Describe The Different Types Of Analysis

Different Types of Analysis Used By MarketersNameTutor’s Name27/08/2016Different Types of Analysis Used By MarketersSWOT analysis (strengths, weaknesses, opportunities and threats)is a simple and usefulsituational analysistool used by marketers to analyse their organisations strong points, opportunities, weaknesses and threats. SWOT helps marketers to focus their strength points, reduce or eliminatethreats and take maximum advantage of opportunities identified. Strengths are the competitive advantages that a marketer has in the marketplace. Strengths may include customer service, distribution network or better access to markets. Weaknesses consist of all the things, which could help competitors, grab a product’s market share or hinder market penetration. Opportunities are the unexplored and unexploited market trends and market niches that a marketer can take advantage of. Threats are all the external factors that can cause a problem for the business or hinder the attainment of objectives. SWOT analysis focuses on external market conditions (Amstrong & Kotler, 2005).The main advantage of SWOT analysis is that it offers the marketer a complete view of the operating environmentenabling them to better take advantage of opportunities and anticipate problems. SWOT analysis involves little or no cost and