Marketing Mix Paper
Marketing is very important to all organizations, and it determines whether the business will be successful or not. “Marketing is the all-encompassing process of getting a product or service in the hands of your customers. The steps involved include market analysis, product creation, advertising strategy, and distribution (Jeanty, 2011).” The elements of the marketing mix help the marketing department market products or services correctly to make them the most appealing to consumers. There are four elements of the marketing mix, which are as follows: product, place, price, and promotion. The organization that was chosen to describe how each of the four elements of the marketing mix affects the development of the organizations marketing strategy and tactics is Wal-Mart. Wal-Mart was founded by James Walton and Sam Walton in 1962. There are about 5,000 stores in ten different countries, and about 3,000 different stores in the United States. Wal-Mart is way more profitable than their competitors such as K-Mart, Target, and Costco. The four elements of the marketing mix are very important factors for organizations that are trying to introduce a new service or product. The marketing mix ultimately helps define the marketing elements so that the product or service is successfully positioning the offer for the market. Product
The first element of the marketing mix that will be explained how it affects the development of Wal-Mart’s marketing strategy is product. A product “involves a physical good, a service, or a blend of both (Perreault, Cannon, & McCarthy, 2009).” The product also includes any size, design, certain brand names, quality, packaging, variety of product, and service. Wal-Mart stores provide customers with all different types of product that are in different size packages and different qualities because they are different brands so all products are completely different from each other. The product is the main focus in...
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