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.
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.