Walmart Marketing Mix
Essay Preview: Walmart Marketing Mix
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Marketing is often defined as the marketing and selling of a product or service, and although there is much more to it many people are unclear as to all that is involved. Marketing consists of several unique elements known as the marketing mix. The marketing mix commonly includes a variety of elements: product, place, price and promotion that are strategically combined until implementing a plan that is capable of serving the needs of customers.
The marketing mix that an organization establishes will define the company, segregating it from its competitors and allowing the product or service unique selling point to draw in customers. The marketing mix is a crucial aspect when determining what the product or brand will be. The product or service being offered is the item that the customer either needs or wants. A product is often a service or physical good sometimes being both (Armstrong & Kotler, 2009). The product being provided can be recognized as a tangible or intangible good. Every product produced goes through a life cycle where it reaches the growth phase, maturity phase, and lastly the phase of decline. When conducting marketing research it is essential to determine the products life cycle length. Taking into consideration the different challenges that may arise throughout each stage that the product passes through will enhance the products potential growth and ability to meet customer needs for longer periods of time.
Another important factor is configuring the organizations product mix, brand, and resources as this will ensure that each product compliments the other. The price of a product or service plays a vital role as it will determine the success of the product, the amount that the customer will pay, and the profit that the company will earn. The price elasticity of a product is also imperative because it has a profound impact on the demand for the good and the sales completed. With the price affecting the market strategy the marketer has to be cautious of what the customer perceives the product be worth. The marketing strategys ultimate goal is to establish value for the customer which will result in enhanced customer satisfaction, repeat customers and an overall increase in equity (Armstrong & Kotler, 2009). Implementing a pricing strategy will ensure the customer to feel confident in every purchase eventually turning into repeat customers. Once the product and price have been established determining the how the product will be promoted is the next step.
The purpose of promoting a product or service is to retain current customers and recruit new customers (Perreault, Cannon, & McCarthy, 2009). There are a variety of methods in which an organization can use to promote their product or service. Some of the methods used to promote or advertise are print media, radio stations, television, billboards, and word of mouth. Lastly, once the product has been selected, a price has been established