18LLP123 – Digital Technologies for Market Analysis
January 4, 2022
HR961 – Contemporary Employment Relations sample
January 4, 2022
Introduction:
At present, it is very difficult for an entrepreneur to start a new business as it includes various aspects like marketing, human resource, production, finance, etc. Due to the increasing popularity of social media and the internet, now entrepreneurs also need to pay attention to social media analysis or network analysis and advanced technology-based market analysis to create a proper impact on the customers’ minds. Apart from that, a basic understanding of a newly launched business has equal importance in front of an entrepreneur. This report focuses on an entrepreneur contemplating an initiative to start a new business.
Concept of the new business:
“Bar and Grill” is going to be a newly launched restaurant that deals with the breakfast, lunch, and dinner of the local community. Apart from local dishes, Food and beverages of different types like Chinese, Italian and Indian will also be served to the customers. As per the comments of De Vries et al. (2017), special offers are a very common promotional tool to attract customers and develop cordial relationships with customers. Therefore, meeting customers’ needs and wants, and making them satisfied is one of the key aims of Bar and Grill as it is new in the competitive market. The company is eying a strong presence on social media networking websites, as the owner of the company is willing to target social media networks, such as Facebook, Instagram, YouTube, Mobile applications, and Twitter for the promotion of products and services.
Discussion on technologies:
Social media and network analysis:
Social media is considered a key factor in modern-day marketing strategies as it helps in developing customer relationships and developing a clear idea about the changes in the market situation. In market research and analysis also, social media and related technologies play a vital role for the company. In a recent report, it has been published that, the majority of marketers and entrepreneurs are considering social media as a primary element for their companies to reach their target audience. However, Hoy (2018) argued that social media is a complex system and it is very difficult for entrepreneurs to consider various frames and domains of data. Measurement of business performance through social media is also a challenge for the company. However, as suggested by Kuratko & Hornsby (2017), if managers can identify business goals and have a clear strategy to achieve these goals, then they can use social media as a platform to achieve them easily.
As the entrepreneur is going to start a new restaurant “Bar and Grill” with a variety of foods, therefore, the basic aim in front of the entrepreneur is to provide the maximum level of customer satisfaction to get a good start on the business. Apart from that, maintaining customer relationships, and promoting the organization through online, social media interaction, etc. also needs to be done to deal with tough market competitiveness. In this aspect, it can be stated that social media, as well as network analysis, is used by the company to obtain information about the target market (Tutunea, 2015.).
Use of tableau in social media and network analysis:
As per the comments of the tableau is considered as a motive to change the way of thinking and understanding a particular set of data. Data visualization is very important to understand the collected data as it helps in generating the data through dashboards and worksheets. Tableau provides an opportunity to view the insight of the data and drive the business forward. In this note, it can be stated that the elements of tableau always operate in a virtualized environment at the time of configuration with the operating system and hardware. The key features of the tableau are real-time analysis, data blending, and collaboration of data. Apart from that, tableau also helps in simplifying the data to support the business by making proper data analysis and decision-making. As digital marketing considers tableau for marketing research, therefore, it is a basic responsibility of the entrepreneur to provide appropriate data in the system. Then only, tableau will provide understandable and comprehensive results which can be implemented in strategic business decision-making. As per the comments of Wright, Siegel & Mustar (2017), tableau analyzes the data with the help of software and expresses it through dashboards and worksheets. As the total function is done through a system, therefore technical skills are not required to analyze the presented data. The entrepreneur can easily interpret and analyze the data and take prominent business decisions. As it is applied at the entrepreneurial level, therefore, the entrepreneur must take proper decisions. In the case of using tableau, it provides an opportunity in front of entrepreneurs to use any type of data, any scale of data and can be handled by anyone. From the viewpoint of Zhang et al. (2016), there are several benefits of using tableau in business. For example, in a restaurant, the entrepreneur can easily find out the taste and preferences of the customers and develop strategies as per that. This will help in retaining the target customer and attracting new customers, creating a positive image in the market, etc. In this aspect, it can be stated that in Vogel (2017),
data blending is one of the key features of the tableau. Data blending supports entrepreneurs in collecting and using different types of data from various sources and creating a proper data set. Then these data sets are interpreted with the help of software to provide prominent results in the form of charts, graphs, tables, etc. As a result, entrepreneurs can easily understand it and take appropriate business decisions to meet their objectives. Another key benefit of using tableau is real-time analysis. As the software is directly able to pick the data from different sources, therefore there is a high possibility of getting an appropriate result and it ensures that entrepreneurs can take the right decision as per the business market. Even, these data can also be used in the decision-making process. In terms of experimenting with the social media tool, the entrepreneur needs to discover two important things, such as data about the users and data about timing.
