You have been hired by KOKO MESSIAH GROUP to lead its local and international expansion efforts. Considering that KOKO MESSIAH GROUP already has products which its markets on a small scale locally, it has become imperative that it makes additions to its current product variants, as well as promote these new and existing products in markets other than its existing markets. Propose four relevant strategies and the key marketing mix decisions you have to make in achieving its expansion objectives.

Explanation:

The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution.

The four Ps of marketing: product, price, place and promotion

The marketing mix can be divided into four groups of variables commonly known as the four Ps:

Product: The goods and/or services offered by a company to its customers.

Price: The amount of money paid by customers to purchase the product.

Place (or distribution): The activities that make the product available to consumers.

Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product.

Marketing tools

Each of the four Ps has its own tools to contribute to the marketing mix:

Product: variety, quality, design, features, brand name, packaging, services

Price: list price, discounts, allowance, payment period, credit terms

Place: channels, coverage, assortments, locations, inventory, transportation, logistics

Promotion: advertising, personal selling, sales promotion, public relations

Marketing strategy

An effective marketing strategy combines the 4 Ps of the marketing mix. It is designed to meet the company’s marketing objectives by providing its customers with value.

The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its target markets.