Marketing Research for ResMarket Pty -myassignmenthelp.com

Question: Write about theMarketing Research for ResMarket Pty. Answer: Introduction ResMarket Pty is Sydney based market research firm which is focused to evaluate the business activities of renowned and established firms. In todays world every business require technology to establish in the market and make full and optimum use of given resources. Further the research firms require efficient technology to gain better knowledge about the firms and analyze their position in the market. Without technology, it would become difficult for the company to evaluate market conditions to sustain (Cooper 2014). Further the report explains the influential impact of technology on the marketing research in todays business environment. Importance of technology in market research With the aid of new and hi-tech technology it becomes easy and time efficient for the company to study research about a particular firm in the market. As the social media and internet includes all the materialistic information about the business processes due to work due to which paper work of the research firm is reduced. Also new and innovative technology eliminates the use of old techniques of research, like now a days surveys and data about a company is easily available on the website of the company or on other authentic journal; due to which the research company need not to initiate the survey again as they can easily attain data from them (Nunan, and Di Domenico 2013). Also this fact shall be taken into consideration that with the effect of technology the methodology of research has be changed, marketers have learned more about the customers preference, opinions and beliefs. For a research company it is impossible to gain all the primary sources of data and depend on them, secondary sources of data are also required for the market research process. Secondary sources of data can be collected through the online websites and journals only. Advantages to ResMarket Pty Company With the aid of innovation technology the market research company will gain numerous benefits in the internal process which will affect the external growth of the company as well (Trainor, Andzulis, Rapp, and Agnihotri 2014). Some of the advantages to the company are discussed below: Improvement in Data collection process: the Basis work of a research company is to attain more and more efficient data about a company so that they can evaluate the workings of the company accurately. Execution of technology in this process the company will help them to become time efficient and accurate. Also new software have help introduced to research the market aspects which eliminates the traditional research methods and enables researchers to improve their quality of work as well (Hajli 2014). Employee Development: although it is not easy for the employees of the company to apply the technology in the process, for that they first have to learn how to practice the software. The implementation to technology in daily workings of the company will help the employees to make use of efficient technology. This process will also enhance the understanding capabilities of the employees. More work can be done accurately with the aid of technology prevailing in the market. Creation of new research roles: the fact is known that to make use of advanced technology, the employees require skills. This process can be called creation of new roles which assist the company in getting specialization in different fields (Babin, and Zikmund 2015). Having clients who are engaged in using different innovative technology inn their working, it becomes important for the company to imply such technology in their organization departments as well. New roles for the company are created which helps them in attaining the organization objective as well. Employees are trained and developed, paper work is reduced, storage cost is reduced etc. these are some of the benefits which the company received if they adapt the technological procedures in their business activity (Zikmund, Babin, Carr and Griffin 2013). Authenticity of work: for a business like ResMarket Pty have, it is important for the company to apply the new technology and keep them updated with the changes in the market conditions. The research of the company is based on primary and secondary sources of data. The company cannot analyze the working of their client on the basis of primary data, instead for that the company needs to make use of secondary sources as well. So technology helps the company in conducting the research effectively and accurately. Also technology enhanced the data analysis. The data analytics becomes easier and sophisticated (Henseler, Hubona, and Ray 2016). Accelerates business growth competitive Advantage Although, the fact is known that it is not easy to make use of efficient technology to research the conditions for a research firm. For that the company firstly needs to know the authentic sources on which the research can rely and the employees shall also learn to make use of such technology. But, after adapting the new and innovative technology the firm can gain a competitive edge in the market and eliminate competition and many threats as well (Qureshi, Aziz, and Mian, 2017). Use of technology will help the company to adapt innovation and practice better decision making process in the organization. It becomes easy for the company to solve complex problems and maintain customer relationships as well. The company can also create a better website with proper graphic user interface which will help the client to trust on the workings of the organization (Jussila, Krkkinen, and Aramo-Immonen 2014). The process of technology initiates better communication and enhance availability of resources as well, due to which the research is not limited to one sources instead all the major aspects affecting the research are included. A research firm can gain competitive edge by making its research more authentic and reliable than other competitor firms. Thus, if the company will efficiently make use of all resources available to them in the way to drive effectiveness in their work, then the company will easily achieve competence in its working (Strauss 2016). Conclusion Concluding the aforementioned statements it can be assumed that for a market research company, it is necessary for them to implement innovative technology in its working to attain growth. Accuracy ad authenticity of work can be achieved by making fullest use of resources present to them. Thus, it can be said that with the aid of technology a firm can achieve success. References Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning. Cooper, R.G., 2014. What's Next?: After Stage-Gate. Research-Technology Management, 57(1), pp.20-31. Hajli, M.N., 2014. A study of the impact of social media on consumers. International Journal of Market Research, 56(3), pp.387-404. Henseler, J., Hubona, G. and Ray, P.A., 2016. Using PLS path modeling in new technology research: updated guidelines. Industrial management data systems, 116(1), pp.2-20. Jussila, J.J., Krkkinen, H. and Aramo-Immonen, H., 2014. Social media utilization in business-to-business relationships of technology industry firms. Computers in Human Behavior, 30, pp.606-613. Nunan, D. and Di Domenico, M., 2013. Market research the ethics of big data. International Journal of Market Research, 55(4), pp.505-520. Qureshi, M.S., Aziz, N. and Mian, S.A., 2017. How marketing capabilities shape entrepreneurial firms performance? Evidence from new technology based firms in turkey. Journal of Global Entrepreneurship Research, 7(1), p.15. Strauss, J., 2016. E-marketing. Routledge. 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. Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research methods. Cengage Learning.