2. Few years back your friend hadstarted a new venture. Initial lossesand hiccups had taughther valuable lessons and she gainedwisdom to survive in the market. Lastyear, although herventure narrowly escaped a majordisaster of failure but now it wasalmost on the verge ofbankruptcy. This year due to Covid 19scenario the lockdown had furthercomplicated thesituation for her venture. She wasconfused and you inspired her byasking her to thinkstrategically and guided her to applystrategic thinking in her decisions.Using suitable examples explain anytwo tools used for strategic decisionmaking in marketing.
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Two tools used for strategic decision making in marketing.
Explanation:
- Marketing research is tool used for strategic decision making because it is concerned with the investigation and measurement of market demand. Market research help us to know the short comings in her product or policies and strategies. For example market research helps to know about market segments and competitor positioning.
- SWOT analysis is an important tool and technique of strategic decision making done by the professionals to know about the functioning of the company. For example target markets, marketing strategies and mix can be known and these improvements increase the profitability of the concern.
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Using suitable examples explain any two tools used for strategic decision making in marketing.
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