In the case of opening a new restaurant, tableau can help the entrepreneurs to identify the target customers, the actual situation of the market, competition level, etc. As a result, it would be possible for the entrepreneur to select an actual time to enter the market. In this regard, it can be mentioned that social media plays a vital role in identifying geographic regions and understanding the actual taste of the customers. The comments, likes, and shares would be very beneficial in assessing suitable business decisions. From the viewpoint of Hassanpour et al. (2019), social media provides an opportunity for entrepreneurs to consider various elements of the marketing mix to create an impact in the mind of the customers. Apart from that, the entrepreneur needs to analyze whether the marketing communication and promotional activities will be sufficiently done or not, and analyze the Facebook page to meet business objectives. Social media is the leading, most popular, and largest networking platform in the world. It is really visible from the page who the follower is, where they used to live, what they do etc. Hence, it can be stated that the application of this technique is highly appropriate and justified
Use of the Internet of things (IoT) in market research:
At present, IoT is considered another key element in digital technology. A recent report has been published that more than 30 billion devices of IoT will be used by the end of 2022. With the help of IoT, the entrepreneur will be able to transfer the collected data sequentially. As a result, it will possible for him to assimilate the information about the customers, the type of food they want, the frequency of the customers visiting, etc. By collecting this data, it will possible for the entrepreneur to make a business plan in order o deal with the market competitiveness. In this note, Kannan (2017) viewed automation, control, communication, information gathering, monitoring of data, time, and money-saving as the key aspect of IoT that can be used by businesses to gain long-term benefits.
However, Steinert-Threlkeld (2015) argued that IoT is less effective in comparison to other platforms of digital technology as the range of data is huge and the transformation of data is dependent on the individual. Furthermore, proper technical knowledge is required to interpret the collected data. However, IoT can be used as a tool to increase the effectiveness of market research by entrepreneurs in the time of starting their businesses to make basic business decisions. In the time using IoT, the entrepreneur also needs to pay attention to cloud-based data storage, consolidation, sensing, delivery of information, etc. to maintain initial stability in the business. The emergence of advanced technological applications will make the business easy for the entrepreneur to gain data from the devices without any physical involvement of the individuals. It will be important to state that the number of users and target customers will increase slowly and gradually. Therefore, it will be essential to use more advanced technological applications in near future to handle a large volume of data and information.
| Political factors | In the time of considering digital technology, it is necessary to focus on the rules and regulations of the country and follow the regulatory framework. |
| Economic factors | Several economic factors have an impact on digital technologies like market fluctuation rate, increasing growth, and popularity of social networking, etc. |
| Social factors | Digital technologies are highly dependent on the trends of the market. The strategies need to be evaluated and changed as per requirements. |
| Technological factors | Digital technologies are an integral part of the development of technologies. The use of the latest technology decides the success rate of the company. |
| Legal factors | All the legal rules and regulations need to be abiding by the entrepreneur to make sure the successful run of the business. |
| Environmental factors | Increasing emphasis on business sustainability, and increase complexity create a challenge for businesses. |
Advanced technologies for market analysis:
As per the comments of Stenholm & Renko (2016), using theories and models in market research plays an important role for entrepreneurs as it provides a basic framework and guide in the time of making business decisions. In this context, it can be noted that, for the initiation of a new business, it is important for ethe the ethe entrepreneur toa consider economic theory for the development of the business as this theory consider the aspects like demand, supply, price, quantity, quality, etc. and provide a basic idea regarding the market situation. Even, this theory also supports determining the amount of supply material, the demand for the product at a particular time, etc. In support of the above statement, Chen, Cranton, and Fihn (2016) stated that economic theory indicates the market dynamics and allows scope for the entrepreneur to execute the plan properly. As market dynamics are a key aspect of the business, therefore in the time of doing market research, the entrepreneur needs to take care of the implications of market dynamics as a lucrative business plan. Apart from that, the entrepreneur also can use opportunity-based entrepreneurship theory in the initial stage of business, as it helps in identifying the scope of business development. The entrepreneur also needs to focus on word-of-mouth marketing, which can positively influence the mindset of the target customers. Then, it is the responsibility of the restaurant service providers to make the users with the quality and efficiency of the services. The following advanced technologies can be attained by entrepreneurs to grab the maximum level of marketing opportunity.
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Use of social media:
Social media can work as a market indicator for entrepreneurs and support them in developing business decisions. The help of company website, social media page, social media advertisement, etc. helps in creating a relationship between the company and the target audience. In the case of a restaurant, the entrepreneur can take a marketing-related decision after getting valuable information from social media. Cardon, Post & Forster (2017) mentioned that through this advanced technology, entrepreneurs can get real-time data, and by considering they can create a strong position in the market.
Virtual assistance:
Virtual assistance supports entrepreneurs to collect the required data and maintain a plan to meet their business objectives. Commands and preferences of the people are stored in virtual assistance and then the collected data is presented in graphic format to understand the lifestyle and habits of the people.
Online survey:
Online survey provides the advantages like data accuracy, fast data collection, ease of data analysis, data flexibility, etc. Therefore, the assimilation of customer responses can be done easily and support the entrepreneurs to make the best business decisions (Barreda et al. 2015.). The online survey helps in getting customer responses and has a huge contribution to market research.
Conclusion:
After a detailed discussion, it can be concluded that market research through digital technology plays an important role in marketing decisions. In the case of an entrepreneurial venture, they have limited options and market scope due to tough competition. The use of software like tableau, and IoT also promotes new business and supports making strategic decisions. Applications of the theories like economic theories, and opportunity-based entrepreneurship theory also ensure the success of new businesses in the competitive market.
Reference list:
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