Marketing analysis can be considered an art of science because it is based on logical reasoning and facts rather than emotions and opinions. The market dynamics are analyzed based on the trends and patterns they present, enabling marketers to assess the current state of the market and make accurate predictions. Through the facts obtained by marketers about the state of the market, a detailed analysis can be conducted to track significant metrics and their impact on the business. Data has also enabled marketers to understand consumer behavior and predict their preferences and expectations. They can therefore design their marketing campaigns based on the patterns presented by the available data about the market.
Conducting a marketing analysis provides various challenges that require a deep understanding of data to make accurate predictions about the market. The market tends to offer complex data that require technology, mathematics, and other scientific knowledge to analyze the data and make the correct projections accurately. Marketers also experience challenges collecting the right data. Most marketers tend to accumulate too much data that may not be helpful. Too much data may be confusing and challenging to analyze and identify patterns that may present an accurate market picture. A scientific marketer can identify the correct data that may be helpful in analysis rather than take too much data that may not be relevant.
Marketing analysis can prioritize efforts to exploit an opportunity by enabling the marketers to effectively analyze the market competitors by exploring their weaknesses and understanding the gap they create in the market that the new product can fill. Marketing analysis also enables the marketer to understand consumer behavior and their expectation. This is essential in designing products that conform to their preferences. Marketing analysis is also crucial in allowing the marketer to test the product before launching it to determine the success rate.