Impact of New Technologies on Marketing Strategies and Business Processes of Manufacturing and Service Industry Firms

Abstract: Technology is changing very rapidly in present times. The adoption and implementation of new technology is a critical decision. The adoption of a new technology is expected to result in positive changes and opportunities for alignment in business processes and marketing strategies. This study investigated the impact of new technology adoption and implementation on firm performance. Data were collected from the top and middle-level managers working in manufacturing and service firms. Pearson correlation and chi-square tests, as well as sentiment analysis in Python, were used to validate the hypothesized effect. Findings indicate a strong positive relationship between business processes and marketing strategies. Furthermore, sentiment analysis has investigated the respondent's latent view on the subject, and results are consistent with results of the correlation and chi-square analysis. Overall, findings suggest that to compete, both the operations and marketing departments must stay current on industry best practices. Keywords: Business Processes, Decision Making, Marketing Strategies, New Technologies, Sentiment Analysis JEL Classification Number: M10, M15, M3