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

THE IMPACT OF TECHNOLOGY ON MARKETING RESEARCH

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Technology has become indispensable for most if not all companies and businesses. Every organization is making use of technology in one way or another. Those that fail to incorporate it are at a disadvantage and may most likely fail due to competitors that are utilizing this very important resource. Technology has greatly revolutionalized business processes and most importantly marketing research. It is a very powerful tool that can be used by organizations in order to obtain competitive advantage. The contemporary world has innovative and yet robust technologies such as analytics, cloud, mobile and collaboration tools. These accelerate the evolution of process operations to a great extent and multiply the impact of operations in addressing marketing research issues faced by marketing research firms (Chakrapani, 2000). ResMarket Pty Limited cannot afford to miss the numerous advantages that come with adopting new technologies that would enhance their clients’ marketing research activities in a world where there is a lot of competition and performance is the motto. Competitors are making their presence felt everywhere with the support of information technologies. In order to provide relevant and comprehensive information, the gathering of information in marketing research must be systematic and objective which will be of great help in the making of decisions by the firm (Blankenship, Breen & Dutka, 1998). This can only be achieved by using up to date technologies.

The use of new technologies has many positive impacts on marketing research in the modern-day world. The current business environment is very complex and no manager in their normal senses would want to risk making important decisions without gathering and securing enough information where all pieces of information are relevant (Burns, Veeck, & Bush, 2017). Information technology supports all the activities that involve the gathering, storage, creation, manipulation and sharing of information in addition to their related methods, application and management (Hilton & Jacobs, 2000). The current developments in technology will definitely bring about rapid developments and change in marketing research. Information is the backbone of any marketing research firm. It is very essential and crucial to the survival and growth of any organization. Information in marketing acts as both a channel and a catalyst with which a firm’s services, ideas and products are able to reach the intended destination.

Information technology and the internet have become potent tools for marketing research most especially in the release of their functions of research (Hilton & Jacobs, 2000). It is therefore almost impossible to see marketing researchers having no or limited access to the existing global information network. The globalization of information has been of great advantage to the efforts of research in the world of marketing research. The research processes are no longer as tedious as they used to be several decades ago when they were entirely dependent on hard copies. It is now possible for marketing researchers to access numerous amounts of information on the internet including journals, world public libraries, electronic books and abstracts among others. Information technology is now a global trend and marketing researchers across the globe can now take part in research projects without being present physically or any physical contact.

With the development of information technology in Australia, telecommunications and computer technologies would allow firms to better serve their customers in numerous ways like online shopping especially with the introduction of the internet as a source of information technology to immensely assist in marketing research (Hilton & Jacobs, 2000). Marketing information technology has greatly improved the development of marketing research in order to be at par with the ever changing consumer practices. A marketing research firm that declines to cope with these challenges may fail since acquiring and sharing information through technology is the main stricture for success in the market place.

The world is developing towards telecomputing and marketers have to follow suit which could perhaps be one of the biggest marketing challenges. Computers are fast and accurate systems used to manipulate symbols and data which are organized to take in, store and process data to produce information when given particular instructions (Hilton & Jacobs, 2000). The development of new technologies such as the internet and computers are definite game changers in the marketing research world on an international level. Marketing research is the objective and systematic search for relevant information and its analysis in order to identify marketing issues and their solutions. This can only be done accurately and comprehensively with the use of technologies like marketing information systems. This means that marketing research largely depends on information technology which assists the decision makers in solving problems regarding marketing. Technologies ensure the rapid, accurate and continuous flow of data and information which is critical for any marketing research organization. This saves on time, labour and operational costs. Technology has aided the development of relationship marketing which in turn improves the relationship between the consumer and the company making it different from the traditional marketing research methods. New marketing research strategies aided by new technologies are centred on relationship marketing in order to attract and retain customers by meeting their needs and overcoming issues that may come up in the process making new technologies essential for any research firm.

Technologies play a very crucial role in carrying out successful marketing research. Marketing researchers encounter problems in the process of carrying out research and they should therefore be provided with the latest technologies in order to ensure they get the most possible accurate, relevant and valid outcomes. New technologies play an important role in marketing research. Research firms should have information technology services in order to formulate policies that meet the marketing research needs. These technologies assist marketing researchers by allowing them use innovative tools and methods such as the internet, computer networks, online marketing research, Virtual Private Networks and Information technology parks among others. It is quite clear that the world has evolved to a great extent and almost all market researchers are realizing the advantages of new technologies in research. If the management of ResMarket Pty Limited do not take advantage of the same, they risk failure due to the competitive world in marketing research. Innovative and up to date technologies are clearly very important aspects of any form of business as almost all processes are becoming automated.

Reference List

Blankenship, A. B., Breen, G. E., & Dutka, A. F. (1998). State of the art marketing research. (2^nd Edn). Lincolnwood: NTC Business Books.

Burns, A. C., Veeck, A., & Bush, R. F. (2017). Marketing research. Journal of Marketing Research, 62(1), pp 39-72.

Chakrapani, C. (2000). Marketing research: state-of-the-art perspectives : handbook of the American Marketing Association & Professional Marketing Research Society. (1^st Edn). Chicago: American Marketing Association.

Hilton, P. D., & Jacobs, P. F. (2000). Rapid tooling: technologies and industrial applications. (3^rd Edn). New York: Marcel Dekker.