Advantages Of Using Technology In Marketing Research †Free Samples

Question: Discuss about the Advantages Of Using Technology In Marketing Research. Answer: Introduction The current report will discuss upon the advantages of using technology in marketing research in the modern business environment. The result of this report will help the ResMarket Pty Company which is a Sydney based marketing research firm, evaluate the importance of implementing technology in their marketing research activities. Currently there are many internal stakeholders within the company, who are complaining about the high cost that are involved in the process of implementing Technology in marketing research work. Nevertheless it is important for them to understand the significant facts that are associated with technology involvement in marketing research. This can help the company to provide better marketing research result by accurate data processing and analysis. Advanced marketing research method with application of Technology It is important for all business firms to conduct extensive marketing research that is an essential part of implementing business plan by understanding the external market environment. In this context, the marketing research firms need to rely upon the latest technology in order to provide better and accurate research result. The defining of the research problem in marketing research is a primary task that can help the investigators to focus on certain issues (Winer and Neslin 2014). Implication of Technology has also helped in improving the Research Design that is currently used in all marketing research. Huang et al. (2016), have mentioned that Data Collection process is an important step that has it been developed with the help of technology in marketing research. It is essential for the market researchers to avail huge amount of data in order to provide more accurate research result. Currently, the online surveys are believed to be one of the most effective and popular ways of Data Collection process in marketing research activities. Mittelstaedt et al. (2015), have mentioned that the major advantages of online surveys are that it enables the market investigators to collect data from huge group of audience. Time factor is also one of the major positive sides. In Manual method of Data Collection, it is also one of the challenging tasks for surveyors to properly arrange and store the data for future purposes. Social media platform is one of the popular destinations for market researchers to collect data from online survey. This allows opportunity for several participants to easily express their opinion in a market research survey. High level of accuracy can also be easily obtained with the help of online data collection process. There is also negligible risk of error involved in this overall process as the entire method is automated (Henseler et al. 2016). Advanced level of Data Analysis Norman and Verganti (2014), have mentioned about the importance of data analysis software that are currently used by major market researchers in order to provide maximum accurate and precise result. Few of the major data analysis software that is used in this regard include SPSS and Stata. This commercial data analysis software can be used in both quantitative and qualitative form of data analysis. It can also neutralize the challenges that are involved in marketing research data analysis activities. It is very common for marketing researchers to face issues due to complexity of statistical analysis that are involved in analysing the market research activities. There is also the challenge of managing huge bulk data that is an essential part of marketing research. With the application of the data analysis software it is possible to reduce the errors that are involved in manual data processing method. The result of the data analysis and data collection can also be stored in digital pla tforms that can be used for future purposes. Neuhofer et al. (2014), have highlighted it up on the importance of transcription analysis, which helps the researchers to properly identify the importance of data collected from interview of several marketing managers. There is also the method of interpretation and coding that can help to highlight upon the important points that are collected from marketing research. The advanced level of Searching tool that is an essential part of data analysis software can help the market researchers to search for particular information from huge databases, where all relevant information are stored. In manual process there is also the risk of fake or false information that are being applied in marketing research. Nevertheless, with the help of the latest software in data analysis easily possible to eliminate all the fake information that can compromise upon the overall research quality. Opportunity for new job roles As the latest marketing research process is totally dependent upon software and digital technology, it is important for marketing research firms to hire software experts and engineers, who can help in all essential steps of marketing research. This can be regarded as also one of the positive impact of technology implication in marketing research as it can help to create new job opportunities in the respective domain (Babin and Zikmund 2015). Conclusion and Recommendations: Concluding note it can be said that in spite of high level of expense that are involved in implication of Technology in marketing research, the better accurate result that can be obtained will help all marketing research firms like ResMarket Pty to make high level of profit. It is also important to mention that in long run process implication of Technology can ultimately regarded as a budget-friendly method of conducting market research. For example, the online survey method can be regarded as one of the best example, where implication of Technology can help to save money for the marketing research firm. In the current day business environment, it is important for all marketing research firms like ResMarket Pty to have the latest and updated information as the demand of the customers and market scenario are rapidly evolving. Hence, in order to stay ahead in the stuff competition, it is important for the marketing research firms to set up the infrastructure for technology implication. It is also essential for the companies to hire skilled software experts, who can make best use of the technology and thereby help to produce better marketing research result. References Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning. Henseler, J., Hubona, G. and Ray, P.A., 2016. Using PLS path modeling in new technology research: updated guidelines. Industrial management data systems, 116(1), pp.2-20. Huang, Y.C., Backman, K.F., Backman, S.J. and Chang, L.L., 2016. Exploring the implications of virtual reality technology in tourism marketing: An integrated research framework. International Journal of Tourism Research, 18(2), pp.116-128. Mittelstaedt, J.D., Kilbourne, W.E. and Shultz, C.J., 2015. Macromarketing approaches to thought development in positive marketing: Two perspectives on a research agenda for positive marketing scholars. Journal of Business Research, 68(12), pp.2513-2516. Neuhofer, B., Buhalis, D. and Ladkin, A., 2014. A typology of technology?enhanced tourism experiences. International Journal of Tourism Research, 16(4), pp.340-350. Norman, D.A. and Verganti, R., 2014. Incremental and radical innovation: Design research vs. technology and meaning change. Design issues, 30(1), pp.78-96. Winer, R.S. and Neslin, S.A. eds., 2014. The history of marketing science (Vol. 17). World Scientific.