MARKETING TOOLS

Marketing Tools

Marketing Tool

Introduction

Businesses are operating in dynamic markets today. The increasing need of risk assessments in the business is forcing the companies to adapt effective marketing strategies so that they can incorporate the efficiency into the businesses. Globalization has not only increased the markets but has also changed the way to operate the business. Businesses have to incorporate different synergies for the development purpose. For developing the marketing plan it is very important to analyse where we are now. What do we want to be and where do we have to reach. So for the purpose of answering these sorts of questions, marketing tools are used which allow the businesses to operate more efficiently and effectively.

Analytical Tools

There are different tools and techniques for the marketing analysis. These tools not only judge the external factors but also analyze the internal factors so that the analysis can be full of compliance. Most commonly, the marketing analysis tools which are used by the businesses are PEST-E and SWOT analysis (Tallon, 2003, p. 12).

PEST analysis is used for the purpose of analysing the external factors. These external factors include the political, economic, social and technological aspects which are very important for the businesses to analyse. By analysing the external factors it becomes possible for the business units to advance their business in the markets with less risk. In the PEST analysis, political factors are analyzed which ensures that the business plan can execute in the markets. Where the political interventions are low, and stable economies exist, that market is considered to be the best for the business purpose. Economic concerns are also very much important; the countries with stable economic conditions are considered safe for running the business. Businesses try to analyze the social conditions of the country so that they will get to know about the social trends and the choices related to the society. Hence they can plan there businesses out there. Technological analysis of PEST addresses the need of the advancements in the businesses that are related to the technology. PEST analysis some times also referred towards the environmental factors which can cause hurdle in the business planning. All in all, PEST analysis is renowned for the analysis of the external factors that are discusses above (Campbell, 2005, pp. 125-155). In order to go for the marketing planning it is very important to get the external knowledge as well as the internal, for the purpose of analysing internal factors. SWOT analysis is used. SWOT analysis is used for the purpose of analyzing the strengths and weaknesses, opportunities and threats of the businesses. By analysing the strengths of the company, it becomes easy for the businesses to acknowledge the areas which can be of key importance for the company. Companies try to maintain and increase their strengths because it not only increase the efficiency of the businesses but also are important for maintaining in the competition within the markets. Weaknesses are the one that are analysed in the SWOT analysis ...