Marketing Research for Today Business Environment-myassignmenthelp

Question: Discuss about theMarketing Research for Today Business Environment. Answer: Introduction: Technology provides substantial opportunities for the business professionals in almost every perspective of business ranging from market research to marketing of the organisation. One such organisation is ResMarket Pty, based in Sydney responsible for the market research activities to remain competitive in the market of operation. The process of collecting data and information of a business market in order to determine how well the particular product or service will satisfy the needs of the consumers is called market research (Patel and Haon 2014). Conducting a market research is important as it provides invaluable information about the current trends and the behaviour of the consumers. As stated by Slater et al. (2014), market research is a continuous process as it keeps monitoring the effectiveness of sales and the quality of service that the operation of the business is carried on successfully. However, market research is not an easy task and it involves lots of things. For instan ce, the data collection process becomes really difficult as well as defining the sample method or the sample size to be undertaken during the market research process. Apart from this, the most important point of consideration is the budget and timeframe that is required for carrying out the market research. Once the data is collected, analysing the same also requires good effort by checking the errors and creating the final report (Ponyter 2015). The purpose of this report is highlight the importance and use of technology in the process of market research that could be applied by ResMarket in order to enhance its business activities in its business operation. Discussion: In the view point of Ross (2016), if considered from the organisational perspective, technology has impacted the ability of collecting data from the market easily. For instance, an organisation can easily send the question or the data to be collected through emails to the target group of people and their feedback can be easily recorded. In addition to this, the advent of the social media sites like Facebook has provided better and easier way to reach out the target group of people. These are common approaches used by ResMarket for conducting market research. There are many applications that can be used for gaining information about the consumers through the social networking sites. This is definitely a unique and a cheaper way to reach out the people without considering any boundaries or distance. In this respect, Habtay and Holmn, (2014) argued that although technology has reduced the time and cost of the market survey, there still remain the question on the authenticity of the data that is collected from these sites. In order to make profit, there are many forge sites that provides the data of the market survey but not in a proper or authentic way (Ponyter 2015). In such cases, the reliability on the data comes under question. This could be one of the concerning issues for ResMarket. So it can be said that the technology has definitely carved new ways of market research but considering the reliability and the errorless output of the data, traditional form of market research can be more trustworthy. Technology has not only helped in the data collection process, but it has rightly helped in the data analysis process as well. As commented by Trainor et al. (2014), data collection is indeed a tedious work but analysing the data is equally challenging. However, there has been development of many data analysis software like MS Excel or the IBMs SPSS that has made the analysis of the data easier and more sophisticated. In fact, this software can also be used as a KPI to determine the next step that the organisation might take in order to improve the business activities of the organisation (Patel and Haon 2014). Technology has also provided the opportunity of multi-tasking that in turn has provided the opportunity where the organisation can get engaged in different activities right at the same time. For instance, the software and programing can be used to analyse the data right after collecting the same. The analytical CPO is a data driven approach that is commonly used by the organisa tions in the market research process; but still the organisations need to rely on the right course of action and a judgemental decision on the data that has been actually calculated (Slater et al. 2014). Thus, these technologies can be easily used by the ResMarket for carrying out the market research. In order to carry out the research that requires big data information and interpretation, there are solid data warehouses in many organisations that help to undertake the market research. This type of research method is mostly used by the multi-national organisations that operate over seas and whose target group of people are present globally (Nunan and Di Domenico 2013). It has to be understood that the market research is not only limited to collecting the data from the consumers or the target group of people, but it requires the information of other organisations operating in the market as well. It is important to keep a trace of these organisations in order to maintain a level of competition in the market (Ponyter 2015). In fact, it also helps the organisations to know what kind of competitive strategy they can undertake in their business (McQuarrie 2015). Technology has definitely helped to collect the information of the market from around the globe easily and in an exciting way. Comparing and contrasting the data of the organisations throughout the world has become easier. The organisation, ResMarket Pty can get a holistic view of the other organisations and how they are operating in the business market. In fact, the collected data can be creatively combined into new data that can automatically provide meaningful insights of the collected data (Ponyter 2015). These data can be used for the practical application in the business. Conclusion: With the detailed analysis, it can be easily said that technology has indeed played a significant role in the market research process right from the data collection method to analysing the same. ResMarket Pty can easily save time and money by using the different technological equipment for the sake of the market research process. However, it has also been evident that there remains doubt on the authenticity of the collected data. The advancement in the technology is a continuous process and there will be more development and better approach towards the process of market research that would benefit the organisations largely. References: Habtay, S.R. and Holmn, M., 2014. Incumbents responses to disruptive business model innovation: The moderating role of technology vs. market-driven innovation.International Journal of Entrepreneurship and Innovation Management 11,18(4), pp.289-309. McQuarrie, E.F., 2015.The market research toolbox: a concise guide for beginners. Sage Publications. Nunan, D. and Di Domenico, M., 2013. Market research the ethics of big data.International Journal of Market Research,55(4), pp.505-520. Patel, C. and Haon, C., 2014. Internally Versus Externally Developed Technology and Market Acceptance of Innovations: The Complementary Role of Branding.European Management Review,11(2), pp.173-186. Poynter, R., 2015. The utilisation of mobile technology and approaches in commercial market research.Mobile Research Methods: Opportunities and Challenges of Mobile Research Methodologies, pp.11-20. Ross, D.F., 2016.Introduction to e-supply chain management: engaging technology to build market-winning business partnerships. CRC Press. Slater, S.F., Mohr, J.J. and Sengupta, S., 2014. Radical product innovation capability: Literature review, synthesis, and illustrative research propositions.Journal of Product Innovation Management,31(3), pp.552-566. Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM.Journal of Business Research,67(6), pp.1201-1208.