Market Research for Technological Tools -myassignmenthelp.com

Question: Discuss about theMarket Research for Technological Tools. Answer: Introduction: This is the report that focuses on impact of technology on the market research. It initiates with the discussion of the company called JWS Research that operates in the research market industry in Australia. The company uses many technological tools in their process to enhance the same. This report provides the information about such tools followed with the discussion of the benefits of using such technological tools. Overview of the company: JSW Research is the market research company based at Australia. The employees at the firm are very passionate and provide efficient advices to their clients after conducting timely research. The company not only serves the private clients but also serves the government of the country with different research outcomes so that the decision by the government can be made on some of the social issues (Hsu and Lin, 2008). Technological tools used by the market research company: Technology is the subset of very field these days. This is because all the process and the system in the companies are becoming technological advanced with the innovations that are taking place with high rate (Petruzzellis, 2010). Market research is one of the fields that are very much affected by the technological advancement. Some of the tools that have been sued by the company of market research are: Online survey and forums: this is the first approach technology that the company is using in terms of conducting online surveys and research. The true issue is the online survey technology used by JWS Research. This allows the company to conduct different types of surveys and target the audiences according to the survey (Krasnikov and Jayachandran, 2008). This online survey helps the company to reach the masses in order to conduct the research. As the company also deals it government projects so they have to target and segment the audiences and the respondents. This online way of conducting survey also helps in the same. Social media: It is the most basic tool that can be used by any of the company for market research and marketing purposes. JSW also uses this tool for market research when the company deals with nay of the products based firm or client. This is because the research in this case needs to be conducted with the public and the customers. Social media is the tool that can support the research processes and the researchers to have accurate and better outcomes as they have large sample size (Stone, Good and Baker-Eveleth, 2007). Mobile technology: Mobile technology is also used by the employees of the company in order to support the research. It reduced the time and cost of the company to conduct research. This is because new technology helps the researchers to track the location of the respondents (Kesharwani and Singh Bisht, 2012). The employees who work on field can also use the mobile technology to be connected with the centre and providing them the information at that time only. All the technological tools that have been discussed are used by almost all the companies in the market research industry. It is important for them to make use of these technologies in order to upgrade their tools and processes. It helps them to make their work more efficient and their results more accurate. Benefits of using the tools: Using the above discussed tools allow the companies to have improved work efficiency. Following are some of the benefits enjoyed by the company: Reduction in efforts and time: It has been analysed that using these technological tools helps the researchers to save their time and efforts. This is because the older tools that are not conducted online require more efforts and time of the researchers and the employees to go on the field and collect the data. Efficient and aligned process: integration of mobile technology with the research helps in collecting and storing the data from the location itself. This allows the data analytics team to start work on the data collected simultaneously (Malhotra, 2007). In earlier times, the data is first collected and then sorting and analysis was done. But, now both the processes can be done simultaneously. Accurate results: when the researchers used to go on field and collect the data from different respondents, they cannot be able to cover large sample size. With the use of these new technological tools they can reach masses and collect the data from large sample thus, made the result more accurate (Mohr, Sengupta and Slater, 2009). The accuracy in result allow the company to provide better outcomes to the clients and thus clients can take better decision regarding the market situations. There are many other benefits that can availed by the companies such as increasing brand image of the company, better quality of services and better business. It also helps in retaining the clients. As JSW is doing great with its services, it has some major clients such as Google, Visa, Mineral Council of Australia, eBay, etc. Conclusion: This report concludes that technology has great impact on the business functions these days and one of the major functions that are affected by the technological advancement is marker research. This is because this is the field where technology is used to conduct the research and getting more accurate results. New technologies and their interaction in the market research system help the companies like JSW to attain the competitive advantage in terms of technology. This competitive advantage results in better and improved business quality of the company and also allows the firm to compete with the competitors. It is require t be updated with the latest technology in the field of market research because the results of the research is the basis of strategies that the clients of the company make in order to serve the market. References: Hsu, C.L. and Lin, J.C.C., 2008. Acceptance of blog usage: The roles of technology acceptance, social influence and knowledge sharing motivation.Information management,45(1), pp.65-74. Jwsresearch.com. 2017.JWS Research - Find out what they're thinking.. [online] Available at: https://jwsresearch.com/#about [Accessed 20 Aug. 2017]. Kesharwani, A. and Singh Bisht, S., 2012. The impact of trust and perceived risk on internet banking adoption in India: An extension of technology acceptance model.International Journal of Bank Marketing,30(4), pp.303-322. Krasnikov, A. and Jayachandran, S., 2008. The relative impact of marketing, research-and-development, and operations capabilities on firm performance.Journal of marketing,72(4), pp.1-11. Malhotra, N.K., 2007.Marketing research an applied orientation. Pearson Education India. Mohr, J.J., Sengupta, S. and Slater, S.F., 2009.Marketing of high-technology products and innovations. Pearson Prentice Hall. Petruzzellis, L., 2010. Mobile phone choice: technology versus marketing. The brand effect in the Italian market.European Journal of marketing,44(5), pp.610-634. Stone, R.W., Good, D.J. and Baker-Eveleth, L., 2007. The impact of information technology on individual and firm marketing performance.Behaviour Information Technology,26(6), pp.465-482.