Question

1. How do we know which strategic marketying tools to use and why?

2. Explain the meaning and value of integrated marketing communications.

3. Explain with two personal example the value of a sales promotion which propted you to buy a product.

Answer 1

Answer 1

The following are the four types of strategic marketing tools are the situation under which these need to be used are as follows:

1. SWOT Analysis - This tool is used in strategic planning to identify and prioritize the strengths, weaknesses, opportunities and threats of an organization. Thus, it is important for prioritizing work by creating a list and having full information about the organization.

2. Porter's Five forces Model - This is used when the company has to take into consideration the critical forces that are impacting the company which include existing competition among suppliers, threat of new entrants, power of suppliers etc.

3. Mind Maps - This is used when more ideas and innovative techniques are to be considered for introduction for firms. This shows how various items relate to each other.

4. Balance Score Card - In order to monitor the implementation and effectiveness of strategic plans, Balanced Score card is used. It considers all the areas to have a balanced approach.