Question

List and discuss marketing analysis tools used in business.

Answer 1

The important and most widely used marketing analysis tools in business include the following:

• De Bono’s Six Thinking Hats: The analytical method is suitable to implement new ideas for your business. Using this analysis during brainstorming process helps to generate different ideas and examine them to arrive at the most appropriate one. There are 6 moods involved in the method, which include pure and logical facts, creativity, positivity, negativity, emotions, and ability to control.
• SCRS analysis: This method involves the concept that the company will follow the order of the current state and requirements from a business strategy to look for suitable solutions. The name of the tool is also an acronym for four steps respectively: strategy, current state, requirements, and solution.
• SWOT analysis: set of methods used to examine both internal and external factors affecting the performance of a company. This type of analysis involves the thorough examination of strengths, weaknesses, opportunities and threats. Among them, strengths and weaknesses that define the criteria within and under the control of a company and are the internal factors. External analysis focuses on examining outside factors and is grouped in opportunities and threats for the enterprise.
• VPECT analysis: The analytical technique allows users to make decision when there are to examine different expectations from several opinions about a system. The name of this tool stands for values, policies, events, content, and trust.
• Porter’s Five Forces Analysis: It is a useful strategic planning tool in both business and market based planning to understand the level of competitive intensity within the industry. The Porter’s five forces analysis assesses levels of profitability, opportunity, and risk based on 5 key factors in an industry, which include the Suppliers, Buyers, Entry/Exit Barriers, Substitutes and Rivalry.
• Customer Journey Map: It is a great way to visualize the user experience that helps when creating future marketing strategies. it is basically a story of the customer experience. It maps the steps the customer takes when engaging with a company.
• Boston Consulting group (BCG) Matrix: The Boston BCG's product portfolio matrix is designed to help in longterm strategic planning. It is an important part of a strategic plan or a marketing plan. The BCG matrix is a framework for analyzing products according to growth and market share. It helps companies gain insight into what products they should capitalize on to grow their market-share opportunities.