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Best way to translate or modify the theme strings

All hard coded texts within the theme can be translated by editing the language po file using one of these tools:

Po/Mo Editor (Free)

Loco Translate Plugin (Free)

PoEdit PRO (Paid) Most recommended. 

WPML Plugin (Commercial)


Screenshots

Loco Translate Example:
http://d.pr/i/149e0
http://d.pr/i/1b9uK
http://d.pr/i/13qA8

PoEdit Example
http://d.pr/i/17Owd
http://d.pr/i/1hNv8