Elements of the marketing mix

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What are the four elements of marketing mix (product, place, price, promotion) can you please describe and explain.

Also, can you describe how each of the four elements relate to the Wal Mart corp. marketing strategy.

Also how is each element is implemented within the company.

The marketing mix approach to marketing is one model of creating and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained. The most common variables used in constructing a marketing mix are price, promotion, product and distribution (also called placement).
Product: Defines the characteristics of your product or service that meets the needs of your customers.
Price: Decide on a pricing strategy - do not let it just happen! It means deciding the price which consumer has to pay including discount strructure.
Promotion: This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc.
Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the Internet! A bit of lateral thinking here might reap rewards for your business. (Kotler, 1998)
When constructing the mix, marketers must always be thinking of whom their target markets are. They must understand the wants and needs of the customer then construct marketing strategies and plans that will satisfy these wants. The mix must also meet or exceed the objectives of the organization.
When building a marketing program to fit the needs of his firm, the marketing manager has to weigh the behavioral forces and then juggle marketing elements in his mix with a keen eye on the resources with which he has to work. A separate marketing mix is usually crafted for each product offering or for each market segment, depending on the organizational structure of the firm.
Marketing Mix is the most important part of a successful business. It is critical in launching a new product or re-launching a product. Lackluster Pharmaceutical found this out when they had to re-launch one of their products. "Re-launching products that under performed at market entry is a challenge faced throughout the global economy. Re-launch teams that simply replay their first launch are almost certainly doomed. Successful re-launches require effective product repositioning, savvy remixing of marketing investments and re-evaluation of overall marketing investment."
The marketing mix must be reviewed continuously by the organization. It is a dynamic concept. For example, the traditional recording companies must have reviewed their marketing mix according to the changing environment. For example the trend of mixing tapes and CD's is increasing. There are a few on-line companies, which recognized the need and offer mix tapes and CDs. Such as Art of the Mix (where users list and comment on one another's favorite mixes), Tiny Mix Tapes (with an "automatic mix tape generator" to match any word, phrase, style, or emotion one submits), and Mixtaper.com (with hundreds of mixes linked to free and legal mp3s)"

Case of Wal-Mart
Founded in 1962 by Sam Walton, Wal-Mart followed an amazing pattern of success and growth, eclipsing all other U.S. department store retailers by the early 1990's. It employs over 1 million people in the United States at 3,400 stores and 1.4 million people worldwide at 4,500 retail units in 10 countries: the United States, Mexico, Puerto Rico, Canada, Argentina, ...