In your opinion, what are the most important practical tools of strategic marketing and why? Answer should contain 200-400 words. Answer.on the basis of literature: Principles of Marketing (Kotler and Armstrong): Chapter 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, Value and Relationships Chapter 7: Products, Services and Brands: Building Customer Value

The important practical tools of strategic marketing are SWOT analysis, Porter’s 5 forces, PESTLE analysis, and Social Media. Every tool mentioned here has its importance and ability to provide a strategic advantage to the company when it comes to marketing The tools used should be very practical and without any complexity and these tools are very simple and practical to use. These tools have been in use for a very long time and the world knows about the importance of these tools when designing a marketing strategy for a company. SWOT tells us where the company stands and how the company should target the weak points through marketing activities. Porter’s five forces mainly talk about the competition in the market and give a picture of the overall industry. The company can make use of this information and create a marketing strategy that is sustainable. PESTLE tells us how the external factors might affect the business of a company and the company can consider these factors while designing the marketing strategy so that they can get adjusted to the local environment easily if it is an international company. Social media is the latest addition to the list of practical tools because they are free and they are sustainable. The company can reach a wider audience with minimum effort. This is the cheapest way to reach the target audience these days and this is an important factor in creating a marketing strategy for every company now. These are the most important and practical tools for strategic marketing because each of them gives the company a clear picture of what is right, what is wrong, and where they need to invest next to communicate better with the target customers. Any company can rely on these tools for analysis and also to create a marketing strategy based on that. The data from these will be accurate and can add a lot of value to marketing, both offline and online strategies.

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