Question

Focus on several types of analytical tools, including the six paths framework, the strategy canvas, the four actions framework, and the three tiers of noncustomers. Reflecting upon these analyses, share with your colleagues your perception of how these metrics work together to paint a picture of any business or organization. Then, explain how you would use some of these, as well as others with which you may be familiar, to analyze your own current or potential business.

Hint: Although business is compared to a race, with only our own time as the basis of performance, isn't benchmarking and baselining also important as measures of performance and/or improvement? Certainly, we can compare our scores from one evaluation to another, but if we are below standard, how would we know unless we have a baseline or comparison to use from either other companies (runners) or standards-setting bodies/agencies? Thoughts?

Answer 1

Analysing the various analytical tools,

• Six paths framework is used in reconstructing marketing boundaries. The marketing efforts can be set based on the 6 paths that the tool specifies. It is used in businesses that are looking for a revival or restructuring.
• The strategy canvas is a line graph that plots different factors against the importance laid by the organisation. It also compares similar entries from competitors and allows the company to carry out a proper analysis to know where they stand with respect to it's competitors.
• The four actions framework is used to reconstruct customer value elements. This framework specifies 4 actions namely eliminate, reduce, raise and create which help in improving value given to customers. This strategy is usually used in case of new business ventures.
• Three tiers of noncustomer tool sets apart noncustomers into three levels namely "Soon-to-be", "Refusing" and "unexplored". This analysis gives an idea about the target audience any business needs to focus on to implove their customer base.

Suppose I want to start a new restaurant in a new locality. Since this business is new to me, I would need to perform a complete analysis of the currently existing restaurants in the area, the pricing structure, the opening hours etc and based on that device plans for my new business.

• Analytical tools such as the strategy canvas would help me do a competitor analysis of the players in the market and helps me get to know how to position my brand.
• In order to segment my target into different groups, the three tiers of noncustomers is utilised.
• In order to target the right audience in a way that would give them the best experience, four actions framework is utilised.