Marketing Research for Contemporary Business - myassignmenthelp

Question: Discuss about theMarketing Research for Contemporary Business Scenario. Answer: Introduction: In the contemporary business scenario, technological advancement is one of the key factors for market sustainability. The market has been expanding significantly in last few decades which need modern technological adaptation to sustain in competitive business environment. In the present discussion, ResMarket Pty has been chosen for the technological advancement of the comprehensive development in the business operations for the market penetration as well as competitive advantages. ResMarket Pty is a Sydney based research company which mainly works as the third-party organisation for conducting market research for the understanding of the market scenario. The research procedure involves primary and secondary methodologies where statistical data analysis and effective communication is needed for the faster and effective research completion. In the following discussion, a report has been developed for the understanding the scope of technological adoption in the chosen organisation. Need analysis for technological adaptation: In the modern and highly competitive market scenario, technological adaptation is a much-needed advancement for the impact on the day to day basis organisational functionality. Effective technological functionality induces factors for market sustainability as well as competitive advantage over other competitors in the market (Lehouxet al. 2014, p.1028). Therefore need analysis for the adaptation of modern technologies in ResMarket Pty organisational functionality is required for understanding the impact on the organisation. The ResMarket Pty is a third party research organisation for the market analysis for marketing firms and educational institutes. The research methodology constitutes of primary and secondary research which involves statistical analysis and data collection. Both the processes are time to consume and need strong financial support. Therefore, technological adaptation helps to reduce research times and money required for the process. Apart from the regular adaptation of technologies, modern and effective communication system and operational software are needed for smooth organisational functionality. Effective organisational functionality induces business efficiency and overall business growth. Therefore it is obvious to adapt modern technologies for the sake of business growth and competitive advantage over market competitors (Pellinget al.2015, p.122 ). Technologies available for adaptation: Communication tool: modern consumers willing to connect effectively and efficiently with the organisations using various channels which offer 360-degree support and services. Therefore, ResMarket Pty needs to implement issue tracking and ticketing software for the effecting communication within the organisation and external communication (Appelbaum, 2013, p.56). CRM (customer relationship management) software: contemporary business organisations need effective CRM software for managing business processes such as consumer data, business information access, and consumer interaction etcetera. Therefore implementing CRM software will increase the functionality of the organisation which induces business growth and market sustainability (Crowley et al.2015, p.65.). Statistical analysis software: organisation like ResMarket Pty needs statistical analysis software for analysis of the data collected for primary research. The statistical analysis required the involvement of time and minutes calculations which have a scope of errors and misleading information. Therefore implementing the statistical software effectively decreases the scope of error and requires less time for the analysis which is an important factor modern business environment (Ford, 2014, p. 78). Modern technologies appropriate for ResMarketPty : Online workspace Communication tool within the business organisation is needed for effective communication and relay of information among the employee. Online workspace including chat and file sharing is needed for the information sharing and faster and accurate transfer of files and data (Pellinget al.2015, p.122 ). Zendesk: Issue tracking and ticketing software It is the one of the best issue tracking and ticketing software for effective customer service where Zendesk registers all customer support calls and issue tickets for tracking the complaint. There is a shared inbox for the consumer issues and concerns which eventually delivered to the company emailing system for acknowledgement and resolve. HubSpot: CRM software It is a customer relationship management software effective for ResMarket Pty where it deals with consumer data, business information and project data etcetera. SPSS: statistical analysis software It could be used for the faster and accurate statistical analysis of the primary data collected from surveys and research. Impact of modern technology: Implication: the primary impact of technological adaptation in the organisation is the increased productivity which could be induced in the organisation through the reduction of time for operation and elimination of minor functional activity. Therefore the overall productivity of the organisation increases along with a significant business growth which helps to achieve the competitive advantage and sustainability (Appelbaum, 2013, p.56). Structural change: The organisational hierarchy adapts the modern technology which helps to rearrange the organisational positions and for the smooth operation of the organisation. Hence productivity could be increased significantly (Crowley et al.2015, p.65.). Operational: the time consuming and tedious office job could be reduced due to the adaptation of the modern technology and therefore change in regular organisational operation could decrease the time and hence increases the productivity of the organisation (Lehouxet al. 2014, p.1028). Cost: the initial cost of incorporation of modern technologies is high but the value added to the organisational operation could be beneficial for the organisation in long run. Therefore implementing modern technologies in the organisation is needed for the business growth and as well as market sustainability (Ford, 2014, p. 78). Conclusion: From the above discussion, it has been concluded that modern technologies are the intrigued part of the organisational development and hence help to get the competitive advantage over other competitors in the market. There are many technologies available that could be adapted for the organisation but choosing suitable technology for the organisation and assessing the adaptability in line with the organisational functionality and goal setting is need to be understood for the benefit of the organisation and the employee as well. Implementing suitable technologies reduces the time for day to day basis organisational operation and tedious operations which induce an overall increase in the business operation and hence an organisational growth could be observed. More and updated modern technologies could help to increase the market sustainability and effectiveness of the organisational functionality which is important for achieving an advantage in the highly competitive market. Reference list: Appelbaum, E., 2013. The impact of new forms of work organization on workers.Work and Employment in the High Performance Workplace,120. Crowley, D. and Heyer, P., 2015.Communication in history: Technology, culture, society. Routledge. Ford, J.K., 2014.Improving training effectiveness in work organizations.Psychology Press. Lehoux, P., Daudelin, G., Williams-Jones, B., Denis, J.L. and Longo, C., 2014. How do business model and health technology design influence each other? Insights from a longitudinal case study of three academic spin-offs.Research Policy,43(6), pp.1025-1038. Pelling, M., OBrien, K. and Matyas, D., 2015.Adaptation and transformation.Climatic Change,133(1), pp.113-127.