Data Analysis The Procedure

Data analysis or market analysis is the sequential procedure, employed to study a wide data base of a target or aimed market in order to come up with new strategic planning for a flourishing business. There are various analysis methods; however, all of them aim at bringing up constructive and productive outcomes.

It is basically a measurement tool, the object of which is to assess the parameters and factors responsible for previous successes and failures in a target market and help bring up newer strategic planning devoid of former failures. Market analysis depends largely on the data analysis training and numerous analysis methods that are made use of, in the process. Nonetheless, the fundamental outline of analytical procedure remains the same and has been thrown a light upon in the rest of the article.

The steps of data analysis, specifically in the marketing sector, are given below; each of which feeds in to the next:

a. Data accumulation:
The first and foremost requisite of marketing analysis is the formulation of a wide data base, hinged upon the annual, monthly or five monthly (as appropriate) sales record. This basically involves the quantitative analysis involving figures and numerical data. Analysis training specifically emphasizes on this level, because a false or faulty data will ultimately result in wrong and inadequate outcomes. So, great care must be taken while gathering the data and validating it.

b. Data tabulation:
The next step of any of the data analysis methods is to tabulate and organize the data, so that it is no more in the raw form that is both; not easily understandable and unfruitful.

c. Hypothesization:
This step will be varied in different data analysis training depending upon the parameters being inspected. The basic objective is to form preliminary hypotheses out of the observed data base and test their validity. These hypotheses are compared with the goals and benchmarks of the concerned company and it is checked whether the suppositions carry any weight. For example, if it is assumed that increased advertisement in a particular month resulted in a greater consumer base, this assumption is tested through comparing it with the statistical reports of sales in that month.

d. Report preparation:
Once, an assumption is tested and is found to be holding true, final reports are made with the incorporation of everything that needs to be done for good and the deletion of all the strategies that resulted in failures in past. The observed data is assembled with insight and conclusions are made. For instance, if it was proved that the increased publicity drove in more traffic then it may be included as a part of the new promotional plan for the company. Analysis training helps a lot in final report preparation.

e. Action:
Finally the report is passed and the retailers or target persons are expected to abide by it. This basically involves the assignment of responsibilities and due dates to the concerned persons such as the retailers.

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