Marketing Analysis Tools: Cluster, Choice, Conjoint and Market Response Models

This poster explains four marketing analysis tools which include cluster analysis, choice models, conjoint models and market response models. It discusses how each tool can be used to predict consumer behavior and develop effective marketing strategies.

Cluster Analysis
This marketing analysis tool is related to the first principle of marketing that all consumers are
different. This principle is related to cluster analysis as the usage of cluster analysis helps the
company divide consumers on the basis of similar characteristics and behaviours so that non-
uniformity of consumer expectations can be handled by understanding expectations of specific
groups of consumers.
Choice Models
The choice model is linked with the
second market principle that
consumers change. Choice models
are used to predict consumer
selection so that changes in
consumer preferences can be
predicted. This can help the
company ensure that preventive
actions are taken to determine
changes in consumer preferences
and improve strategy accordingly.
Marketing Analytics
INTRODUCTION
CONCLUSION
From the above poster it is
concluded that different
marketing analysis models can
be used by businesses to
support development of an
effective marketing strategy and
are related to marketing
principles.
REFRENCES
Krishen & et. al., (2021). A broad overview of interactive
digital marketing: A bibliometric network analysis. Journal of
Business Research, 131, 183-195.
Martínez-López & et. al., (2018). Fifty years of the
European Journal of Marketing: a bibliometric
analysis. European Journal of Marketing.
Ye & et. al., (2021). The value of influencer marketing for
business: A bibliometric analysis and managerial
implications. Journal of Advertising, 50(2), pp.160-178.
John, S. P., & De'Villiers, R. (2020). Elaboration of
marketing communication through visual media: An
empirical analysis. Journal of Retailing and Consumer
Services, 54, 102052.
Conjoint Models
The conjoint marketing analysis is related with
the principle that all competitors react. This is
because this marketing analysis tool helps
understand the areas of the company which
are most valued by the consumers.
Businesses can adjust features of their
offerings such as product features and price
to ensure that consumers receive best value
in comparison to business opponents and the
company and tackle competitors reaction.
Marketing analysis plays an
improvisation role in
development of a suitable
marketing strategy as it can
helps in taking effective
decisions in order to attain
marketing objectives (John
& De'Villiers, 2020).
Market Response Models
The relation between market
response model and marketing
principle is that this model
helps the company identify the
response of consumers and
market to tactics of the
company. The organization is
able to identify the impact of
each individual marketing
resource with the help of this
tool so that every resource
optimally utilized and supports
attainment of business
objectives.

Special Notes
INTRODUCTION
This poster explains four marketing analysis tools which include cluster analysis, choice models, conjoint models and market response models.
Cluster Analysis
The focus of this marketing analysis tool is to enhance personalization in marketing. Cluster analysis divides consumers into different segments on
the basis of similar characteristics and interest’s sot at marketing efforts for each consumer segment can become more personalized. An example of common
cluster analysis method is the usage of mathematics algorithm k means cluster analysis which is also stated as scientific segmentation.
The main aim of using cluster analysis is to divide different consumer into segments so that the degree of association between consumers in a
specific group is high and it is low if they belong to different consumer segments. Business firms can gain profound consumer insights by performing cluster
analysis as it can be used for understanding behaviour of specific consumer segment so that marketing strategy according to their expectations can be
created and implemented.
Cluster marketing analysis is applied by businesses firms for selecting test markets, reducing data, identifying new product opportunities and
hypothesis generations. All these features of cluster marketing analysis support businesses in effectively utilizing consumer data for enhancing level of
personalization.
Choice Models
The usage of this marketing analysis tool is for predicting a consumer selecting specific product over other (Krishen & et. al., 2021). The consumer
choice model help the company understand individual level response made by the consumers in the market. Predicting consumer choice is one of the primary
features of choice models which is completed by identifying patterns in choices made by the consumer.
This marketing analysis tool has many applications in context of developing marketing strategy because it allows the company to analyse market
share impact of product configuration, improving consumer service, prices. Promotional activities and product range according to consumer choices so that
the most likely consumer choice is in favour of the company.
Conjoint Models
This is the suitable marketing analysis tool for understanding the value placed by consumers on features of the product. This marketing analysis tool
can be used to determine the trade-off consumers are willing to use and understand which aspects of the product are essential for consumer and which are
more premium aspects. The conjoint marketing analysis tool helps business firms determine price, product configuration and promotional techniques which
deliver high satisfaction to the consumer and support in long-term retention of the consumer.
Conjoint analysis is completed by asking consumers to compare different features of the product and assign specific value to each of the feature
(Martínez-López & et. al., 2018). Determining a suitable pricing strategy is the main contribution of completing a conjoint analysis as it helps the company
understand the main wants of the consumer so that each product is accurately priced. The three types of conjoint analysis methods used for completing a
marketing analysis are traditional method which uses stated preference rating, choice based conjoint analysis which utilizes stated choices and adaptive
conjoint analysis.
Market Response Models
The aim of this marketing analysis tool is developing an understanding about consumer responses to marketing activities along with interaction of
competitors with marketing activities. Individual consumer response and collective consumer response to marketing tactics can be determined with the help if
this marketing analysis tool.

There are different types of marketing response models which can be used for conducting marketing analysis such as uplift modelling, churn
prediction, consumer lifetime value prediction and predicting next purchase day (Ye & et. al., 2021).
This is useful marketing analysis tool as it can be used to measure the effectiveness of specific promotional activity and adjust different promotional
tactics to attract specific consumer segment. In addition to this market response model can also help the company understand the best way of promoting a
new product by predicting consumer response to promotional activities.
CONCLUSION
Cluster analysis and choice models support businesses in predicting consumer behaviour so that price of the product and other measures can be
determined. The conjoint model helps businesses determine the suitable price of the product to offer consumer best value while the market response model is
used for determining consumer response to marketing activities.