Impact of technologies on market research
Businesses are involved in operating the activities with the help of latest technologies. It has been analyzed that new technologies helps to maintain flexibility and globalization. Technology has brought drastic change in the market and also changed the way of working of the business. Without technology, the companies are unable to achieve their targets in an effective manner. To compete in the market it has been examined that technologies are considered by the companies so that work can be completed in less time. Marketing is also important in the business environment and also it is important for the companies in Australia to have proper market research.
Digital platform offers an excellent platform which can help to conduct the market research in a proper manner. Technology has a direct impact on the primary activities of the company and also it helps the organization to focus on proper communication process. Data Analytics tools are also considered in considering proper market research. These tools can help to analyze the marketing scenario and can give direction to the companies to achieve success. In the present scenario, there are many new data analytics software that have been considered and also it is necessary for the market research organizations and for their customers (McQuarrie, 2015).
JWS is a market research organization situated in Australia with the client base includes ACT government, Cancer institute NSW and also Gold coast airport. In the report, the discussion will be made on the impact of technology on the market research as well as the methods in which technology will be considered. It also offers the advantages to the companies at the time of implementing it.
With the use of latest technologies, there are many companies who have shifted their activities by considering various digital platforms. It focuses on the need of the units as what should be adopted by them so that operations can be completed. In context to marketing unit, the essential part is considered by data analytics. This is because of the information which is gathered from various sources by the department of marketing. It helps in doing market research and also helps in enhancing the overall effectiveness (Babin and Zikmund, 2015).
For instance: Earlier, it was seen that information which are collected from different sources where analyzed on the manual basis. This was considered as a complex process and there were chances of more errors. But if latest digital tools are considered then it can be simple to reduce the errors and also it gives positive impact on the overall working patter of the company. The impact can also been seen on the process of decision making of the companies as through this it can be simple to consider decisions which are beneficial.
Technologies to develop the market strategies
In the recent era, the demands can be easily considered of the market and the latest technologies can also help the company to analyze the overall demand. This has enhanced the overall performance and also proper utilization of the resources has taken place. This has also given impact on the overall outcome of the company that should be achieved in long and short term (Shen et al., 2014).
Technology has also given impact on the overall performance of the people. With the help of the technology individuals can easily complete their task or activities. For minimizing, the affect it is important to give training related to the technology. The employees should have proper knowledge that how to use the technology so that growth can be achieved. If the employees know how to use the technologies then it can be simple for them to accomplish goals and objectives. Also in the present scenario, the information is increasing and it is giving impact on the performance of the company. Data analytics has influenced the overall management of the customers. This can be evaluated that companies are focusing on collecting the information in various forms and also offer facilities to the customers in the customized form (Yadav and Pavlou, 2014).
The impact can also been seen on the overall customers relation. The affect is seen on the overall customer relationship management which is important for the company for long time. Technology has also empowered various companies like JWS to have focus on different units so that performance can be analyzed of each unit in an effective manner. Also the supplier’s performance can be measured by considering the overall performance in the market.
In the present scenario, the use of internet and World Wide Web has improvised the overall operations of the business. It can be analyzed that with the help of this the cost has been reduced and also the marketers can easily get information. The market research has been improved with the help of methods like email, electronic and also network personal interviews. The information can also be collected and gathered easily. The methods like social media and websites are beneficial for the company as it is less costly and also gathered accurate information which can be beneficial for the company (Miller and Skinner, 2015).
It has been examined hat company requires proper information of the demand of the customers. So, data management assists in managing the data which can help the business to sustain in the competitive market. The marketers can also emphasize on the proper factors related to marketing which also maintain proper relations with the customers. It not only maintains the relation with the customers but also maintain the goodwill of the company in the market. Nowadays, social media is considered as a platform that can help the company to manage the entire operations of the company.
Latest technologies in context to market research
With the help of new technologies it has been seen that companies can easily focus on marketing research. It has been investigated that one of the effective technology is data analytics software. It is software which assists in gathering, evaluating and recovery of information. Also this software helps in gathering the information in a form that it can be simple to retrieve and also the queries of the people can be resolved easily. The next technology is use of Artificial Intelligence in the company. This assists the company in considering the decisions without the involvement of the people. It has been examined that by considering AI it can be simple to make decisions that focus on the facts and minimize the chance of the mistakes. If the company has more information than effective decisions can be considered by the AI. The next technology is related with predictive analytics that can assist research companies. This is because businesses have uncertainties in context to the changes that place in the business environment. Predictive analytics can assist the companies in evaluating the changing nature of the business. It has been seen that in the coming months the needs of the resources will be enhanced and this is important for the company to be ready so that operations can take place in the right direction. The information related to resources is important to be considered as the level of competition is high in the business world (Schmidt, 2016).
