Business Management and Impact of Technology on Marketing Research

Question: Discuss about the Business Management and Impact of Technology. Answer: Introduction Marketing research firms are providing quality services to their clients with a motive to enhance the performance and chances of growth and success. The motive behind conductingmarketing research activities is to analyse the various opportunities available to the business and potential threats which can harm the interest of the business. Technological advancements are being used for enhancing the quality of the marketing research activities. The focus on the marketing research firms is on using innovative technologies for conducting the research activities. Technology has played a vital role in improving the effectiveness of the research activities. ResMarket Pty is providing marketing research activities to its client and analysing the technologies for enhancing the research activities. This report has explained the role played by technology for marketing research firms, different innovative technologies available and advantages associated with these innovative technologies. Impact of technology on marketing research of the business environment There are various factors present in the dynamic business environment which affects the technology used as well as the manner in which operations of a company are carried out. The motive behind conducting marketing research activities is to develop an understanding of the customers, competitors and effectiveness of the company in coping with the requirements. Different types of marketing research activities are carried out by different companies with a motive to monitor the customers and markets, providing support to the strategy development, tracking the behaviour of the product usage, analysis of the business problems and measurement of the attitude, awareness and reputation of the company (Hajli, 2013). ResMarket Pty is operating with a motive to provide high-quality marketing research services to its clients. For fulfilling this objective, it is using innovative technologies. Technological changes have resulted in a change in the technologies used for the marketing research activ ities. Innovative technologies have helped in analysing the market in a better manner and ensure the chances of success of the business. ResMarket Pty is planning to adopt new and innovative technologies for improving the services offered (Smith Albaum, 2010). Innovative Technologies There are different innovative technologies which are being used by marketing research firms for providing better services to their customers. These innovative technologies are analysed for analysing the advantages of these technologies and effectiveness in meeting the expectations of the clients. Different innovative technologies which ResMarket Pty can adopt are discussed below: Data analytics: this technology is a process which helps in the examination of the set of data so as to conclude the facts present in the information. This information will help the clients of ResMarket Pty in making decisions in a better manner by analysing the collected and examined information. This collected and examined information will enhance the effectiveness of the operations of clients business (Lo, 2016). Customer relationship management: this technology helps in focusing on the customers in a better manner by using different strategies and approaches. This technology is used for identification of the customers properly. Virtual reality research tool: this technology has provided new opportunities to the business for analysing the market and gaining a better knowledge of the targeted customers. Virtual reality marketing research tool can help in eliminating the additional cost, ensures better control, collecting a large amount of information and enhancing the efficiency (Fariborzi Zahedifard, 2012). Marketing automation: this technology has been designed with a motive to measure the market and workflow which contributes towards growth and profitability. It has acted as a central marketing database, analytic engine and engaging marketing engine. Social media: this technology helps in collection of information or data in a faster and better manner. Social media platforms are used for monitoring, analysis and engagement of the customers (Shaqiri, 2015). Search engine marketing: this technology is a type of internet marketing which helps in the promotion of the various websites by making the visibility of the business in the search engine (Krasnikov Jayachandran, 2008). Advantages of these innovative technologies There are various advantages of innovative technologies which will help ResMarket Pty in improving its performance. These innovative technologies will provide cost and time advantage to ResMarket Pty as these technologies provide faster results. These technologies provide better opportunities to utilise the platforms available as well as enhance the reputation of the company in the market (Salai Ã… ½nideri?, 2011). Companies engage in marketing research technologies with a motive to analyse and monitor the trends of the market and these technologies are helpful in catering the needs of the business. These technologies act as a medium which communicates with the customers in a better manner. The analysis must be done of the issues or problems present in the business environment and it can be done with the help of innovative technologies. ResMarket Pty can use these technologies for ensuring that proper measures are adopted for coping with the needs of the business (Attih Adams, 2014 ). Conclusion Thus, it can be concluded from the above discussion that use of innovative technologies has contributed towards the enhanced quality of the services offered by marketing research firms. It is vital for the marketing research firms to use innovative technologies for gaining a competitive advantage over the others in the industry. Technology is acting as a driving force which guides the company towards growth. Different technologies have been discussed in this report which can be adopted by ResMarket Pty for providing better services. It has also discussed the advantages of using innovative technologies for marketing research firms to the firm as well as to its clients. References Attih, O. B. Adams, D. A., 2014, The Role Of Information Technology In Marketing Research In Nigeria, Scientific Research Journal (SCIRJ), Volume 2, Issue 7. Fariborzi, E. Zahedifard, M., 2012, E-mail Marketing: Advantages, Disadvantages and Improving Techniques, International Journal of e-Education, e-Business, e-Management and e-Learning, Vol. 2, No. 3. Hajli, M. N., 2013, A study of the impact of social media on consumers, International Journal of Market Research, Vol. 56, Issue 3. Krasnikov, A. Jayachandran, S., 2008, The Relative Impact of Marketing, Research-and-Development, and Operations Capabilities on Firm Performance, Journal of Marketing, Vol. 72, No. 4, pp. 1-11. Lo, S. H., 2016, The Impact Of Big Data And Technology On The Market Research Industry: Where Are We At?, Accent. Salai, S. Ã… ½nideri?, R. K., 2011, Marketing Research in the Contemporary Consumer Environment, Management Information Systems, Vol. 6. Shaqiri, A. B., 2015, Impact of Information Technology and Internet in Businesses, Academic Journal of Business, Administration, Law and Social Sciences, Vol. 1, No 1. Smith, S. M. Albaum, G. S., 2010, An Introduction to Marketing Research, Qualtrics Survey University.