Report Would Demonstrate Fact That Online †Myassignmenthelp.Com

Question: Explain Report Would Demonstrate Fact That Online? Answer: Introduction The technology has impacted a major way business operate in this modern competitive world (Deresky 2017). The market research is some important criteria in marketing job component. It is important for knowing the strengths as well as weakness of the competitors and to stay ahead of the stiff competition. The technological advancements have become more agile and efficient so that the organizations can successfully make their position in the market (Deresky 2017). The technology is responsible for providing innumerable opportunities for the modern-day businesses and for making meaningful uses of the business intelligence. This report is aimed at the senior management to show the The impact of technology on the marketing research in todays business environment. Discussion The technology component has made the market research task much easier. The online market research is a boon to the marketing professionals and they have changed the businesses operate in modern professional sphere (Kaufman and Horton 2014). ResMarket Pty would have significant advantages if the company engages in the incorporation of technological advancements in the market research function (Deresky 2017). The company can adopt a frictionless market research tool which would help them to engage all their respondents and give real insights about the market. The following are the key benefits that would be derived from the implementation of technological features in the market research- High quality and reliable data The company would be able to collect high quality of data by recording the actual responses of the employees. The technology platforms enable the cheaters that provide corrupt data and helps gather only authentic data. This type of online market research helps in gathering of statistically reliable data which has been collected with the help of quantitative research (Gray 2016). The company can trust these data and can design their marketing programs accordingly. Improved data collection The time taken by online market research tools is relatively less and these tools have the capability to constant streaming of new data (Deresky 2017). The online tools are far ahead of the traditional data collection tools such as interviews, surveys and focus groups (Nunan and Di Domenico 2013). They are able to measure the quick feedback data and they are able to incorporate them to the company information system too. Social media monitoring The new technological component of market research would be successful in tapping the huge potential of social media websites (Gray 2016). The social media have the capability to generate unfiltered feedback, which would help the company to know the actual viewpoints of the customers (Gray 2016). They would also be able to know the feedbacks of the products or services that are launched in market. The company can get to know many unsaid things about the target market from the social media data. Understand customer better The internet has made it possible to have better communication mechanisms with the customers as well as understand their requirements (Gray 2016). The company can use a variety of mobile devices and web mechanisms to extract the customers data. This raw data can be used to understand the requirements of the customers in a better way. The customer requirement can be used to make better products and better services, which would be favorable to the target markets. The digital platform would help the company to connect with the consumers every time with various devices, channels and all kinds of touchpoints (Gray 2016). Interact with people in diverse geographical territories Internet has made it possible to interact with a large number of audience who are located in diverse geographical domains. ResMarket Pty is located at Sydney but it can interact with a large number of customers across the world, which can be profitable for the research (Gray 2016). The company can engage in data collection from the customers located in Middle East and South Asian countries also. Confidential data protection The online data of the market research is secure with the online tools. There is higher encryption of the collected data and they can be protected by passwords as well as other forms of security (Nunan and Di Domenico 2013). The market research data can be put in separate folders and they can be password protected in order to prevent the intruders from accessing them (Nunan and Di Domenico 2013). It also protects the data from malware, phishing attempts and third-party intrusion. This makes the online software a convenient and safe option for market research purposes. Improved analysis of data The online data analysis is much improved and more sophisticated (Taylor, Schroeder and Meyer 2014). There is better data analytics which involves advanced methods. This would help in the improvement of the long-term loyalty and more customer retention. There would be well defined key performance indicators for the advanced data systems (Nunan and Di Domenico 2013). This would help in better customer relationship management as there would be far more data analytics. Conclusion The report shows that the online intervention in market research would be highly beneficial for the firm. It would not only improve the brand image of the firm but it would also help in greater revenue generation of the company. It may be so that the company incurs high cost from the marketing research online implementation but there are greater benefits from the same. There are several benefits of the technology process in market research, which makes it a viable option. The company should go ahead in implementing the technological process in market research. References Deresky, H., 2017.International management: Managing across borders and cultures. Pearson Education India. Gray, S., 2016. The Changing World of Destination Market Research: A Comparison of Methods Utilized in Driving Traffic to an Online Survey. Kaufman, I. and Horton, C., 2014.Digital marketing: Integrating strategy and tactics with values, a guidebook for executives, managers, and students. Routledge. Nunan, D. and Di Domenico, M., 2013. Market research the ethics of big data.International Journal of Market Research,55(4), pp.505-520. Taylor, L., Schroeder, R. and Meyer, E., 2014. Emerging practices and perspectives on Big Data analysis in economics: Bigger and better or more of the same?.Big Data Society,1(2), p.2053951714536877