• Home
  • Marketing
  • The impact of technology on marketing research in today’s business environment

The impact of technology on marketing research in today’s business environment Essay Example

  • Category:
    Marketing
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    1016

Introduction

Marketing is a dynamic aspect of business. Various factors have been highlighted to influence marketing. According to Smith & Albaum (2010), marketing is affected by several factors which include technological changes, inflation, terrorism and war, economic recession and dying industries. Ronald (2004) highlights four major factors that influence marketing and they include technological changes, globalization, personalization and integration. Technological changes is a common factor that has been highlighted to affect marketing to great extent. It affects all aspects of marketing including marketing research. Companies have to overcome the challenges brought about by these factors through marketing research. Marketing research is crucial because it helps the marketing team to understand the customers’ needs and changes. It focuses on understanding the customer, company and the environment at large. There are different methodologies of marketing research that have emerged since time immemorial. These methodologies have kept on changing. Since the early 1980’s, marketing researchers have shifted away from scientific methodologies to postmodern (interpretivist) approach (Ronald, 2004). The postmodern approach focuses on socially constructed view as opposed to subjective view.

The impact of technology on marketing research in today’s business environment

Business has changed and will continue to change with time. Every business aspect continues to incorporate technology. Marketing as one of the business aspects has been affected by technology. Various undertakings in marketing which include sales, distribution, research and advertising have been transformed by technology. In particular, marketing research has seen enormous changes for the last two decades. Currently, social media has shaped research in marketing. In fact, it has become one of the important tools for research. This has been accelerated by the fact that many consumers can access different social media platforms. Social media platforms are an effective technology where the consumers and manufacturers can interact. Social media platforms are characterized by interactivity, user generated content and two way communication (Hudson, 2010; Alghamdi & Bach, 2014). This is basically a shift from the old way of getting information from clients which was one way. The feedback obtained from social media is raw and the producer can incorporate the information obtained in product design. Additionally, social media has impacted market research by increasing the landscape in which research can be done. Organizations can enhance their services or products by using the information obtained.

Technology has also impacted market research in the realm of data collection. It is currently a common thing to have organizations conducting research online. Many organizations have shifted to conducting market research online because it is cheaper than the conventional methods. As argued by Alghamdi & Bach (2014), data collection methods using modern technologies for instance mobile phones and computers are cheaper than the old methods and it is the reason why organizations prefer to use this method. Moreover, new softwares have emerged which make data collection easy (Alghamdi & Bach, 2014). Open source intelligence is one such technology which has revolutionized data collection. According to Fleisher (2008), open source intelligence processes information and does the entire task of data analysis and gives analysed data to the users. It is a common application which has been adopted by various businesses because of its simplicity and low cost. Other data collection technologies similar to this are the data mining and data warehouse which reduces the work of market researchers (Alghamdi & Bach, 2014).

Market research has improved and with the adoption of technology, large volumes of data are obtained from online and offline data collection techniques. It is therefore important that these volumes of data are analysed to make sense. Data analysis require expertise and thus new roles have been created in the marketing research aspect. New roles comprise of those who manage the online platforms such as company facebook pages, company twitter accounts and data analysis experts who specialize in specific applications for data analysis. Organizations are opting for social media platforms as their main tool of marketing research. Some organizations have even employed personnel who work 24/7 to address the needs of their clients at the same time collecting data (Kaushik, 2012). As a result, technology has diversified the field of marketing research and subsequently created new roles.

With the increasing amount of data being collected, it is crucial to have robust system to analyse the raw data obtained. Technology provides a solution to this. Technology has enhanced data analysis. New applications have been designed to analyse large volumes of data. Improved data analytical tools, organizations can be able to know the needs and feelings of their clients on their brands. A good example of this is that of O­2 a mobile communications company which employ advanced analytics to enhance client retention and loyalty (Washington, 2013). Organizations are opting for these software applications because they can handle large volumes of data which cannot be done using conventional methods. Additionally, analysis of large volumes of data enhances accuracy of research.

Conclusion

In conclusion, technology has revolutionized marketing research. Successful organizations have opted to adopt technology in their market research. ResMarket Pty will enhance its market research by adopting technology. The organization will stand to benefit from technology in the above highlighted ways. The benefits range from reduced research costs to accuracy as a result of large volumes of data analysed. Moreover, it is important for organizations to change their marketing research methodologies.

References

Smith, S. M. & Albaum, G. S. (2010). An introduction to Marketing Research. Qualtrics Survey University.

Ronald, E. G. (2004). Current and Future Trends in Marketing and the Implications for the discipline, Journal of Marketing Theory and Practice, 12(4): 10-17.

Hudson, M., (2010). Web 2.0 & Social Media; Lessons Learned IPAC June 17, 2010.

[Online] Available from:

http://www.google.ca/#hl=en&q=hudson+social+media+lessons+learned+ppt&aq=f& aqi=&aql=&oq=&gs_rfai=&fp=e152ff60f580dc26.

Alghamdi, S. & Bach, C. (2014). Technological Factors to Improve Performance of Marketing Strategy, ASEE 2014 Xone I Conference, April 3-5, 2014.

Fleisher, C. S., (2008). Using open source data in developing competitive and marketing intelligence. European Journal of Marketing, 42(7/8): 852-866.

Kaushik, R. (2012). Impact of Social Media on Marketing, IJCEM Internationals Journal of Computational Engineering & Management, 15(2): 91-95.

Washington, R. (2013). 5 Ways Technology has Changed Market Research.