HC2022 Market Research Assignment Sample

Posted on March 19, 2022 by Cheapest Assignment

Order Now
The Global Business Environment - Evolution and Dynamics

Executive Summary

The use of technology has created a major impact on business operations. In addition to that, evidence-based studies carried out in the field of technology, have revealed positive relations with business performance. In a current research report, there exists a wide range of benefits relating to the importance of digitalization in business operations. Technology has worked on changing the face of business performances through the use of social media that is used to track customer metrics acts on obtaining unfiltered feedback on organization’s services thereby relating to better performance in near future. However, in research market consultancy such as JWS can make use of data analytics to predict future market trends for its clients such as Cancer Institute NSW, Government of South Australia, and Gold Coast Airport. Additionally, JSW needs to keep in mind the associated limitations such as installations of enhanced firewalls that would work on preventing unauthorized entry and also protect the collected data from malware.

HC2022 Market Research

1. Introduction

Technology has worked on improving business operations; starting from email to business presentations, technology plays a significant role. Additionally, technology has changed the field of market research as the use of technology has made market researchers agile and efficient. In regards to market research, technology has worked on craving new scopes of enhancement in order to obtain useful business intelligence thus making the work of market researchers a lot easier. The current report works on evaluating the importance of technology for JWS and the benefits that can be obtained through the use of technology in market research.

2. Findings:

2.1 Ways technology changed market research

Social media has worked at greater length to create a landscape for market research. Social media allows attaining unfiltered feedback that works on understanding market trends. The associated enhanced reputation of the brand acts as the inherent capability of social media that market researchers can use to obtain knowledge about the target market (Bozeman, Rimes & Youtie, 2015). There exists new software that allows researchers to be more targeted and obtain quick feedback. 

The use of technology in data analytics has been transformed with sophistication. Better data analytics can work on strengthening relationships with customers. For example, Allegiance established a positive relationship between customer loyalty and social media. However, the concern of privacy matters the most, 85% of respondents are concerned about tracking that is not likely to last till professional organization intervenes (insightsassociation.org, 2013).

2.2 Big data as one of the main early- adopters of data analytics technology

Working with a large number of data can be tedious, as it would require immense time to discard irrelevant data. Technology and analytics associated, help in conducting proper research with strong data. 53% of companies are busy making use of data analytics, telecom and financial industries are among 17% to use them (Jones, 2013). Technology has allowed the use of advanced technologies with an enhanced approach to data which has created an impact on the ways market research is done. At this point, ultimately sky is the limit for future proceedings that is an outcome of technology. In that case, executives of JWS Company can be informed regarding prospects around big data analytics. New roles are created to make sure the obtained data is translated efficiently (Henseler, Hubona & Ray, 2016). For example, analytical CPO is accountable for a data-driven approach towards business decisions that can help in instinctive judgments. It can also be reported that in JWS, Big Data can be used in Gene Therapy Patient Tracking System (GTPTS) and Genetic Modification Clinical Research Information System (GeMCRIS). Moreover, this would be helpful for the cancer organization in collecting a sample of human genes and analysing them in order to understand mutations in cancer. [Refer to Appendix 1]

HC2022 Market Research Assignment Sample

Graph 1: Use of social media in business

(Source: Created by author)

3. Analysis:

3.1 Impact of social media and data analysis on modern marketing

In terms of modern technology, businesses made use of telepresence to reach dispersed clients. There exist several, scopes that can work on evaluating the importance of social media. Previously, a method of data collection was through the mail, phone to phone and face to face conversations. However, in recent times the use of surveys and website visits is based on demographics, online focus groups and the list goes on (Luchs, Swan & Creusen, 2016). For example, social media can work on helping Gold Coast Airport. The use of unfiltered feedback regarding the mismanagement of airport premises or unauthorised use of airport properties can help in tracking the problems. Additionally, ACT Government social website can act as a useful tool to reach out to younger generations that would ensure proper information regarding laws and legislation of the country. The wider benefits of all these enhanced results can result in a positive impact on JWS Company. Enhanced market research can result in getting benefits towards data evolving fairly to obtain efficient and accurate results (Rodriguez, Peterson & Ajjan, 2015). 