It has also been investigated that internet mobile technologies have enhanced the interaction between the individual. The interaction between the people has also given impact on the entire activities of the company. It is important for the companies to consider proper use of the technologies (Baptista and Oliveira, 2015). The influence of technology has also lead to planning which enhances the experience of the customers. Also, the shared technology is considered by the customers to maintain the connection with the manufacturers in their websites related to social media. With the help of social sites the relation and conversation can be done which give impact on the overall sales of the company (Lemon and Verhoef, 2016).
The policies related to market focuses on interactive technologies because there are various customers’ specifically young people who consider advertisements to know about the products and services introduced by the company. People are now days focused towards using the latest platform like social sites which has enhanced the overall knowledge of the customers. When customers get knowledge then it is important for the companies to consider latest technologies so that customer’s satisfaction can be enhanced (Hew et al., 2015).
In context to market research it has been seen that there many advantages related to the new technologies. One of the benefits related with the latest technology is that market research can be done in an effective manner. The information can be gathered from various sources like social media and websites and it can be simple for the companies to manage the activities in a smooth manner. It has been seen that entire information can be maintained with the help of the latest technologies and also through this the companies can operate easily. By focusing on the latest technologies it has been seen that organizational decisions can be taken in a correct manner. In context to JWS it has been examined that clients are from various sectors related to government and health. In this case the requirement of information should be accurate so that customers can be served in a proper manner. Also by focusing on the latest technologies the company can minimize the overall market research cost which is considered as a profit for the companies (Wirtz et al., 2016).
Also with the latest technologies the company can easily gather the data and there is no need to go to the customers on their homes to gather the data. Technologies help to gather the information in a right manner which also saves the overall time and cost of the company. When information is gathered with the help of the technologies then company will also need fewer employees to work which will again saves the expenditure of the company. Therefore, it has been investigated that new technologies assist the company to manage the entire operation of the company in proper manner (Williams, Rana and Dwivedi, 2015).
Conclusion
By analyzing the report, it has been concluded that technology has given positive impact on the research companies like JWS. With the help of latest technologies it can be simple to conduct market research. There are various new technologies like predictive analysis, artificial intelligence and data analytics. These technologies help in minimizing the overall individual efforts which impacts the overall goals and objectives of the company. With the help of technologies the entire cost of marketing research is also reduced as it can be done by focusing on social sites and websites.
Technology also assists in minimizing the overall errors that take place in the market research due to difficulty of the information. Therefore to bring improvisation in the market research of JWS it can be recommended that company should focus on considering latest technologies. It is beneficial for the company to consider these technologies as it lead to satisfaction level of the customers. The satisfaction level of the customers can be enhanced if company focuses on the latest technologies as direct impact will be seen on the experience level. Social media also provide relevant information, so company should offer accurate data so that customers can be aware.
Therefore, it can be stated that the technologies has given impact on the marketing research in the present business environment. So, it is important for the company to consider these technologies so that decisions can be made in a proper manner which can help to grow in the competitive market.
References
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Baptista, G. and Oliveira, T., 2015. Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50, pp.418-430.
Hew, J.J., Lee, V.H., Ooi, K.B. and Wei, J., 2015. What catalyses mobile apps usage intention: an empirical analysis. Industrial Management & Data Systems, 115(7), pp.1269-1291.
Lemon, K.N. and Verhoef, P.C., 2016. Understanding customer experience throughout the customer journey. Journal of Marketing, 80(6), pp.69-96.
McQuarrie, E.F., 2015. The market research toolbox: a concise guide for beginners. Sage Publications.
Miller, G.S. and Skinner, D.J., 2015. The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research, 53(2), pp.221-239.
Schmidt,S,, 2016. How Technology Is Changing Market Research. [Online] Available at: https://blog.marketresearch.com/how-technology-is-changing-market-research [Accessed on 28th august 2018]
Shen, B., Ghatikar, G., Lei, Z., Li, J., Wikler, G. and Martin, P., 2014. The role of regulatory reforms, market changes, and technology development to make demand response a viable resource in meeting energy challenges. Applied Energy, 130, pp.814-823.
Williams, M.D., Rana, N.P. and Dwivedi, Y.K., 2015. The unified theory of acceptance and use of technology (UTAUT): a literature review. Journal of Enterprise Information Management, 28(3), pp.443-488.
Wirtz, B.W., Pistoia, A., Ullrich, S. and Göttel, V., 2016. Business models: Origin, development and future research perspectives. Long range planning, 49(1), pp.36-54.
Yadav, M.S. and Pavlou, P.A., 2014. Marketing in computer-mediated environments: Research synthesis and new directions. Journal of Marketing, 78(1), pp.20-40
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