How Have Technology and Internationalization Affected Marketing Research?

How Have Technology and Internationalization Affected Marketing Research?

How Have Technology and Internationalization Affected Marketing Research

Marketing research is a core of a business that allows them to adopt transformation and changes. But have you ever imagined how have technology and internationalization affected marketing research? These two elements have made marketing research robust, faster, and more inclusive.

Because of technological advancement and internationalization, marketing research has become more accessible, and now businesses can predict market demand and demand for certain goods more accurately. Let’s dive deeper and see how these two elements affect marketing research for the greater good.

What Is Marketing Research?

We all know what marketing research is, but let’s put things into perspective. Marketing research is studying a market and determining whether a product will be viable. It also helps businesses understand the market size, potential customers, etc.

Businesses do marketing research to make informed decisions about what products to make, in which quantity, their packaging, pricing, distribution channels, and so many other factors.

Marketing research includes data collection, data sorting, analysis, and interpretation. Businesses have to complete a lot of processes for successful market research, and it’s a time-consuming process.

Here are some key takeaways from marketing research:

  • Marketing research test the viability of a product in the market.
  • It allows businesses to figure out their target market and plan accordingly.
  • Businesses themselves can conduct marketing research, or they can hire marketing agencies.
  • Proper marketing research is always a combination of primary and secondary data.
How Have Technology Affected Marketing Research

How Have Technology Affected Marketing Research?

Technology plays a vital role in conducting marketing research. Marketing research has become faster and more comprehensive because of it. Let’s see how technology has given marketing research a whole new dimension:

Data Collection

Data collection has changed entirely because of technology. Previously, surveyors had to go door to door or reach out to people physically for surveying. But now it has changed completely. You can conduct surveys online.

There is much software to create questionnaires, share them with hundreds of thousands of people, and record their responses at the time. Besides, you can conduct surveys on various online platforms like social media platforms, email, and many other methods.

Data Analysis

Data analysis is a crucial part of marketing research. Your collected data will only be meaningful if you know how to analyze the data you have in your hand or know how to do it properly. Machines are not biased. So, it will always give you the right decision based on what data you have inserted.

To analyze data, you must collect enough data and sort them based on their necessity. It was almost impossible to do all of these manually. But now you can do them quite easily by using technology.

Apart from that, advanced technologies have allowed businesses to work with vast data for better marketing research results. Because the more data you have, the more accurate result you will get.

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Artificial Intelligence

Artificial intelligence has completely changed the marketing research game and is now rocking the internet world. Marketing research is not about surveys or product testing anymore. In fact, AI is constantly monitoring consumer behavior and pattern.

Businesses are now making decisions and implementing them based on that behavioral pattern. As a result, businesses get accurate marketing research information based on which they can accurately predict what product to introduce in the market and when.

Big Data

Big Data is a huge factor in marketing research. It helps businesses to make the right decisions about product pricing and many other factors. According to the Big Data report, we know that a 1% increase in price will increase operating profit by 8.7%.

It tells a lot about a business and product prices. That’s why people use Big Data in marketing research.

How Have Internationalization Affected Marketing Research

How Have Internationalization Affected Marketing Research?

Internationalization or globalization has changed the whole world. We’re now living in a global village where every corner of the world is connected. Let’s see how globalization has transformed marketing research:

Data Collection

Because of globalization, data collection has become much more manageable. You can collect data from anywhere in the world using technology and online platforms. So, the idea of internationalization has allowed businesses to think outside their countries.

It allows them to collect data from other parts of the world and learn about the trends and standards in those places.

Product Development

Businesses do marketing research to either introduce new products or develop existing ones. Because of globalization, people are open to new ideas and thoughts. It has connected people worldwide, which is a positive thing for businesses.

Now they can produce products for other countries. But for that, businesses need marketing research. Since people are connected to each other regardless of which country they live in, information is much more available than before.

Frequently Asked Questions

How does technology affect marketing research?

One of the significant advantages of technology in marketing research is that now brands and businesses can have their strategy to implement marketing research. For example, now they can conduct short surveys on social media platforms or track their customers’ patterns using AI.

What new technologies are affecting market research?

Technologies like Big Data, Artificial Intelligence, and Machine Learning affect marketing research. They are transforming marketing research and making them more effective and efficient.

How does information technology help in marketing and market research?

Information technology can collect data about the needs and preferences of customers. Using information technology, you can make a product or service based on the data you will get.

How does technology affect international marketing?

Technology plays a big part in international marketing. Because of the advanced technology, businesses can now operate from overseas. Besides, it also reduced the transportation cost of goods and materials. Plus, it allowed the movement of people and products pretty smoothly.

Final Thoughts

You might be surprised to know how have technology and internationalization affected marketing research. But all the businesses are using them to their advantage. If you are looking for a comprehensive marketing research agency Digital Planet will be an excellent option with every tool you’ll need.