The development of business analysis as a professional discipline has extended the early points of all the engagements.
Business analysis techniques:
1. PESTLE analysis
This special analytical technique is used in some kind of workshop or a meeting. These are the situations where a lot of opinions and ideas are needed and sorted. A number of representatives are formed in this function, so that they can supply the particular information.
2. Porters Five Forces framework
The five forces of analysis by Porter will be used in the consideration of the outer environment of the business, but it has way diverse focal points as compared to the analysis of PESTEL.
These techniques used by topacademics help in making an examination of the domain of your business or industry in which all of these actions are preceded. It also represents the pressure, which will be handled by the company in the future. This is why these possible forces have been divided into five main categories by Michael Porter. The factors that are included by the topacademics in this case have been described below.
3. SWOT analysis
You might be able to understand this strategy through its name. It helps you settle the opportunity, strength, weakness and the threats of your companys strategies. The analytical guides of SWOT by the topacademics will help you identify all the negatives as well as positives outside and inside of your organization. It will also help you develop complete awareness of the situation you are in right now, which will help you with making decisions and planning strategies.
The method of SWOT given by the topacademics is also known as TOWS and it was mainly developed for the use of industry and business. However, you can use it to work on the development, education, growth and health of your community. Do not worry in case your company is not yet aware of SWOT and its working requirements because it is definitely not the only assessing technique that can be used. However, it is the only technique with a long record of success. When you compare this technique with all the other tools included in the tool box of community, you will find out that it is the right kind of approach for handling your situation. The power of this technique set by topacademics lies in the application and the simplicity of this operation.
4. Ansoffs matrix
If you chart the lives of some successful business men, you will find that they are constantly thinking about ways through which they can develop and increase the profits of their organization. You will see that people like them always have dozens of business plans which might include launching brand new products, initializing brand new channels and markets and taking marketing campaigns to a whole new level.
The matrix of this technique uses by the topacademics suggests four various strategies for marketing:
- –Penetration of Markets this involves marketing several others established and successful products in the market. You can do that by decreasing the prices of these products or enhancing their marketing.
- –Development of Products- this involves establishing the latest services or products and then placing these things in the markets that already exist.
- –Development of Marketsthis involved taking already existing services or products and then selling them in those markets.
- –Diversification – involves developing new products and putting them into new markets at the same time