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

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
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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.