Gap Analysis
In business and economics, gap analysis is a tool that helps a company to compare its actual performance with its potential performance. At its core are two questions: "Where are we?" and "Where do we want to be?".The difference between the two is the GAP - this is how you are going to get there.
Gap analysis is a very useful tool for helping marketing managers to decide upon marketing strategies and tactics. The first step is to decide upon how you are going to judge the gap over time. For example, by market share, by profit, by sales and so on. It is one of the models that helps in achieving SMART objectives:
All objectives should be SMART i.e. Specific, Measurable, Achievable, Realistic, and Timed.
Your next step is to close the gap. Firstly decide whether you view from a strategic or an operational/tactical perspective.
Strategic Gap Analysis see that the gap can be closed by the strategy:
Ansoff's Matrix
Tactical/ Operational Gap Analysis see that the gap can be closed by the strategy:
Marketing Mix
Marketing Mix
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