to utilize their surveys. Mobile technology enables the documentation of insights and sentiments: With SMS and USSD technology, a company can be able to conduct a perception questionnaire and get immediate feedback to perceive how suppliers feel about the service or product (The Citizen, 2017). Technology can also benefit MRC in the sense that its developments in market research involve the incorporation of various sources of data hence allowing a holistic viewpoint of the individual or a certain situation. In todays business environment, insensible motivational demonstrative information can be incorporated with data collected submissively (Infoholic Research, 2018). This includes biometric quantification through wearable Smartphone or gadgets, and social media or simply digital information. As a result, marketing research will keep on evolving as businesses shift toward resourcefully integrating new data and using models that result in more consequential opinions and realistic applications (Hamilton Webster, 2012). Market research and considerable data are at the decisive moment and will come together to help businesses create more evocative insights (Mcquarrie, 2015). As a result, MRC will see more application of complex analytics, attitudinal and behavioral data to enable trademarks to create more premeditated decisions instantly. Using data sourcing, imaginative and analytical models can as well help with the atypical states of the consumer lifecycle such as retention, blend, cross -sell/up-sell and purchase (The Citizen, 2017). The use of technology will allow MRC as a market research consultancy to design self-service policies where customers can plan their concise micro-analysis. As earlier noted, technology has enabled marketing research to become more responsive. Responsive marketing research is a methodology that takes its insight from responsive software advancement which values assessment and data over resolutions and judgments (Market Research, 2018). Today, the real power for businesses is the capability to be responsive and also to adjust to what is promptly happening in the business environment (Insights Association, 2018). Businesses, therefore, require appropriate, achievable insights and data more rapidly than ever. Thus, technology supporting responsive research is an assessment, measure, and study approach that enables prompt pivots in businesses. In conclusion, just adopting a single channel like e-mail for acquiring market insights can rigorously constrain marketing research. Thus, companies should ensure that their research campaigns platforms adjust to the most suitable touch-points for social media; mobility, respondents and other innovative technology provide compliant platforms where to uncover the appropriate engagement method. Based on the above discussion, MRC will undoubtedly benefit from adopting the new technologies in research campaigns. As a result, the company will be able to improve their market research ability and provide accurate and effective service to their potential customers. List of Reference Hajli, N. (2015). Handbook of research on integrating social media into strategic marketing. Hershey, PA: Business Science Reference. Hamilton, L., Webster, P. (2012). The international business environment. Oxford, Oxford University Press. Infoholic Research. (2018). 7 Benefits of Digital Market Research Techniques Over Traditional Technologies. [Online] Available from: https://www.infoholicresearch.com/7-benefits-of-digital-market-research-techniques-over-traditional-methodologies/. [Accessed 13 July 2016] Insights Association. (2018). Emerging Technology: Impacts on Marketing Research. Available from: https://www.insightsassociation.org/article/emerging-technology-impacts-marketing-research. [Accessed 13 July 2011] Lee, I. (2017). The internet of things in the modern business environment. (Place of Publication not Identified) Market Research. (2018). 5 Ways Technology has Changed Market Research. [Online] Available from: https://blog.marketresearch.com/blog-home-page/bid/339928/5-ways-technology-has-changed-market-research. [Accessed 8 October 2013] Mcquarrie, E. F. (2015). The Market Research Toolbox: A Concise Guide for Beginners. Thousand Oaks: SAGE Publications, Inc. The Citizen. (2017). How Mobile Technology has Changed Market Research. [Online] Available at: https://www.thecitizen.co.tz/magazine/success/How-mobile-technology-has-changed-market-research/1843788-3903542-veyrbi/index.html. [Accessed 26 April 2017]