Answer to Question #293145 in Marketing for Nii Cypro

Question

You have been hired by DUNA CORPORATION to lead its local and international expansion efforts. Considering that DUNA CORPORATION already has products which it sells locally, it has become vital that it makes new additions to its current product variants , as well as promote these new and existing products in markets different from its existing markets. Drawing on your knowledge of marketing strategy and with the aid of a diagram, propose four (4) relevant strategies and the key marketing mix decisions you have to make in achieving its expansion objectives.

Answer 1

There are four relevant strategies for marketing mix that focuses on marketing product, price, place, promotion. These are the key elements involved in marketing a good or service, and they interact significantly with each other. Consideration of these four elements should form the basis of any good marketing strategy. As a manager, I would also consider Consumers’ Cost, Communication and Convenience. It focuses the marketer on targeting niches rather than mass markets. Using research about your competitors' features, benefits, prices, distribution channels, payment options, advertising, social media strategy and other promotional efforts is an integral part of marketing decision-making.