Using market research companies are known to make use of data collected primarily through a survey. They send automated results regarding a process that helps them to identify significant keywords from the different regions being targeted. As stated by Tinoco & Ambrose (2017), technology would help in sorting data and implementing it in a best possible way. Additionally, technology has helped in getting a clear picture of market needs by making use of both macro view and micro view approaches. A market team of the JWS team can have relevant results based on the survey and avoid chances of bias in collected data. For example, HubSpot Research is a powerful tool that allows one to track inbound sales allowing a clear understanding of customers and market share. The use of technology can work on providing a clear idea about

4. Recommendations

An online media platform has a high number of users which may lead to confusion, making data gathering a tedious task.  

  • Hence, it can be recommended for JSW research to make use of effective systems by analysts to track specific target areas of social media that would work on providing insight into market trends.
  • Secondly, it can also be recommended it is important to make installations of enhanced firewalls that would work on preventing unauthorized entry and also protect the collected data from malware. At times users make use of the proxy server to provide wrong information that may adversely impact their market research.

5. Conclusion

For having a competitive advantage in the market of consumerism, JWS Company must listen to the needs of clients in compliance with modern technology. Whether a company establishes communication through focus groups, mail or telephone there should be no excuse for JWS to ignore technology in order to carry out market research. Technology is making online market research accurate and even possible. By making use of technology in market research JWS can provide their range of services to targeted customers and look out for potential customers that may be interested in avail the list of services they provided or provided by their clients.  

Reference list

Journals

Bozeman, B., Rimes, H., & Youtie, J. (2015). The evolving state-of-the-art in technology transfer research: Revisiting the contingent effectiveness model. Research Policy44(1), 34-49. Retrieved from: https://pdfs.semanticscholar.org/3f8a/82b15a5990854b5162a1b6a1d3bc3ef43bdf.pdf 

Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new technology research: updated guidelines. Industrial management & data systems116(1), 2-20. Retrieved from: https://www.emeraldinsight.com/doi/pdfplus/10.1108/IMDS-09-2015-0382

Luchs, M. G., Swan, K. S., & Creusen, M. E. (2016). Perspective: A review of marketing research on product design with directions for future research. Journal of Product Innovation Management33(3), 320-341. Retrieved from: https://www.researchgate.net/profile/K_Swan/publication/280947496_Perspective_A_Review_of_Marketing_Research_on_Product_Design_with_Directions_for_Future_Research/links/55ce2c1108ae6a88138473cc/Perspective-A-Review-of-Marketing-Research-on-Product-Design-with-Directions-for-Future-Research.pdf 

Rodriguez, M., Peterson, R. M., & Ajjan, H. (2015). CRM/social media technology: impact on customer orientation process and organizational sales performance. In Ideas in Marketing: Finding the New and Polishing the Old (pp. 636-638). Springer, Cham. Retrieved from: http://m.www.na-businesspress.com/JMDC/RodriguezM_Web8_1_.pdf 

Tinoco, J. K., & Ambrose, S. C. (2017). Collaborative Customers and Partners: The Ups and Downs of Their Influence on Firm Technology Competence for New Product Development. Journal of Marketing Development & Competitiveness11(4). Retrieved from: http://digitalcommons.www.na-businesspress.com/JMDC/JMDC11-4/TinocoJK_11_4_.pdf 

Trainor, K. J., Andzulis, J. M., Rapp, A., & Agnihotri, R. (2014). Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research67(6), 1201-1208. Retrieved from: https://pdfs.semanticscholar.org/d844/1b769be22dbb23f5d306bb179ef74ded6af1.pdf 

Websites 

Insightsassociation.org (2013). Emerging Technology: Impacts on Marketing Research. Retrieved on: 31st August 2018 from: https://www.insightsassociation.org/article/emerging-technology-impacts-marketing-research 

Jones, C. (2013) Impact of Technology on Marketing Research. Retrieved on: 31st August 2018 from: https://zenportfolios.ca/capu-bmkt-360-01-summer-2013/2013/06/01/chapter-3-impact-of-technology-on-marketing-research/ 

Appendices

HC2022 Market Research Assignment Sample

Appendix 1: Importance of data analytics

(Source: https://practicalanalytics.co/2013/10/23/market-sizing-analytics-and-big-data/)

Order Now