Gap Analysis : Required for a Brand to Uplift its Marketing Position

Numerous students of marketing have to write an assignment on gap analysis. We understand that writing marketing assignments on complex topics can be quite an arduous and time-consuming task for many.

This blog will provide you with an ultimate guide on the gap analysis. Are you wondering, “What is gap analysis?” In case you are baffled at the thought “how to do a gap analysis?” read this blog to discover the definitions and some intriguing examples of gap analysis. 

Unlike your complex recommended marketing readings, this blog explains gap analysis with relative ease. Bookmark this post before you start your assignment-writing journey on gap analysis. 

What is Gap Analysis? Why is Gap Analysis useful?

Many management students often look for an answer to the question, “What is Gap Analysis and Why is Gap Analysis useful?” 

In management, Gap Analysis is defined as a strategic tool that is used for analysing the gap between the target and the anticipated results. It is a method of assessing the differences in the performance between software applications or business’ information system to determine if the requirements of the business are met. 

If you want to comprehend why gap analysis is useful, have a look at the list given below: 

• Gap analysis is essential. Without performing a gap analysis, it is incredibly difficult to have an idea whether the project has successfully delivered the results for which it was developed. 

• It acts as a potential tool to figure out the priorities essential for improvement.  

Guide to Gap Analysis with Examples

It can be daunting to understand exactly what is meant by ‘gap analysis’ or ‘how it can be useful’. Taking a look at gap analysis examples will help in your understanding. Have a look at the list given below: 

• Launch of a new product: A company might do a gap analysis after launching a new product. It helps them to determine why sales did not meet the forecasts. 

• Supply management: If an institution like a hospital finds itself facing scarcity in supplies on a daily basis, they could do a gap analysis to determine the reason behind it. 

Steps on how to do a gap analysis

On the basis of a survey, about 75 % of management students in the UK and Australia often ask “How to do a gap analysis?”

To help you out, we have provided you with some remarkable steps to prepare an outstanding gap analysis report. Let’s have a look at them:

Analyse the current state of a company:

For those of you unsure of how to start doing a gap analysis, it is essential to discover first what is usually known as “the once and the future state”- where the company presently is and where it will be in the future.

Start with assessing the current state of the company. The analysis can incorporate qualitative information, like methodologies/ team processes. It can also include quantitative information like the number of sales calls made each week. In fact, the gap analysis procedure should provide a “bigger picture” of the current state of the company.

Determine the ideal future state of the company:

Once the bigger picture is figured out, it is essential to identify where the company intends to be in the future strategically. Comprehend what a company needs to do to reach the future goal it intends to accomplish.

Bridge the gap:

Figuring how to bridge the gap between the present state of a company to the place where it wants to be is the most challenging part of writing a gap analysis report. It is significant to determine what gaps exist and how they are preventing the company from accomplishing its objectives. The best part is figuring out how the company can transcend its difficulties. It is wise to establish the objectives of the company that will also enable you to understand the transition.  

Define Brand Gap Analysis

Brand Gap Analysis is an assessing tool to help a brand compare its present economic success with its potential. The report prepared for a Gap Analysis of a brand also incorporates a discussion of the obstacles to accomplish the desired economic growth and an action plan for overcoming the obstacles.

Existing brands already have particular products and services that generate a specific experience in the minds of customers. Each time customers interact with the contact points of the brand, they form an idea about the brand. Nevertheless, distortions exist between what the customer perceives and what a brand intends to communicate. This is known as the brand gap. Numerous top marketers consider it a “go-to” tool for creating strong and sustainable brands. 

How is Gap analysis required for a brand to uplift its marketing position?

A gap analysis is a procedure that compares the actual performance or outcome of a brand with what was desired.

By comparing the present state with the targeted state, brands can determine what they need to work on to improve their performances and get on the right path to accomplish their objectives.

A gap analysis report is essential for a brand. It helps a brand to analyse the process to accelerate the individual or team performance, and have a look at attributes such as performance level, team competency, and productivity.

The gap analysis process enables the brand to compare its performance to its potential. It can compare its strength, weakness, threats and opportunities to the future goals that it wants to achieve.  Hence, it is incredibly significant for a brand to make a gap analysis report to uplift its marketing position. 

While assignments on Gap Analysis can give marketing students a hard time, this blog can be the answer to it all. With this comprehensive marketing guide to all things about gap analysis, you can crack that marketing assignment like never before. Save this to the bookmark list on your laptop so that you can find all the information on gap analysis when you are drafting that marketing assignment. Take the help of this guide and sail through the marketing assignment like a champion! 

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