Impact of Technology on Market Research †MyAssignmenthelp.com

Question: Discuss about the Impact of Technology on Market Research. Answer: Introduction There has been a significant impact of technology in the field of marketing along with every other discipline in the business. The impacts of technology in the marketing sector are diverse. Organizations are given the task of managing more of marketing options than before and the consumers have been integrated more with the marketing information than it had been in the past (Babin and Zikmund 2015). As per the perception of the organization, the technology has a great impact on the ability of collecting and organizing the data relating to marketing, developing a process of different types and formatting the advertising assets. Organizations have data, marketing formats and various online places for communicating with the customers. When a marketer considers the impact of technology, the thing, which is most important, is to maintain a full scope for the relevant options and various channels, which can be used to communicate with the prevalent consumers. Marketing has increasingly int egrated into everyones life if we see from the consumers perception. Consumers are having a great impact from the privacy point of view because of the amount of information available from various social networks (Johnston and Marshall 2016). For both the organization and the consumers, the most important takeaway would be the way big data, the diverged distribution opportunities, the way the products and the consumers are combined. Role of marketing As we have seen that the main objective of the marketing efforts of the organization is developing satisfying relationships with the customers that will ensure benefits for both the organization and the customers. At the organizational level, marketing has been regarded as the most important vital function, which is necessary for all the industries whether the organization is earning profit, or not (Jayawarna 2014).For the organizations who are making profits, marketing is important for bringing revenue and bring profits for the organization. In case of the non-profit organizations, marketing is important for earning profits like raising donations or for supporting the cause. It is unlikely for both the organizations to survive in the absence of a strong marketing effort. Marketing is also regarded as the organizational business area, which frequently communicates with the public, and subsequently what the public knows about an organization is determined by interacting with the marke ters (Malhotra, Birks and Wills 2013). There are various benefits which marketing offers to the society, which includes: Development of products that would satisfy the needs of the people and products that would raise the standard of living of the people. Competitive environment helps to keep the price of the products low. Development of products distribution systems that provides access to products for a large number of customers prevailing in different geographical areas. Increase in demand for the products in the organization would be require expanding labour force. Techniques having the ability to transmit the messages that will change the social behavior in a positive way. Impact of technology on market research One of the most powerful tool for the market research is social media. On contrary keeping a good track record is next to impossible this is due to the availability of number of users online. The number of people who are online is considered positive but gathering of data can be treated as burdensome. Social media has been considered as the most important observational researches (Hajli 2014). Internet and the other technology advances will have great impact on the marketing research. The lifecycles of the product and the consumers are changing rapidly and it is mainly because of technology and internet. The amount of data being gathered has also being increased greatly. How a marketing research firm will benefit by adopting new technologies Technology helps in innovating the business and promoting growth. the facility management organizations tend to be wearying new technologies, take risks and implement solutions. Adaptation of new technology is one of the ways for driving growth and profitability and it can even make the business better. With advancing data analytics and the business management system it helps the industries in cutting the costs down and gaining a competitive edge. It is even crucial for the business leader and the technology partners to work as per the strategy prepared. Innovative technologies can help in cost reduction and lower barriers to entry (Grint and Woolgar 2013). Technologies involved here would include mobile applications, cloud, business intelligence platforms and applications. It is important that the new technologies are such that it provides improvement in the business outcomes. Thereby, while considering the emerging technologies the organization should consider the business position with regards to the involved risks and the rewards. The rewards should be significant. By using early adaptors, the organization can determine the possible rewards. Adaptation of the innovative technologies means that the organization has time to learn how to operate the technology in the best possible way by claiming the market share and take into consideration whether to go ahead or not. By successfully implementing, the right technology stakeholders can deliver business performance benefits up to the bottom line. For enabling the management, organization to operate effectively the new technology should be in place. New technologies will increase the productivity and improve the efficiency. Technology has opened various options which making the world a much smaller place. Being a researcher, technology is capable of accessing the respondents globally and processes the insights and peek inside the life of the respondents in real time whenever and wherever they happen to be (Clarkson 2014). Technological advances in the marketing sector involve the integration of multiple data sources, giving a holistic view of a person. Technology enables the integration of the collection of data and helps the business in producing some meaningful insights. Conclusion Todays business systems should be such that it should reach each organization so that the contrasting information can be integrated in a more meaningful way. They should have the capability of coping up with the complexity related to the scattered technologies and an enterprise information base. Quick development of applications would go without saying anything and the applications should be designed in such a way that it embraces constant change. The business system should be a knowledge-based system and it is important for the research reports to specify the alternative courses of actions and the probability of success wherever possible from these alternatives. References Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning. Christensen, C.M., 2013. The innovator's dilemma: when new technologies cause great firms to fail. Harvard Business Review Press. Clarkson, P.H., Accenture Global Services Gmbh, 2014. Technology benefits realization for public sector. U.S. Patent 8,655,710. Grint, K. and Woolgar, S., 2013. The machine at work: Technology, work and organization. John Wiley Sons. Hajli, M.N., 2014. A study of the impact of social media on consumers. International Journal of Market Research, 56(3), pp.387-404. Jayawarna, D., Jones, O., Lam, W. and Phua, S., 2014. The performance of entrepreneurial ventures: Examining the role of marketing practices. Journal of Small Business and Enterprise Development, 21(4), pp.565-587. Johnston, M.W. and Marshall, G.W., 2016. Sales force management: Leadership, innovation, technology. Routledge. Malhotra, N.K., Birks, D.F. and Wills, P., 2013. Essentials of marketing research. Pearson.