Impact Of Technology On Marketing In Today’s Business Environment

Question: Discuss about the Impact Of Technology On Marketing Research In Todays Business Environment. Answer: Introduction Technology has a great impact on the subject ofmarketing research along with every other speciality in the trade. In marketing, the impressions of technology are very wide spread. In the context of current business, organisations are tasked with dealing more marketing possibilities than before and customers are having more combined marketing figures that they had in the past. From the organisational view, the ability of collecting and organising data has completely changed. They have now more channels to reach customers and also gained various formats of advertising assets. This report will outline the impact of technology on themarketing research of business. It will portray how a market research firm such as ResMarket Pty could adopt new technologies in order to enhance their marketing research operations for their customers and to remain competitive in the market. The study will also identify what benefit the stated company would get if they adopt modern technologies. Impact of technology on market research Technology has completely altered the business presentation in the current business context. From the examination of e-mails to proof-reading a business exhibition, everything has changed. Improvements are helping associations to become more effectual and responsive (Irwin, 2007). The internet has changed the products and services available to the customers in a very big way. Internet is allowing organisations to promote their products and services to the customers in many ways (Gottinger, 2016). With the availability of big data collaborated with variety of digital media channels, now offers a substantial opportunity to marketing professionals. Here are the major ways that technology has impacted market research: The intervention of social media: Social media stages such as Facebook, Twitter, LinkedIn and Google+ have enhanced the stage in which marketing study is accompanied. It is developing an environment that harvests unfiltered feedback (Hamersveld and Bont, 2007). Implementing social media advertisement could help ResMarket Pty market researchers to collect information about various services from huge audiences. Utilising social media for market investigation will also improve the information attained from the target marketplace. Improvements in data collection: with the improvement in technology, there is now a continuous stream of new software to gather statistics. Outside the traditional approaches of collecting data such as focus sets, discussions, paper surveys, technology allows market investigators to be much more targeted in what they calculate (Earls, 2012). As for illustration, a mood-sensing retail method is personalising the shopping practice of the customers and is a powerful tool for the retail commercial to enhance the market share. Enhanced data analysis and big data research information: With a variety of options to gather information, the ability to examine that data is also important (Hamersveld and Bont, 2007). Technology is making the data analytics easier. With better analytics, ResMarket Pty can solidify the customer relationship management. The gathering of a large quantity of data from online and offline delivers market investigators with a huge work to analyse and frame the approaches with accurateness (Macer, 2012). But, the researchers of ResMarket Pty can feel more confident in analysing data with the implementation of big data information approach. Technology has had a noteworthy influence on how to progress the market research with the progressive abilities and an advanced method to data. Technology is making the job easier for the market researchers. Challenges in adopting technology It is evident that implementing new technology in business operations also brings some disadvantages. But the management of business enterprises has to make sure that the benefits overshadow the drawbacks. Some of the difficulties could comprise the initial reduction in the output or push back from the workers (Macer, 2012). Introducing technological change into ResMarket Pty delivers a different set of challenges to its management. However, management of the stated firm must be equipped with better education and experience in order to guide the technology development and its implementation. Adoption of any new technology comes out with a comparison of costs and benefits. The major challenges in adopting technology are lack of vision, lack of leadership, lack of money and infrastructure. It is important for ResMarket Pty to develop an appropriate vision for its technology adoption. Identifying the right areas for development is very crucial. The stated firm must start with small, focused implementation instead of trying one tool to solve all the issues (Mills, 2014). The firm must be as translucent as possible when it is about investigating new technologies as hiding will assist to aggravate the employees and users further (Cruz-Cunha, 2009). It is also important to remember the vision the firm has crafted for the technology implementation. Regular process monitoring is one of the biggest keys for successful meeting expectations. It will be beneficial for the ResMarket Pty if they communicate success and areas of improvement with their executives. Benefit of adopting technology Implementing modern technology can create high benefits for ResMarket Pty. However, the strategy requires the enterprise to abandon the technologies that never fully operationalized. The advantage of modern technology depends on the organisations specific mission. Using information technology, ResMarket Pty can reach a huge audience with just clicks of a button. Networked technologies give millions of internet users instance access to each other and this opportunity could be exploited by ResMarket Pty to get their services in front of the audiences (Abdullah and Aimin, 2015). Technology will also allow ResMarket Pty to respond quickly to the changes in the market. Different markets could be targeted with different style of promotions using digital technology without any prohibited costs linked. Though adopting modern technologies can be a source of expense to a business, but it a powerful method of eradicating bigger costs in business operations (Abdullah and Aimin, 2015). Social med ia platforms deliver an inexpensive stage that completely replaces the both international calling and video conferencing. There are many advantages waiting at the door of an enterprise if the implementation of technologies is done in an effective manner. Conclusion It has been found in the study that implementing modern technology can create high benefits for ResMarket Pty. However, the strategy requires the enterprise to abandon the technologies that never fully operationalized. The advantage of modern technology depends on the organisations specific mission. The study identified that modern technology has developed the narrative of gathering respondents globally. It has enabled the option of looking into real-time events of an organisation anytime anywhere. 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