Sigma Inc., a manufacturer of electric nutcrackers, enjoys a monopoly in a large region of a European country. Market share for this machine is near 90 percent, and the firm is rarely worried about competition. The firm has considered branching out internationally to sell its premium product "Powercracker" in other countries. Which of the following should the firm specifically consider as it formulates its marketing plan?

Question

Quizplus · Accepted Answer

As Sigma Inc. plans to branch out internationally with its premium product, "Powercracker," it should consider the global marketing mix, including social and cultural elements, to ensure that its marketing plan is suitable for the local market. This will help the firm to avoid any cultural barriers or misunderstandings that might affect the product's acceptance and success in other countries. Therefore, option C is the best choice to consider while formulating the marketing plan. Option A is incorrect as a successful marketing mix includes product, price, place, and promotion strategies. Option B might be relevant for business-to-business sales, but it's not the best choice for formulating the marketing plan for a premium consumer product like Powercracker. Option D is incorrect as cognitive dissonance is related to the consumer's post-purchase behavior, which is not relevant to formulation of the marketing plan.

Sigma Inc, a Manufacturer of Electric Nutcrackers, Enjoys a Monopoly in in a Large