Relationship Between Marketing Mix Strategy and the Market Expansion of Quoted Food and Beverages Companies in Lagos State
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Felix Akinlade Babatola
Ademola Segun Aderibigbe
Olayinka Funmi Babatunde*
Market expansion is a strategic challenge for quoted food and beverage companies in Lagos State, Nigeria, amid intense competition, changing consumer preferences, and distribution constraints that require the integrated implementation of marketing mix strategy to strengthen market presence and reach new consumers. This study examined the effect of marketing mix strategy on the organizational performance of quoted food and beverage companies in Lagos State. The study adopted a survey research design. The population comprised 15,692 employees of quoted food and beverage companies with operational headquarters in Lagos State. Using Slovin’s formula, a sample size of 390 respondents was determined, of which 351 valid questionnaires were retrieved and analyzed. Primary data were collected through a structured questionnaire. Data were analyzed using both descriptive such as frequencies, percentages, means, and standard deviations and inferential statistics multiple regression analysis and ANOVA to test the hypotheses. The results of the study show that marketing mix strategy has a significant effect on market expansion. All elements of the marketing mix, namely product, price, place, promotion, people, process, and physical evidence, contribute significantly to market expansion. This study concludes that the implementation of an effective and integrated marketing mix strategy is an important factor supporting the market expansion of quoted food and beverage companies in Lagos State. The study concludes that marketing mix strategy has a significant effect on the market expansion of quoted food and beverage companies in Lagos State. Companies need to implement market-oriented pricing policies supported by effective distribution, product development, and promotion.
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