Duplicate a wordpress site on new domain/subdomain

Usually to duplicate a site on new domain/subdomain

1. I export its content using WordPress export option in dashboard.
2. I install WordPress on new domain/subdomain and connect it to its database as well
3. I use import option in WordPress to import the xml file generated in point #1
4. Then I manually install the plugins required (i.e. installed on live site)
5. Activate the theme, menus and plugins.

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Is it the right way to do this all or is there any other better way as well to do the same?

via Chebli Mohamed