Marketing Research In Business Environment â€Myassignmenthelp.Com

Question: Discuss About The Marketing Research In Business Environment? Answer: Introduction The technological development has transformed the business environment much drastically. In todays world, the business marketers are much fond of developing the business tactics to gather more customer support and strengthen the competitive edge (Trainor et al. 2014). The adoption of the advanced technologies is one of those suitable strategies that help the companies to gain the competitive advantage. The use of the different wearable and mobile technologies has changed the methods of collecting data. The Big data implementation has contributed to the market research field by gathering the unique types of data. The bigger influence on the traditional marketing has ensured the considerable growth in the market research field. The technological development has created numerous impacts on todays business world (Norman and Verganti 2014). The study would explore the case scenario of ResMarket Pty, the market research firm in Sydney. The company has decided to develop the technological a ctivities to enhance the market knowledge much significantly. It would be much helpful in drawing the attention of the potential clients for securing the competitive edge in this business market. Due to the high costs of the technologies, the company is much skeptical about the future development. Therefore, the study would present the extensive research on the impact of technologies on the marketing research process. Background ResMarket Pty is the market research company based in Sydney. The company gathers the relevant business data and the information of the clients to deliver the high quality products or services. The management identifies that development of new technologies would be much beneficial in gathering extensive research data whereas the market positioning would also be strengthened. However, the high costs of these technologies are the major determinants for creating the skeptical scenario for the company. However, it is even necessary to utilize the advantages of the technological development in the business world (Norman and Verganti 2014). The further study would present the impacts of technologies to eliminate the skeptical behaviour of the company. Changes brought to the marketing research by technological improvement In current time, the business functionalities have undergone a drastic change. Starting from checking e-mails to editing the relevant business presentation, the technological impacts have become much remarkable. According to Salojrvi et al. (2015), the technological changes have been transforming the business world into more efficient and agile. Especially, in terms of market research process, the contribution of the technological assessment is much commendable. The emergence of the Big Data has transformed the way of gathering information. The suitable technologies have been much helpful in carving out new opportunities. On the contrary, it is also much helpful in identifying the underlying pitfalls for obtaining the business intelligence (Norman and Verganti 2014). The following aspects are much influenced by the technological development process. Emergence of Social Media The emergence of the social media platforms like LinkedIn, Twitter, Google+, and Facebook has been expanding the competitive landscape of the market research. The innovative skills of social media are helping the business marketers to yield the unfiltered feedbacks (Chen, Chen and Zhou 2014). In fact, these platforms are much useful to promote brand awareness and establish the reputed position. Moreover, it has improved the establishment of the networks between the people worldwide. Therefore, the business marketers can easily get access to the feedback shared by the target customers. Improvements of the data collection process The continuous development of the new software to collect data is much appreciated. The development of the technologies improved the more relevant method of collecting data rather than using the traditional methods, such as survey, focus group, and interview process (Lucas Jr et al. 2013). The business marketers are able to focus on more targeted group due to the availability of the access to the customers feedback. Enhancements of the data analysis The increasing level of the data streams is enhancing the capability of the data analysis process. The technological development has made the method of analyzing the data in a most appropriate and accurate way. Currie and Seddon (2017) implied that the technological advancements are leading towards more sophistication. For example, many of the organisations use the advanced analytics for retaining the people and improving the loyalty for a longer time. The clear measurement of KPIs is also identified due to the technological advancements. Improvement of the Communication It is notable that the technological improvements have transformed the communicational process in business scenario. The market researchers need to communicate with the business clients more specifically for understanding their demands and requirements. The improvement in the technological tools has increased the communicational transparency due to which they can easily connect with people worldwide (Lichtenthaler and Lichtenthaler 2016). The responses derived from the clients help in understanding the business requirement for the long run. The establishment of the communication transparency is much necessary to gather trust and sustain the business for the longer time. Therefore, the selection of the suitable technological tools is much essential for the business (Norman and Verganti 2014). The measurement and monitoring of these technologies would determine the continuous quality development. Moreover, the technological development has been reducing the time and effort and making t he on time management of the business functionalities. Impact of Big Data on Market Research The technological advancements and the emergence of Big Data have been ensuring the new possibilities across the traditional method of the qualitative-quantitative spectrum. The current market research depends on the unique sample sizes and Big Data has facilitated this concern. Collection of the sample through Big Data is unique and gathered from different sources. It is necessary to mention that the technological advancements have enabled new methodologies through wearable and mobile data collection process (Slater, Mohr and Sengupta 2014). It is quite effective enough in avoiding the over-reliance on self-support and created the positive impact on the industry. The analytics of big data has ensured the high growth areas in the evidence and research market. Conclusion The above analysis provides the insightful ideas about the technological impact on the business scenario. It can be implied that ResMarket Pty can develop the technological by eliminating the skeptical sense. The one time investment on technologies can ascertain the future development of the competitive edge. The innovative skills of social media are helping the business marketers to yield the unfiltered feedbacks. Therefore, the company can connect to the larger number of business clients for business dealings. The changed data analysis process reduces the risks of the data breaching since the company can derive the feedback directly from the clients. The current market research depends on the unique sample sizes and Big Data has facilitated this concern. Collection of the sample through Big Data is unique and gathered from different sources. 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