Marketing Mix

Better Essays
Topics: Marketing
Abstract
Marketing mix consists of four elements essential for an organization to plan the marketing strategies to produce and sell a product or service for the target market. The four elements, which are product, place, price, and promotion, are used to make sure the product or service selected will meet the needs of the customer. Walmart is a leading retailer, which uses the four elements of the marking mix to ensure the implementation of new products will be effective in the market.

Marketing Mix
The four elements of the marketing mix, which is product, place, price, and promotion. These elements are needed by organizations to implement new products, increase marketing strategies and tactics, and establish a competitive market with products and prices that meet the needs of the customers. By implementing marketing strategies, retailers, such as Walmart can market new products and increase the competitive edge in different markets.
The Four Elements of Marketing Mix
The marketing mix is the choices that an organization needs to make when establishing a new product or service to meet the needs of the customer (Mind Tools Ltd, 2013). The four elements of the marketing mix are known as product, place, price, and promotion, and aid in the strategic planning of the new product or service of an organization.
The first element is product, which is the physical item or service the organization is offering the customer. Every organization has a product unique to their target market. For example, the primary product at a bank is the money, the product of the grocery store would be the food, and the product for a clothing store would be the clothes. When determining the product or service to provide to the customer an organization needs to ensure the needs of the customer are met through the features, design, packaging, customer service, and sales of the potential product or service of the organization (Ehmke, Fulton. & Lusk,



References: Ehmke, C., Fulton, J., & Lusk, J. (n.d.) Marketing’s four P’s: First steps for new entrepreneurs. Retrieved from http://www.extension.purdue.edu/extmedia/ec/ec-730.pdf. Kumar, A. (2012). Marketing mix of Walmart. Retrieved from http://www.marketing91.com/marketing-mix-walmart/ Mind Tools Ltd. (2013). The marketing mix and four Ps. Retrieved from http://www.mindtools.com/pages/article/newSTR_94.htm Perreault, W. D., Cannon, J. P., & McCarthy, E. J., Jr. (2009). Basic marketing: A marketing strategy planning approach (17th ed.). New York, NY: McGraw Hill. Walmart. (2013). Retrieved from http://corporate.walmart.com/our-story/heritage.

You May Also Find These Documents Helpful

  • Good Essays

    Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target…

    • 1230 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Marketing Mix

    • 1080 Words
    • 5 Pages

    The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. These variables are often referred to as the four P 's. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. This paper will utilize three sources to describe the elements of the marketing mix. It will also describe…

    • 1080 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Marketing Mix

    • 1466 Words
    • 6 Pages

    Marketing Mix Michael Anderson MKT/421 May 30, 2011 Gabriel Renero According to the text-book Marketing an Introduction “Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion to find the best marketing strategy and mix” (Armstrong & Kotler, 2009, p. 47). In order to understand the marketing mix one must…

    • 1466 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Marketing Mix

    • 652 Words
    • 3 Pages

    into the marketing mix In order to meet the grading criteria for M1 learners need to explain how promotion is integrated with the rest of the marketing mix in a selected organisation to achieve its marketing aims and objectives. Learners will need to have a thorough understanding of the marketing mix and then be able to apply it to the marketing aims and objectives of their selected organisation. Learners could complete the following activity to help them achieve these criteria. Marketing aims and…

    • 652 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Marketing Mix

    • 1599 Words
    • 7 Pages

    Marketing Mix Paper Marketing mix might be considered the most important term in marketing. The marketing mix components are basic foundation of a marketing plan. The marketing mix consists of the four P 's which are price, place, product, and promotion. By using the marketing mix you can vary the offers of services that you give to your customers. For instance when you are a big name brand corporation you might focus more on promoting and desensitize the focus on price. According to the marketing…

    • 1599 Words
    • 7 Pages
    Better Essays
  • Good Essays

    Marketing Mix

    • 1456 Words
    • 6 Pages

    Marketing mix is a mix of options and variables that a marketer has to design his proposition. The four Ps, as they are known, of the marketing mix are Product, Price, Place and Promotion. Marketers mix these ingredients and variables in different proportions for their products in order to meet their requirements within their given constraints and boundaries. Marketing mix covers the four major elements and variables that a marketer has and can manipulate in order to design his offering according…

    • 1456 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Marketing Mix

    • 1597 Words
    • 7 Pages

    Marketing Mix MKT/421 May 23, 2011 Niesce Upshaw One of the major factors of modern marketing is the development of an effective marketing mix. The marketing mix is made of the four P’s, Product, Price, Place, and Promotion. It is these four factors that are the groundwork for any business and often times is the major factor on whether a new business will succeed or fail. To really understand the marketing mix it is best to break down the 4 parts and see what makes up each element…

    • 1597 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Marketing Mix

    • 1493 Words
    • 6 Pages

    Marketing Mix Paper The marketing mix is probably the most famous phrase in marketing. According to Wikipedia.com, the marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the "mixing" or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained (Wikipedia). "The elements are the marketing 'tactics '. Also known as the 'four Ps ', the marketing mix elements are price, place…

    • 1493 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    Marketing Mix

    • 549 Words
    • 3 Pages

    Marketing strategies, Strategic development, Internet marketing ... www.davefrankcreative.com/cs_mktg_strategy.html‎ The scope of a product generally includes supporting elements such as ... to how the environment in which the product is sold in can affect sales. ... A marketing strategy often integrates an organization's marketing goals, ... Each one group is expected to take that strategy goal and develop a set of tactics to achieve that goal. Marketing Mix Affects The Development Of The Organization…

    • 549 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Marketing Mix

    • 1068 Words
    • 3 Pages

    E. Jerome McCarthy was an American marketing professor who was the first person to introduce the marketing mix (also known as the 4 Ps) (E. Jerome McCarthy, 2014). The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. (The Economic Times, 2014). The 4 Ps refers to: product, price, place and promotion. Each element of the marketing mix is influenced by one another and it takes a lot of market research and understanding from many…

    • 1068 Words
    • 3 Pages
    Good Essays